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MMIC insurance launches new data privacy insurance for healthcare community

MMIC Insurance, a Minnesota-based provider of medical professional liability insurance, has launched Data Privacy Insurance coverage for the healthcare community.

The 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.

MMIC vice president of sales, marketing and communications Julie Stafford said given the specialized nature of the exposure, the company thought it was imperative to bring in an insurer who specializes in the business.

"That’s why we have partnered with Beazley Group to provide the coverage," Stafford said.

Beazley, an 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.