The healthcare landscape has changed significantly over the last decade or so with physicians facing tougher compliance requirements and new regulations and reforms. This has made them even more vulnerable to medical malpractice allegations and claims. As with any other professional liability insurance line, the coverage required for physicians is complex and requires the knowledge of a specialist who understands the exposures and the type of products available.
We have the experience and the resources to design a professional liability insurance policy that addresses the specific risks a doctor may face in his or her area of specialty. What’s more, within each specialty you may find many categories, each one with its own unique exposures and coverage requirements.
Cyber Risks in Healthcare
We also have our finger on the pulse of an environment that is changing the way physicians practice, leaving them open to emerging trends and risks. With electronic record-keeping and billing and tougher privacy requirements, we’re seeing an increase in data breaches, which come with tougher penalties and fines being levied under HIPAA and the HITECH Act. In fact, medical identity theft claimed more than 1.8 million U.S. victims before the end of 2013.
To protect themselves, physicians need the addition of cyber liability insurance as part of their professional liability strategy. In the event of a breach, cyber liability insurance will provide doctors and their practices with the financial security to pay for patient notification, forensics to determine the cause of the compromise, credit monitoring, defense costs reputation, PR management, etc. Many policies can also be designed to respond in the event of regulatory penalties and fines. Our team will help you place the appropriate professional liability insurance that encompasses cyber and network security exposures.