MINNEAPOLIS--(BUSINESS WIRE)-- MMIC Insurance, Inc., the Upper Midwest’s leading provider of medical professional liability insurance, recently announced the launch of its Data Privacy Insurance coverage for the healthcare community.
According to Julie Stafford, Vice President of Sales, Marketing and Communications, “We recognize the increasing exposure associated with data privacy, and many of our customers were looking to us to offer a solution. Given the specialized nature of the exposure, we thought it was imperative to bring in an insurer who specializes in the business. That’s why we have partnered with Beazley Group, Ltd. to provide the coverage.”
Beazley, a leading insurer of technology and information security risks, has developed Beazley Breach Response and tailored it to the needs of the healthcare industry. “What makes the Beazley product unique is that a network of experienced professionals is ready to respond in the event of a privacy breach,” said Stafford. The network includes forensic experts, attorneys, notification providers, credit monitoring and call center services. There is also liability coverage for third party claims that may result from privacy, network security and Internet media claims.
The healthcare industry is subject to a variety of federal and state regulations, due to the sensitive patient information that is collected and stored by most healthcare organizations. Fines and/or penalties can be assessed when statutes are not followed. “We are seeing more and more healthcare organizations being penalized for not complying with these statutes,” said Stafford. Data Privacy Insurance provides coverage for legal costs in responding to a regulatory proceeding, as well as coverage for the fines or penalties that may be assessed.
“When a breach occurs, you need to be ready to respond quickly and effectively to mitigate your exposure to brand damage and legal liability,” said Stafford. “With this type of coverage, you do just that.”
About MMIC Group
MMIC Group is a healthcare-focused company that provides Health IT solutions and medical professional liability insurance, including exceptional risk management services and valuable claim management products. MMIC serves nearly 1,100 clinics and hospitals in the Upper Midwest.
MMIC Insurance, Inc.
J. Retzner, 952-838-6700
KEYWORDS: United States North America Minnesota
INDUSTRY KEYWORDS: Technology Data Management Security Practice Management Health Hospitals Professional Services Insurance General Health