Patient health records, payment methods and contact information are highly valuable on the dark web. Cyber criminals employ various tactics to obtain this data from your practice, leading to severe consequences such as patient record theft, HIPAA violations, and significant disruptions to your practice.
These cyber incidents can damage your reputation, jeopardize your patients’ trust and result in costly fines, but Cyber Liability insurance can help.
The AOA Insurance Program, administered by Lockton Affinity, has partnered with Beazley, one of the leading experts in cyber insurance, to offer a Cyber Liability insurance policy design especially for the risks optometry practices face.
However, if you would prefer to work with another provider, it is important to consider these questions to ask your local insurance agent about Cyber Liability insurance.
Questions to Ask your Local Insurance Agent about Cyber Liability Insurance
If you are interested in securing a Cyber Liability policy for your practice, be sure to ask the following questions of your insurance agent.
- Does the policy my local insurance agent offer the right level of coverage at the right price?
Compare the policy offered by your local insurance agent to the policy offered by Lockton Affinity and the AOA Insurance Program.
If their policy is more affordable, be sure to review what is covered in their policy. A cheaper policy may leave you exposed without the coverage your practice truly needs.
The AOA Insurance Program policy is available in two forms, so you can choose the level of coverage your practice needs. It also includes robust limits for common risks like funds transfer fraud, data recovery, cyber extortion loss, business interruption loss and more.
- Does the local insurance agent understand cyber liability risks optometric practices face?
Because of the sensitive patient data collected, healthcare professionals and organizations face an increased risk of cyber attacks. With recent claims setting legal precedents, lawmakers are beginning to take note, even proposing broad new legal requirements that healthcare organizations better manage their cybersecurity risk.
Your insurance provider must be aware of these risks and support you in protecting your practice against them.
- Does the local insurance agent have experience handling optometric cyber liability claims?
An insurance agent must have experience in handling complicated claims, especially given the urgency required during a cyber attack.
Your agent should know the intricacies of the optometric profession and know what to anticipate. That experience in handling similar cases is reassuring when you need it most.
Research your agent to see how many claims they have dealt with regarding the optometric profession.
- Does the local insurance agent’s policy provide cyber attack response support?
Quick, effective response is key to handling cyber attacks and bouncing back smoothly. You and your team must work to:
- Contain the attack
- Meet legal and regulatory requirements
- Notify any affected patients
- Investigate data incidents and more
The Cyber Liability policy offered by the AOA Insurance Program is underwritten by Beazley, a leader in cyber insurance. Their response support is included in the policy, so that if your practice experiences a cyber incident, Beazley Security and their panel of expert vendors mobilize in an instant.
IT forensics, ransom negotiators, crypto-currency facilitators, data recovery specialists, legal counsel, PR & crisis management and more are all included in your policy. Beazley’s team truly understands how to mitigate damage, collect necessary evidence and get your practice back to business as quickly as possible.
- Does the local insurance agent and their customer service department understand the optometric profession in general?
Customer service should be an essential part of your insurance provider. Doctors should be able to rely on an insurance provider who is familiar with the nuances and terminology of optometry.
Your provider’s customer service department should also be able to answer common questions that doctors have regarding their policy. Research the background of the agent to determine how familiar they are with the optometric profession.
Ask how your insurance company has the specific knowledge, connections and track record that will be beneficial to your career as a doctor.
The Right Cyber Liability Policy for your Practice
The right Cyber Liability insurance policy is not just a financial safety net — it’s a critical component of your practice’s overall security strategy. That’s why it’s essential to ask your local insurance agent the right questions when considering Cyber Liability insurance.
- Ensure that the policy they offer provides the appropriate level of coverage at a competitive price.
- Verify that your agent understands the unique cyber liability risks faced by optometric practices and has experience handling similar claims.
- Confirm that their policy includes comprehensive cyber attack response support.
If the policy your local agent is lacking in any way, we hope you will consider the Cyber Liability policy offered by the AOA Insurance Program.
Contact the dedicated Lockton Affinity service team with questions about coverage. Call (888) 343-1998 Monday through Friday from 7 a.m. to 5:30 p.m. CST or email at your convenience.
