Health & Beauty
In health & beauty, patient care and compliance come first. We work with you to put in place insurance solutions that address medical malpractice, cyber liability, public liability, and property risks. From clinics and aged care facilities to allied health professionals, our active advice is designed to support the vital work you do.
Products
- Medical Malpractice
- Cyber
- Workers Compensation
- Management Liability
- Business Interruption
- Public Liability
- Equipment Breakdown
- Property
- Crime
- Marine
- Product Liability
- Corporate Travel
- Motor
Some significant exposures for health and beauty businesses
- Crime – fraud-based claims and employee dishonesty
- Crime – theft of cash, medical stock, computers
- Cyber – external hacking to gain access to sensitive/confidential patient information
- Equipment – breakdown of business-critical equipment
- Management risks – breaches of WHS legislation, discrimination, privacy breaches and other employment practices liabilities
- Product liability – errors in labelling and packaging/repackaging of beauty products sold to customers
- Malpractice risks – misdiagnosis, failure to identify symptoms, incorrect dispensing, prescription or recommendations as to a course of treatment
- Property damage – faulty wiring and malfunctioning of electrical equipment
- Property damage – fire risk in staff kitchens
- Public liability – car park accidents, waiting room incidents, children’s play areas (toys)
- Workers’ compensation – aggressive or disturbed patients
- Workers’ compensation – needle-stick incidents/medical waste
Product Spotlight – Cyber
Cyber Liability Insurance protects businesses against financial losses from cyberattacks, data breaches, or other technology-related risks. It covers costs like legal fees, data recovery, notification expenses, and potential regulatory fines, as well as business interruption caused by cyber incidents. This insurance is essential in today’s digital age, offering critical protection against the growing threat of cybercrime.
Common sources of claims include:
- Security/privacy/data breaches – patients’ personal information can be a specific target such as medical files, personal health care information, billing and insurance records, and payment details
- External hacking attacks, internal negligence, deliberate acts and system glitches
- Electronic data/software loss and replacement cost following a cyberattack
- Electronic media liability- including invasion of privacy, libel or slander, infringement of copyright, title, slogan, trademark or service names including domain names, false advertising.
- Denial of service attacks on computers system/website
- Cyber extortion or ransom demands – threats to destroy or corrupt a business’s website, intranet or computer system
Claims Example
Business Details – Hospital
Background – A hospital’s computer system was the subject of a ransomware attack. While the attacker sought only $500, the cyberattack essentially shut down the medical facility. The hospital incurred significant expenses attempting to restore the data from their computer systems. They could not bill any of the health insurance carriers while the system was affected. Additionally, the imaging capabilities of the hospital were greatly impacted as they could not produce the images from MRIs or CT scans. The malware completely corrupted the hospital’s system, and they had to resort to paper mode to chart and monitor patients.
Outcome – The insured’s cyber policy covered the payments for forensics, data recovery, business interruption and crisis management costs.
Total Payment – $700,000