CHICAGO, Aug. 22, 2017 /PRNewswire/ -- Health and telehealth providers face complex and rapidly evolving cyber risks. Generic off-the-shelf cyber risk programs have been unsuccessful in providing adequate protection for these unique exposures. BDI Global and The Medical Risk Institute joined forces to develop a specialized cyber risk insurance program, SafeHealth, exclusively for the cyber risks, compliance, and regulatory issues confronting health and telehealth providers.
SafeHealth Cyber Risk Insurance Coverage Features
The SafeHealth coverage is designed to wrap around coverage in medical malpractice and healthcare professional liability policies to eliminate coverage gaps, multiple deductibles, and coverage clashes.
SafeHealth has first-party coverage for ransomware, social engineering, business interruption, data restoration, and incident response expenses. SafeHealth also covers third-party liability claims for regulatory, medical board and administrative proceedings from privacy breaches including violations of HIPAA, HITECH, FDA, State, Federal, and International regulations as well as any resulting fines and penalties. SafeHealth also covers unique healthcare cyber risks such as bodily injury caused by cyber perils, breaches of business associate agreements, the cost of implementing corrective action plans under HIPAA, and vicarious liability for using medical devices.
"SafeHealth is the only cyber risk policy built to cover the specialized cyber risks at health and telehealth providers. There is nothing else like it," said Michael Flanagan, BDI Global.
Loss Prevention and Incident Response Plays a Critical Role in SafeHealth:
SafeHealth incorporates cutting edge cyber loss prevention, safeguards, and loss control created for health and telehealth providers. SafeHealth policyholders have access to a wide range of tools and expertise through the Medical Risk Institute to minimize cyber exposures.
The SafeHealth's best in class incident resolution team helps policyholders quickly navigate the gauntlet of cyber regulations, ethical obligations, law enforcement, and legal liability following an incident. Each member of SafeHealth's incident resolution team specializes in the healthcare industry and our team includes subject matter experts in legal, technical forensics, notification, healthcare identity restoration, ID theft and public relations.
"The SafeHealth incident resolution team was formed exclusively for healthcare cyber incidents and claims. This is crucial for minimizing losses and reducing reputational harm," said Michael Sacopulos, Medical Risk Institute.
How to Access the SafeHealth Program:
Agents and brokers can learn more about SafeHealth by contacting Michael Flanagan at 312-399-1304 or by attending an introductory webinar on September 19, 2017. More information may be found at www.safehealthservices.com.
About BDI Global: Headquartered in Chicago, BDI provides underwriting specialties, acting as program managers on behalf of a number of Lloyd's syndicates. BDI designs market leading cyber products, in an industry framework, to cover security & privacy liabilities.
About Medical Risk Institute: Medical Risk offers preventative strategies and proactive solutions to risks faced by health and telehealth providers.
SOURCE BDI Global