Protect your practice with cyber coverage
When a data breach occurs in an optometric practice, the cost of recovering is upwards of $240 per record, according to industry data. This cost is one of the reasons AOAExcelTM has added cyber liability insurance to its portfolio of business and liability insurance products.
"Unprotected practices will have to bear the burden of the costs."
The cyber liability insurance, from Lockton Affinity, LLC, is designed to protect ODs who conduct business functions online, including operating a practice website and storing confidential patient records.
"Unprotected practices will have to bear the burden of the costs associated with privacy breach claims. I encourage my colleagues to learn more about the new HIPAA regulations that recently went into effect and to consider purchasing cyber liability coverage in light of these new regulations," says Joe Ellis, O.D., chair of the AOAExcel Board and AOA Past President.
The new coverage includes:
- Expenses related to responding to a major privacy event
- Notification to all parties affected by a security breach
- Potential regulatory fines and defense
- Costs related to ongoing credit monitoring
- Outside investigative costs
"These days, it is a necessity for ODs who run a website, conduct e-transactions, or store personal patient information to have cyber liability coverage," says Chad Fleming, O.D., AOAExcel business and career coach.
Get more details about the new insurance at AOAExcel or by calling 888-343-1998.