Addressing Hospitals’ and Medical Facilities’ Cyber Risk More Effectively:

HIPAA-Enhanced Cyber Protection for Healthcare Organizations

You want to mitigate today’s sizable cyber risk exposure for your large hospital, healthcare facility, or that of your healthcare clients. When considering your cyber insurance approach, it is helpful to begin with an understanding of the four types of risk related to healthcare entities’ electronic data. These include:

1. Criminal Risk, which can be perpetrated by a hacker or an employee, bringing first-party loss incurred  directly by the Insured
    
2. Civil Risk, from the legal liability of Insureds housing personal information, bringing third-party loss that includes punitive damages assessed by the court
    
3. Regulatory Risk, which includes HIPAA regulations, and brings losses due to fines, penalties, and the expenses involved with compliance
    
4. Insurance Company Risk, through which insurance coverage is denied due to healthcare entity misrepresentations vis-a-vis the insurance application and what is then covered

William R. Carey & Company’s Cyber Solution for Healthcare Clients helps address all four of these client risks through its unique, three-tiered program. From a short-form application to a HIPAA-facilitated assessment to the unique policy endorsement, you’re guided toward an unparalleled product for your or your client’s cyber risk.

Detail for each tier includes:
 

Tier 1 – Initial Application and Base Policy

-        Short-form application

-        State-of-the-art wording

-        Extremely competitive pricing

-        Availability up to $100M in limits
 

Tier 2 – HIPAA-Facilitated Assessment

-        PROVIDED AT NO ADDITIONAL COST

-        Administered by Coalfire Systems

-        Web-based interface will assess compliance
 

Tier 3 – HIPAA Enhancement Endorsement

-        Will be issued following successful completion of a HIPAA-facilitated assessment

-        PROVIDED AT NO ADDITIONAL COST

-        Provides coverage for bodily injury as a result of a security/privacy breach

-        Provides coverage for regulatory fines, penalties and expenses whether a breach occurred or not

-        10% premium reduction at renewal if there are no claims

-        Coverage cannot be denied on the basis of a misrepresentation in the application regarding

HIPAA compliance

-        Coverage extended to pay for the cost of recreating health records following a breach

-        For ProAssurance HPL policyholders, DIC cyber claims will be covered at a lower retention

This HIPAA enhanced cyber protection for healthcare organizations is not available elsewhere! Consider this unique program that uses industry-leading compliance experts to assist your or your client’s healthcare entity with HIPAA regulations; this process helps prevent insurance exclusions like those that have occurred with other programs.

Download Our Application.

View our Webinar.

For a free claims and financial analysis and indicative quotation contact us.