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Cyber insurance for healthcare facilities

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Cyber insurance

Cyber liability insurance, also called cybersecurity insurance, protects small businesses from the high costs of a data breach or malicious software attack. It covers expenses such as customer notification, credit monitoring, legal fees, and fines.

Healthcare facilities that handle sensitive data need cyber liability insurance

Cyber insurance, also called data breach insurance, protects medical offices and other healthcare facilities that store sensitive patient information. This policy covers costs when data is exposed by a data breach, or a hacker steals data or holds it hostage.

You can often bundle cyber liability insurance with general liability insurance or a business owner’s policy (BOP) for savings.

How does cyber insurance benefit a healthcare facility?

A healthcare facility could face a number of costs after a data breach or cyberattack. Cyber liability insurance can help pay for:

  • Notifying clients or patients that their data was exposed
  • Good-faith advertising or PR campaigns to restore reputation
  • Credit monitoring services for affected clients
  • Cyber extortion demands
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Cyber threats are a big risk for healthcare facilities

Because of the tremendous amount of personal information stored by dialysis centers and other healthcare facilities, they are frequently targeted by hackers. In fact, more than 90% of healthcare organizations reported a security breach in the past three years.

A laser eye center that recently suffered a ransomware attack was still using paper charts more than a month after the incident locked its patient billing and scheduling software. The attack affected up to 100,000 patients.

The impact is often lasting. A small facility can take a long time to recover from a breach – or may never recover – depending on the financial damage.

With cyber liability insurance, you gain peace of mind and the ability to rebound from a breach, whether it's an accidental disclosure or a malicious attack.

Other recommended policies for healthcare facilities

While cyber liability insurance shields against cyberattacks and data breaches, it does not protect against injuries, property damage, and other costly risks. Other insurance policies that protect healthcare facilities include:

General liability insurance: General liability covers common third-party claims, such as a slip-and-fall injury at your healthcare facility.

Business owner’s policy: This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

Workers’ compensation insurance: Required in almost every state for healthcare facilities that have employees, workers’ comp can cover medical costs for work injuries.

Professional liability insurance: Also known as errors and omissions insurance or malpractice insurance, this policy can help cover legal expenses related to work mistakes and negligence.

Commercial auto insurance: This policy is required for business-owned vehicles. It helps cover the costs of an accident involving a medical facility's vehicle.

Get free quotes and buy online with Insureon

Are you ready to safeguard your healthcare facility with cyber liability insurance or another insurance policy? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

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Updated: April 29, 2022
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