Computers are at the heart of almost every business in the modern world. We rely on them for our communications, recordkeeping, accounting, research and almost anything else you can think of. Many businesses, mine included, operates in a paperless manner and rely on being able to access data at all times. This then widens the computer network to include smartphones, tablets and other mobile devices. The amount of data that is stored both locally and in the Cloud is growing exponentially and not a day goes by without hearing the story of some form of data breach. The bad guys know this, and are exploiting vulnerable security day in, day out, to obtain data that they can use for their own ends.
Despite all of this, most businesses still insure their computer equipment along with all their other business contents and assets. This is normally done under a contents style policy which has not modernised to keep track of all the changes listed above.
Now is the time for all businesses to consider the adequacy of their insurance on their computer equipment and data held therein. Very often, a better approach (and one that may not cost any more) is to separate out the computer equipment onto a specific computer policy which will provide some of the following benefits.
* Specifically designed to cover risks associated with computer equipment and data
* Provides cover which is generally excluded by general property policies
* No excess for theft at own premises
* Wide definitions of portable equipment including smartphones
* Cover for damage caused by viruses or hacking
* Cover for the cost of reinstating lost data.
Take some time to think what would happen to your business if you lost your computer systems or more importantly the data on them. Then, if you haven't got a specific computer insurance policy, make contact with me for a review of your insurance arrangements.