Having specific cover for your computer and electronic equipment may seem like a luxury, but did you know that your property insurance policy may not cover damage to your computers and gadgets – let alone cyber-related losses? In recent years, insurers have tightened policy wordings to exclude cyber-risks, leaving businesses vulnerable to potential eyewatering financial impacts.
With 32% of businesses recording a cyber-attack in the past year and cyber criminals constantly seeking vulnerabilities, it is crucial to understand the limitations of your property insurance. Most policies only cover hardware damaged by specific events (such as fire and theft) , and will exclude software or data losses, ransom events, loss of intellectual property, (the list goes on and on) that will probably be critical for your business operations.
With the rise of hybrid working and remote setups, the need for comprehensive computer (and data) insurance is more evident than ever. A specialized computer insurance policy can cover losses that property insurance does not, such as theft by third parties, damage from power failures, or incidents outside of business premises.
These policies can offer broad coverage, including protection for various additional electronic devices with options to extend coverage for additional costs incurred post-incident. Consider safeguarding your business with both a computer insurance policy that goes beyond the limitations of standard property insurance and a cyber policy to protect you from the cost of having your data lost or compromised.
