NJ is just another State following the “herd” in passing its own privacy law. Together with HIPAA, these legislators are intent upon bringing “business” to a halt. As insurance agents/brokers, it is incumbent upon us to try to interpret how the malpractice E&O, general liability or other policy will protect our business clients.
Fortunately, there is a new product which specifically addresses this coverage. Offered by INSUREBEST.COM in NJ, but available in all states, the coverage provides liability (occurrence basis) up to $600,000 agg. and specifically covers the accidental/unintentional release of private patient/client information. Fines, penalties,punitive damages are NOT covered, and defense costs are within the policy aggregate. Company is “A” rated US admitted. Policy is written on a surplus lines basis. Best of all…average annual premium is $1000 for the small employee business (under 15 employees). Employer should have some educational program or computer program in place for employees. Hacker & ID Theft coverage is available at addiional premium. Every client should have this policy because it can literally “save” their business.
NJ is just another State following the “herd” in passing its own privacy law. Together with HIPAA, these legislators are intent upon bringing “business” to a halt. As insurance agents/brokers, it is incumbent upon us to try to interpret how the malpractice E&O, general liability or other policy will protect our business clients.
Fortunately, there is a new product which specifically addresses this coverage. Offered by INSUREBEST.COM in NJ, but available in all states, the coverage provides liability (occurrence basis) up to $600,000 agg. and specifically covers the accidental/unintentional release of private patient/client information. Fines, penalties,punitive damages are NOT covered, and defense costs are within the policy aggregate. Company is “A” rated US admitted. Policy is written on a surplus lines basis. Best of all…average annual premium is $1000 for the small employee business (under 15 employees). Employer should have some educational program or computer program in place for employees. Hacker & ID Theft coverage is available at addiional premium. Every client should have this policy because it can literally “save” their business.