Standard business insurance property policies provide limited, very basic, coverage for your contents including computers. The unique risks that computer equipment face requires specialized coverage for your computers, peripheral devices and media as well as unique exposures they create for the costs to research, replace or repair lost or damaged data and software as a result of covered damage to computer equipment, certain power failures, or a computer virus or hacking risks.
Technology is everywhere today in businesses small and large. Virtually all businesses rely upon their computer and data management systems to function and that technology represents a sizable investment, and risk, to your business and bottom line.
BASIC DATA PROCESSING COMPUTER POLICY COVERAGE’S
Data Processing (DP) insurance is designed to cover the unique risks associated with computer exposures and typically include three core areas of coverage;:
Equipment (Personal computers, servers, terminals, monitors, laptops and other hardware).
Media (Disk drives, disks, magnetic tapes and other areas where data is stored in your equipment).
Data (Software applications that store your business data and facts, concepts, or programs as well as additional expenses associated with data recovery).
The Equipment and Media sections are specialized property coverage’s that address the unique exposures face as compared, say, to inventory or business furnishings. Equipment and Media coverage can be written on a replacement cost or actual cash value basis. You can also insure your equipment on scheduled basis, in which all equipment is listed on the policy with a limit per item, or on a blanket basis. EDP coverage carries from insurer to insurer but, when possible, it is wise to seek a policy that offers a blanket limit with replacement cost and without a coinsurance clause.
Consulting services for warehouse, innovation, data processing, and information technology. Capabilities include planning, execution, analyzing, data collection, modeling, visualization, integration, cyber security and data forensics. Predictive analysis, supply chain optimization, inventory reduction management and electronic data interchange (EDI) services available. Serves the appliance, automotive, capital goods and consumer goods industries.