Allianz Cornhill Engineering is launching a product designed to cover medical equipment this week.

The policy will cover both material damage and business interruption losses, as well as data and software losses.

It is also designed to cover equipment housed in mobile medical units, and risks associated with their transport and storage.

Allianz Cornhill Engineering underwriting and operations manager Martin Ball said the insurer would be targeting brokers with appropriate clients throughout April.

Ball said the company was looking for between £500,000 and £1m in growth within the next 12 months.

"As NHS Trusts increasingly have to account for profits and losses, they need to start acting more like a business and obtain cover for business interruption and loss of profits arising from problems with medical equipment," he said.