Many liability experts are seeing a growing liability with private patient medical information being digital and accessible from the internet. The term insurance professionals use is “Cyber Liability.” In fact the concern has grown large enough that many medical malpractice insurance companies now offer physicians the option to purchase cyber liability medical malpractice insurance. Some medical malpractice insurance carriers offer cyber liability as part of their policy.
Medical malpractice insurance carriers that offer cyber liability insurance policies typically offer limits of liability of $50,000. While this might not be and adequate amount of coverage, it is better than have no coverage. Physicians do have the option to purchase significantly higher limits of liability for cyber liability coverage, however, not typically through their medical malpractice insurance company. Many surplus lines carriers offer significantly higher limits of liability coverage for physicians, hospitals and clinics that have a greater risk. Most cyber liability insurance policies offer protection for electronic medical records, online scheduling, electronic prescription ordering and even patient/doctor email breaches.
There has been a very large push from government to get physicians, hospitals and clinics to put electronic medical records in place. Electronic medical records (EMR) systems are very expensive to put in place and often require continued monthly expense and computer support. The current administration believes electronic medical records to be so important that they have given tax breaks to physicians who install a system in their office.
Electronic medical records system can be a great risk management tool for physicians seeking to avoid having to use their medical malpractice insurance; however they come with the danger of their patients’ information being available to hackers all over the world. It is important to consult with an expert like KASS or a professional from eQuoteMD if your practice requires cyber liability insurance protection.