Cyberattacks are on the rise, but many medical practices lack the coverage to handle the aftermath. What used to be accidental breaches from lost devices is now driven by hackers, costing practices over $200 per patient record on average. Breach recovery can easily exceed $100,000, even for small offices, and the financial impact continues to grow each year.
We can help you protect your practice from these increasing risks.
If your practice handles patient data or uses Electronic Health Records (EHR) or Electronic Medical Records (EMR), you’re exposed to increasing threats like ransomware attacks, cyber extortion, and data breaches that can compromise protected health information (PHI) and personally identifiable information (PII).
We source cyber insurance for healthcare professionals, including medical practices of all sizes. Whether you’re a solo practitioner, a small clinic, or a larger healthcare organization, our tailored coverage protects you from a wide range of cyber risks.
Unfortunately, many practices lack the legal or technological resources to respond to a breach. Slow or incomplete responses increase liability and damages and, perhaps more importantly, they diminish customer trust. Organizations can and will be held liable in the case of a data breach.
Data Breach Insurance may be tailored to provide protections such as:
Premiums vary based on several factors, including but not limited to:
We’re committed to putting your needs first and helping you manage costs proactively.
David Wasserman, Executive Director Physician Organization at Congenial Healthcare
Is it time to examine your current policy? Remember, what you don’t know can hurt you.
The simplest way to mitigate risk is through thorough preparation. At Physicians Insurance, we are best placed to help enhance your preparedness.
With our extensive experience and deep industry knowledge, we are confident in our ability to tailor a competitively priced insurance program that addresses your unique needs.
Simply complete the form to request a free, no-obligation medical practice cyber insurance quote, and we will contact you to discuss your options.
Yes, cyber insurance is generally tax deductible as a business expense, similar to other types of insurance that protect your company from risks.
Cyber insurance typically does not cover costs related to improving your cybersecurity systems after an attack, loss of future profits, damages to your reputation, intentional acts of misconduct, or pre-existing incidents or claims made before the policy was in place.
When your practice is your business.
Protecting and keeping your business operating smoothly is critical to your success. We can guide you on a range of options to manage risk in the face of unexpected circumstances that may arise frequently in the healthcare industry.
Teamwork makes the dream work.
When a team member is injured, the whole operation is impacted. Make sure your practice has the proper coverage to support your team members if they are injured on the job. Workers’ Compensation Insurance regulations vary by state but are generally a consideration in your insurance program.
Ensure your company car is properly insured.
Does your practice own or lease vehicles? Do your employees use personal vehicles for work purposes, even occasionally? Does a partner rent a vehicle while at a work conference? Automobiles associated with a business in any of those ways require special coverages.
Sometimes you need more than just a slicker when the rain comes. An umbrella can protect you against the unexpected. An umbrella policy, as the name connotes, ‘sits over’ something to protect it, in this case it sits over other coverages.
These risks may not involve patient care, but the future of your practice is exposed if allegations are made.
It is critical that your people and their individual roles are adequately insured to protect your business when allegations occur. Management liability insurances may cover a wide range of exposures that you may not have considered.
Healthcare. Industry expertise that goes far beyond the exam room.
A physician practice is only one aspect of the global healthcare industry. Physicians Insurance can guide you to the coverage you need to keep moving technology, research and solutions forward.