In the healthcare industry the dependence on medical technology is increasing. This growing reliance creates increased risks for those supplying the technology and software products that without adequate insurance protection will leave their business exposed.
Technology is a specialist industry that requires specialist expertise
In today’s world Technology is a part of life, it is used in nearly every business and home around the globe and is developing at an explosive pace every day.
There are many industries where the introduction of Technology has created a significant improvement of the activities; none more so than Healthcare where the fusion of Technology and medical expertise has definitely saved lives.
Advancements in medical Technology have supplied medical professionals with improved tools for diagnosis and treatment of their patients whilst the innovation of software has allowed them to increase efficiency in their processing and security of their patient’s records.
With the increased reliance on Technology and software within the Healthcare industry, and the pace that Technology and software for the healthcare industry is developing. It is important that the insurance protection purchased by medical Technology companies provides not only adequate cover, for the unique risk and exposures faced the individual company , but also that the protection evolves concurrently with risks posed by the ever-changing landscape that is Healthcare.
Providing insurance for Technology and software companies requires specialist expertise as the services and products supplied can be varied creating a variety of risks and exposures that the insurance covers need to defend against. When providing advice and insurance products for companies specialising in medical Technology and software it is imperative that your insurance partner has an in depth knowledge of the Healthcare industry too. At Enhance Insurance we have over 30 years combined experience in medical risks and providing insurance protection for not just the practitioners and clinics but also those businesses providing services to the industry such as Technology and software.
Global Industries need Global Insurance Experts
Both Technology & Healthcare are global industries, arguably the most global, with many Technology and software companies of all sizes trading their products and services overseas. The overseas exposures, especially US must be fully considered when purchasing insurance protection to ensure the insurer and product chosen has the capability to work where you do providing the protection and support overseas you need.
Whether your business is UK based and trading overseas or a multinational company with operations in a number of different countries at Enhance Insurance we can help. Via our in house global insurance experts and long standing relationships with various insurers and intermediaries around the world we can build a global program of protection to suit your individual business model.
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Contractual obligations are becoming more onerous
In recent years many technology companies have seen an increase in the contractual requirements from their clients and customers, which along with the increased legislation levied on the industry, has only increased the potential for claims under their insurance policies.
At Enhance Insurance we work with a panel of industry experts who provide our clients with advice around the various contractual obligations they may be required to commit too. This advice allows our clients to access if the contract terms are not only reasonable but also within the reach of the insurance cover currently in purchased.
Clients who have utilised this service via Enhance Insurance and our specialist partners found the advice invaluable. They found that the advice given provided them with a clear understanding of their contractual position, in relation to their current insurance protection. As part of the service they also received indicative costs for making any amendments required to their current insurance cover to satisfy the contract and advice around changes to the contract that could be proposed to improve their position in relation to their insurance.
Medical technology and medical software companies are a specialist class of insurance which if not understood and then placed incorrectly can leave your business exposed to potentially crippling costs if the policy does not respond due to a gap in cover.
At Enhance Insurance we are specialist in Healthcare and technology and by taking the time to understand the DNA of your business we can ensure that your protection right for your needs.