Computer equipment insurance – is insuring for damage just the tip of the iceberg?

As technology advances, so too does a business’s reliance on it.  With remote workers and a heavy dependence on technology, is computer equipment insurance for loss or damage really enough any more?

So you have your computers, laptops and all other computer equipment insured for damage under your business insurance, but is that really all you need?

Imagine – your computers are stolen or damage and the data on them is lost with them.

Even if you’ve been forward thinking enough to back some of the data up, your business is likely to be interrupted in some way by this loss, despite a (hopefully) prompt settlement from the insurers to replace the equipment.

Specialist computer insurance goes a step further, and can provide:

• Material damage – provides cover for loss or damage to your equipment
• Reinstatement of data – cover for costs incurred in reinstating lost data following damage
• Increased costs of working – provides cover for additional expenditure incurred to prevent interruption to your business following damage
• Computer breakdown – provides cover for damage arising from breakdown (unless recoverable via a maintenance or guarantee agreement)

Electronic equipment can also be insured, which can include, for example:

• Radio and Television Studio and Recording and broadcasting equipment
• Security systems
• Medical equipment
• Telephone exchanges
• Mobile telephone ground stations

Insuring computer and associated equipment for replacement following damage is simply not adequate protection these days, with more and more business owners wanting to ensure their insurance arrangements are more robust than ever before.

Computer insurance policies are annual insurance policies that would form part of your insurance programme.  If you do not have this cover already, it is certainly worth getting some quotations from a business insurance broker.