So you already know you need to carry malpractice insurance, but what about cyber liability insurance? Cyber liability insurance covers your physical therapy practice for a data breach in which your patient’s personal information such as Social Security or credit card numbers is exposed or stolen by a hacker or other criminal who has gained access to your practice’s electronic network. Our partners at VGM Advantage know a lot about cyber liability insurance and broke it all down in this article:
For physical therapy and home care providers, the sensitivity of information is a key concern. Locking and shredding documents, as well as having ample liability coverage, can assuage concern about security risks. However, as data thieves become more adept, how to you keep your business safe in the event of a breach? VGM Advantage offers these important reasons to utilize cyber liability insurance today.
Understanding Cyber Liability Insurance
Offices are becoming increasingly paperless meaning more information is being shared via the internet and the cloud. For your home care or physical therapy practice, this means that you are liable in the event of a breach. This includes violations of privacy issues, internet-related instances of intellectual property infringement and viruses, as well as any other issue that may have been passed along via internet connections. Due to this, cyber liability insurance helps to cover costs due to business interruptions.
Why is it Important
By helping cover the cost, cyber liability insurance will allow you to keep your business running until you resume normal operations. This will help you minimize any lost revenue and east the concern of your clients by operating as usual.
What is the Increased Risk
Since 2015, data breaches have been at an all-time high. 2016 brought even more serious circumstances of invasion. This included worldwide companies as well as small businesses. What’s the reason? As technology grows, so does the ability of data thieves. Increased expertise and use of shared computer storage is allowing them to access private information and leave your company at risk.
Although data breaches can present risks for your practice, cyber liability insurance can help assuage the damage. At VGM Advantage, we offer the services you need to keep your business secure.
In October 2016, BMS and VGM Advantage partnered to offer existing and future clients of the two businesses access to discounts and services offered by the companies. Both BMS and VGM Advantage have been serving the PT Industry for approximately 30 years. VGM Advantage not only offers insurance services but they can also help you with group purchasing, referral source targeting, audit and compliance consulting, and much more. If you’re interested in learning more about the services they offer or other great companies we have partnered with, visit our Partners page today!