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CYBER LIABILITY
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In addition to the comprehensive RAC and regulatory coverage, our program has been enhanced to respond to Data Breach Claims and Disciplinary Board Proceedings. All can be added to the same policy or these products may be purchased separately. New regulations on Patient Privacy and Data Breach incidents mandate that physicians are responsible for protection of patient medical records. Electronic medical records are much easier to steal/lose in bulk than paper patient files. If your practice suffers an information breach, most states require that you notify all the patients whose information was breached. The average cost to an organization is around $200 per identity lost. This coverage includes all necessary legal, PR, electronic forensics, advertising and postage expenses incurred to notify patients their information has been compromised. It will also pay for 1 year of credit monitoring for the affected patients so they can monitor their accounts for fraudulent transactions.
Data Breach Coverage
- Covers data breach compliance expenses, including patient notification and credit monitoring services.
Data Breach Coverage Buy-up - $1,000,000 Broadened Defense and Indemnity
Will reimburse the insured for all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased or corrupted. This includes software costs.
- Security and Privacy Liability Limits - $1,000,000 for patients who claim to be harmed by a data breach
- Privacy Regulatory Defense and Penalties - $1,000,000 for potential violations of laws that govern and protect patient information
- Crisis Management, Patient Notification and Related Costs- up to $250,000
- Multimedia Liability – up to $100,000
- Data Recovery Expense – up to $250,000
- Data Extortion – up to $50,000
Network Security and Privacy Coverage
- Will defend and indemnify insured for any claims arising out of a breach of privacy, virus attacks, denial of service, HIPAA privacy and Red Flag identity theft regulations. Includes both electronic and physical information.
State Board of Examiners Automatic - $25,000 Defense Coverage
- Legal defense reimbursement for disciplinary proceedings (to qualified accounts)
Affordability is always a concern for insurance. That is why this important coverage is designed with costs in mind. The premium charge for the Data Breach coverage is approximately $250 per physician for groups and $350 for a single physician. This, combined with reduction in regulatory insurance premiums, makes the coverage an affordable option.
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Ask yourself - Can you afford NOT to be covered?
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Request a free, no obligation quote today!
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Med Risk Management Services Inc.
Corporate Offices: 7492 E Christmas Cholla Dr, Scottsdale, Arizona 85255
Toll Free: 800.260.7066, Fax: 305-574-3753
E-Mail info@medriskusa.com
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