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July 2008 |  |
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The Proliferation of Technology
"It has reached a point where data recovery and business interruption loss is often a multiple of the physical damage."
As businesses and institutions acquire new electronic equipment, their equipment values are rising rapidly across all classes and in unexpected places. Advancements in technology also result in accelerated obsolescence. New electronics are developed so fast, it’s difficult to obtain repair parts, even for relatively new equipment. Entire systems may need to be replaced at great expense.
Then add exposures from the loss of business data. In our information society, every type of business, big and small, depends on computers. HSB is seeing a steady increase in the frequency and severity of data recovery losses.
HSB offers broad equipment breakdown insurance for today’s risks, including innovative coverage such as Data Restoration to help recover lost business information. We also offer programs such as Data Compromise to respond to a data breach.
HSB keeps pace with new technology. We will work with you to provide new coverage and services that respond to emerging equipment exposures.
