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Cyber Insurance Policy?
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Topic: Cyber Insurance Policy? (Read 3419 times)
Christy
Sr. Member
Posts: 320
Cyber Insurance Policy?
«
on:
May 29, 2013, 11:37:08 AM »
Who has cyber liability on their business insurance policy? It's a new type of coverage and seems like a good idea. It covers cost of breach notifications, data theft, pays in the event that the medical billing company somehow lost/damaged a client's files/software...
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Billergirlnyc
Full Member
Posts: 106
Re: Cyber Insurance Policy?
«
Reply #1 on:
May 30, 2013, 09:37:45 AM »
I added this to our policy as well. Thankfully no issues but it's an added bonus and more padding for the biz - IMO.
PS: So good to see you on the boards again, Christy and you seem to be making tons of progress, VERY HAPPY for you!
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Don't worry. Be happy.
~Dalia, CPC, CPC-H, RHIT.
PMRNC
Hero Member
Posts: 4562
Re: Cyber Insurance Policy?
«
Reply #2 on:
May 30, 2013, 11:58:25 AM »
I have a similar Ryder on my policy as well, it's not separate coverage but just a rider. Just remember it's only insurance to help cover legal expenses, it will not cover you against compliance breaches and sanctions and you have to have a compliance plan/model. My carrier makes me update mine every 2 years.
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Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com
Christy
Sr. Member
Posts: 320
Re: Cyber Insurance Policy?
«
Reply #3 on:
May 30, 2013, 12:43:52 PM »
thanks Miss Dee
and Linda!
It covers data breach response and data breach defense....
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PMRNC
Hero Member
Posts: 4562
Re: Cyber Insurance Policy?
«
Reply #4 on:
May 30, 2013, 02:04:43 PM »
Quote
It covers data breach response and data breach defense....
Correct.. with the operative word being "defense" Just like any other "insurance" there are some that believe it's a bullet proof vest. If you don't take steps (not pointing you out at all!!! Just for some who may not know) in ALL proper procedures of compliance, have a compliance plan, there is no defense against sanctions, penalties, etc. So if you have this policy and rider but no compliance plan and you ever have a problem.. "you are up shits creek without a paddle" Pardon my French. And of course it goes w/out saying that there is no defense for fraud/abuse.
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Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com
Medical Billing Forum
Re: Cyber Insurance Policy?
«
Reply #4 on:
May 30, 2013, 02:04:43 PM »
Billergirlnyc
Full Member
Posts: 106
Re: Cyber Insurance Policy?
«
Reply #5 on:
May 31, 2013, 08:21:04 PM »
You're welcome, Christy.
I also agree w/Linda, if you aren't compliant then nothing will help in court. I think, in general, a lot of people are confused about what compliance means, but that's a whole other topic.
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Don't worry. Be happy.
~Dalia, CPC, CPC-H, RHIT.
davis.alexander
Newbie
Posts: 4
Re: Cyber Insurance Policy?
«
Reply #6 on:
July 10, 2013, 08:37:12 AM »
Policy forms for cyber-related insurance are claims-made and reported, with coverage available on a worldwide basis It deals with Network Security & Privacy Coverage,Privacy Regulatory Proceeding Coverage,Media Liability Coverage- See more at: AON website.
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Medical Billing Forum
Re: Cyber Insurance Policy?
«
Reply #6 on:
July 10, 2013, 08:37:12 AM »
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Medical Billing Forum
»
General Category
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General Questions
(Moderators:
Alice Scott
,
Michele
) »
Cyber Insurance Policy?