Dentists may not think their patients’ private health information is in danger, however, what happens if your patients’ records are lost or stolen? It is not only disconcerting; it can also damage your reputation and your finances.
With more practices going paperless, dentists are increasingly at risk for a data breach, putting them in violation of HIPAA and HITECH privacy laws.
What is the top cause of privacy data breaches? It is not hacker attacks like some would assume. It is lost or stolen electronic devices such as laptops, desktop computers, smart phones, and tablets. Employee or third party errors and criminal attacks are next on the list.
Many property and liability policies do not cover privacy data breaches. Because dental offices retain patients’ personal information, such as their health history and social security numbers, all dental practices should consider Corporate Identity Protection.
Personal Identity Liability - Covers damages resulting from a lawsuit such as judgments, settlements, arbitration awards, punitive damages, court costs and legal fees an insured may become obligated to pay as the result of a privacy data breach.
Administrative Action Expenses - Legal expenses incurred during an investigation, negotiation of a consent order, or formal administrative proceedings instituted by a federal, state or local agency arising out of the privacy data breach are covered.
Identity Event Services – Provides coverage for:
1. The services of a forensic investigator to determine the extent of the data breach and identify the individuals affected.
2. Crisis expenses for the services of a PR firm, crisis management firm or law firm to help restore the confidence of the insured’s patients.
3. Notification costs such as correspondence, newspaper, radio and television ads intended to inform and educate any individual affected by the data breach.
4. Post event service expenses such as identity theft education, assistance and credit file monitoring.
Approximate Annual Costs and Coverage:
· $100 for $10,000 of coverage
· $150 for $25,000 of coverage
· $300 for $50,000 of coverage
· $600 for $100,000 of coverage