What is “Cyber Coverage” vs “Tech Coverage”?
An interesting comment came up from one of my healthcare clients as I was quoting one insurance for cyber (privacy) coverage and that was the term “cyber coverage.”
It seems that you hear people in the health industry, such as medical groups, IPAs, HMOs and hospitals interchange the term cyber and technology coverage, but really they are two different things.
Cyber usually refers to the privacy component of the coverage. In other words if there is a breach of your system which contains health care data or you, a healthcare provider, accidentally release health data or private information on members or clients.
Technology coverage is coverage for companies who have software programs or provide technological services. Insurance carriers interchange the terms, clients interchange the terms – we even use the two terms in our promotional pieces as cyber (technology) so that anyone reading it can understand what we are referring to in reference to the coverage.
But cyber liability is an important insurance product for the healthcare industry as it provides not only privacy protection, but can include HIPAA coverage, credit monitoring and other items not found in your E&O policy (except for a limited basis).
You want to ensure that when you are looking at a quote that you are being quoted the right type of coverage if you are a provider of health services, a provider of health benefits or a processor of health claims.
Susan A. Kattoo
Executive Vice President
McPhee & Associates, Inc.
2441 Honolulu Avenue, Suite 180
Montrose, CA 91020
818-541-7900 fax 818-541-7903