- Cyber liability insurance
Cyber liability 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.
Cyber liability insurance covers professionals who handle sensitive data
Cyber liability insurance protects medical practices and other healthcare businesses in the event sensitive patient information is compromised. This policy can cover legal costs and provide essential resources.
This policy provides liability coverage related to:
- Data breach lawsuits
- Customer notification expenses
- Fraud monitoring costs
Policy cost is based on factors such as your healthcare specialization, level of risk for a breach, type and amount of records you store, and coverage limits.
What coverage can cyber liability provide for healthcare professionals?
There are two kinds of cyber liability insurance: first-party and third-party.
First-party cyber liability insurance
Cyber liability insurance can cover expenses related to a data breach at a doctor's office or other healthcare business that exposes patient information. This policy can pay to notify your clients about the breach and also cover fines. It can pay expenses related to:
- Notifying clients or patients about the breach
- Credit monitoring services for affected clients
- Cyberextortion demands
Third-party cyber liability insurance
If your medical office is responsible for protecting your clients’ health records, you could be sued if the system you use is breached – even if it belongs to another business. For instance, if a cybercriminal breaches the database used by your physical therapy clinic, and you’re sued by a patient whose information is stolen, a cyber liability policy can help pay for:
- Attorney’s fees
- Court costs
- Settlements or judgments
Other important policies for healthcare professionals
While cyber liability insurance shields against cyberattacks and data breaches, your business faces many other risks, too. Healthcare professionals should also consider:
General liability insurance: This policy can pay legal expenses related to patient property damage and injury, along with advertising injuries such as slander and libel.
Business owner’s policy: This policy bundles general liability insurance with commercial property insurance, often at a lower rate than if the policies were purchased separately.
Workers’ compensation insurance: Required in almost every state for healthcare businesses with employees, workers’ comp can cover medical fees and lost wages for work injuries.
Professional liability insurance: Also called malpractice insurance for healthcare professionals, this policy can cover legal expenses related to accusations of errors or negligence.
Get free quotes and compare policies with Insureon
Are you ready to safeguard your medical office, acupuncture clinic, dentist office, or other healthcare business with cyber liability insurance or another type of business insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.