Electronic equipment insurance keeps business online

The amount of electronic equipment in many businesses is skyrocketing, as is our reliance on it. It’s not uncommon for employees to have a desktop computer, a smart phone and a work laptop or tablet on the go at once.

Like traditional machinery breakdown insurance, electronic equipment insurance covers the cost of breakdown repair – typically for computers but sometimes for machinery incorporation computer chips. Depending on the policy, cover can be extended to include the cost of reprogramming and reinstalling files, electronic data restoration and more.

Equipment items which, not that long ago, were the height of sophistication now seen quaint – pagers for example, and dot matric printers. Early personal computer and “brick” mobile phones are even becoming collector’s items.

Typewriters, carbon copies, rolodexes, telexes, overhead projectors, adding machines, slides in carousels and those machines that printed multiple copies of documents in strongly scented purple ink are all distant memories.

At the same time, prices for computers have plummeted over the years a search of vintage computer ads online clearly shows. One 1984 ad trumpets a computer with 256KB of memory for a mere $4,999. Bargain! An old apple as boasts: “of the 235 million people in America, only a fraction can use a computer.”

However, while prices have fallen, the number of computers and other electronics continues to grow leaving businesses significantly exposed in the event of a power surge or other equipment failure.

1300 INSURE (1300 467 873) | F: 1300 365 822 | ebm@ebm.com.au | www.ebm.com.auNew South Wales | Victoria | Queensland | Western Australia | South AustraliaCoverholder at Lloyd’s | Global Broker Network | Asia Australasia Alliance | National Insurance Brokers AssociationElkington Bishop Molineaux Insurance Brokers Pty Ltd | AFSLN 246986 | ABN 31 009 179 640 | Est 1975

Electronic equipment insurance keeps business online

Insurance has moved with the times, with electronic equipment cover changing as technology evolves. For some particularly valuable equipment, insurers may require a regular maintenance program be in place as a condition of cover.

It is worth noting that cover for electronic equipment is distinct to cover for cyber risks, although there can be some cross-over depending on the policies involved.

Cyber risks insurance is all about helping business protect themselves against cyber criminals, data loss and the potential ramifications – for example, a privacy breach can cause immense reputational harm as well as financial damage, and require both technical and public relations “fixes”.

Cybercrime is said to cost6 the Australian economy over $1 Billion a year, with the cyber criminals starting to hack small businesses in order to “piggyback” into the systems of the larger businesses they deal with.

Cyber cover is a relatively recent product an, as with any policy, a careful reading of the policy can pay off. Some insurers offer financial recompense and also support from a crisis response team who work to restore client operations in the event of an incident.

Both electronic equipment insurance and cyber cover should be considered if your business relies on computers.

Here the author, James, writes this content about electronic equipment insurance. If you have any query about our services, visit our website http://www.ebminsurance.com.au or feel free to call us on 1800 467 873.

1300 INSURE (1300 467 873) | F: 1300 365 822 | ebm@ebm.com.au | www.ebm.com.auNew South Wales | Victoria | Queensland | Western Australia | South AustraliaCoverholder at Lloyd’s | Global Broker Network | Asia Australasia Alliance | National Insurance Brokers AssociationElkington Bishop Molineaux Insurance Brokers Pty Ltd | AFSLN 246986 | ABN 31 009 179 640 | Est 1975

Our advice about insurance is provided for your general information and does not take into account your individual needs. You should read the Product Disclosure Statement and Policy Wording prior to making a decision, these can be obtained directly from EBM.