Physicians & Cyber Liability Coverage
Side Note: Managing your risk and exposure is part of your life. You protect yourself and your practice against med mal: you have liability coverage. But are you protected against a data breach? What if your office’s computer system were hacked? What if a flash drive were lost with patients’ information on it? Or a laptop? What would you do? Would you be protected? How exactly do you need to be protected and what kind of plan do you need to handle such an event? Do you have cyber liability coverage?
The article below is not specific to medical practices, but speaks to businesses in general. What are some kind of headaches that you could face as a physician if your practice’s data is breached? First, you could face fines from the government. Second, you may be required to notify your patients and pay for their identity monitoring. Third, you may have to pay for legal defense costs and damages if you are taken to court. You may also suffer lost business, and/or need to repair your practice’s reputation. These are no small tasks in the face of continuing to run your already busy practice.
Fortunately, many physician liability policies have cyber liability coverage included in it –but some don’t. Does yours? And, to what extent? Like any adverse event, it’s better to find out your cyber liability coverage (or lack of) before you need it.
Would you like to lower your physician liability policy rates, or discuss cyber liability insurance? If so, complete our no-cost, no-obligation quote request today.
How cyber liability insurance protects companies from Information Age exposures
The U.S. economy has traditionally been product based, with companies increasing revenue by selling more products. However, as technology has expanded, the emphasis has shifted, says Kevin P. Kalinich, co-national managing director of Aon Risk Solutions’ financial services group.
“There has been an evolution and transformation in the economy from product based to service based, and an increasing reliance on electronic data,” says Kalinich. “These two changes apply to all companies, both product and service oriented. As a result, analysis has determined that more than 75 percent of an entity’s value is in its information assets.”