Every employer, large or small, who has confidential information including but not limited to social security numbers, credit card information, addresses, medical records and more, could have their computer or paper records exposed.
No computer or confidential records system is impregnable. To recover data and determine the cause and extent of the breach can be very expensive. Not to mention the extreme costs of correcting the damage and potential lawsuits from customers and clients that can bankrupt any business or individual. For over 20 years, PBS Insurance Underwriting Corporation has been providing professional liability for physicians, surgeons, clinics, hospitals, miscellaneous practitioners and more. Now with the changing HIPAA Regulations and spreading identity theft throughout the world, we are pleased to offer the prefect solution:
Data Privacy, Security and Data Breach
Since the introduction of HIPAA regulations in 1999, and now HITECH and the introduction of Red Flag Rules, increased attention has been paid to the care and keeping of medical records. Security for all data, both paper and electronic, has been an evolving issue that becomes more complex as we move further into a paperless age. Storage and processing of Protected Health Information, credit/debit card and electronic check payments, Social Security numbers, employee data and health insurance claims submissions all present opportunities for data breaches.
Despite developing safe record-keeping practices, adherence to these practices and precautions does not guarantee avoidance of incidents resulting from human behavior.
Coverage & Target Classes are as follows
What Does Data Breach Offer?
• Regulatory defense with no sub-limit
• Coverage includes liabilities arising from the theft or loss of paper records
• Vicarious liability for data entrusted to Business Associates or other third parties (by endorsement)
• Liability from identity theft, including medical identity theft.
• Media Coverage for information on the business website, including whitepapers and content
• Recovery costs and extra expenses due to unauthorized access to data systems.
• Punitive damages (when insurable by law)
• Claim-made form
• Claim team dedicated to medical and allied healthcare professionals
• Coverage through an insurance partner with a stable history in the healthcare line
• Limits up to $5 million
• Supplementary payments coverage in addition to the limits and not subject to the deductible is available
for compliance with security breach notice laws, voluntary credit monitoring and public relations expenses.
Target Classes
• Blood Center
• Medical Screening Service
• Clinics
• Medical Facilities
• Rural Acute Care Hospital
• Laboratory
• Physician Practices
• Medical billing
• Telemedicine practice
• Electronic Medical Records
• Banks
• Realtors
• Car Sales and many more
All carriers and coverage are different. Ask about the difference between our carriers.
For information about Data Privacy and what PBS can do for your practice, please contact us.