Medical insurance specialist broadens product suite

Specialist healthcare sector underwriting agency Tego Insurance has launched three new products.

After disrupting the Australian market with a doctors’ medical indemnity product which has grown to 1,400 insured doctors, Tego has now expanded its product suite to include entity medical malpractice; life sciences; and clinical trials.

Tego CEO Eric Lowenstein says the medical indemnity product, which has been in the market since 2016, provides excellent protection for individual doctors, but entities face their own, additional risks. Entity medical malpractice cover protects against:

  • Allegations of medical malpractice or clinical negligence, including abuse liability, complaints and investigation costs, telehealth, and medical practitioners’ vicarious liability
  • Errors & omissions – financial losses from defects or contract failure, defamation, breach of privacy, intellectual property infringement, statutory liability, and fidelity
  • Liability for claims against businesses and their employees for bodily injury or property damage
  • Cyber liability (first and third party), including loss of income arising from unauthorised access, operational errors, cyber attacks, data breach responses and notification costs, and business interruption.Mr Lowenstein said the life science and clinical trials sectors were rapidly expanding but adequate insurance protection was hard to find.Life science – applying biology and technology to improve health care – includes pharmaceuticals, medical technology, genomics, diagnostics and digital health. Products include surgical instruments, medical technology, implantable devices, and digital tools.“Capacity is not keeping pace with the sector’s rapid growth, so it’s a clear opportunity for Tego to bring Lloyd’s capacity and our focused, specialist industry expertise to provide a product that meets this growth market’s needs,” Mr Lowenstein said.“Tego can protect life science companies in every phase of their development, including R&D and clinical trials, from inception through to product sales, service and distribution.

“A unique solution Tego brings to the market is a specific offering tailored to health tech start ups and research companies in the R&D phase. The product has a short statement-of-facts questionnaire and fixed-price approach, making it easy and cost effective for life science start ups.”

The clinical trials cover also offers protection for a sector that struggles to find capacity as it grows.

Mr Lowenstein said the new product range was the next step in Tego’s goal to be Australia’s leading underwriting agency in the healthcare industry.

“Australia spent $180 billion on healthcare (public and private) in 2016-17 and that figure continues to rise. Healthcare is the fourth biggest contributor to the nation’s GDP. This is a massive market that needs flexible, comprehensive, tailored insurance products, coupled with competitive premiums.

“We constantly field inquiries from brokers who cannot find competitive or suitable solutions for existing and emerging risks in the healthcare industry. Tego’s mission is to provide that cover,” Mr Lowenstein said.

For more information, please contact:

Eric Lowenstein, CEO, Tego Insurance
T: 1300 834 683 | M: 0402 103 633 | E:

Released by: Kate Tilley, Tego Communications Consultant T: 07 3831 7500 | M: 0418 741606 | E:

Release date: 12 April 2019

This publication is general in nature and is not comprehensive or constitute legal or medical advice. You should seek legal, medical or other professional advice before relying on any content, and practice proper clinical decision making with regard to individual circumstances. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgment or seek appropriate professional advice relevant to their own particular practice. Compliance with any recommendations will not in any way guarantee discharge of the duty of care owed to patients and others coming into contact with the health professional or practice. Tego Insurance Pty Ltd is not responsible to you or anyone else for any loss su­ffered in connection with the use of this information.