For Agents & Brokers
HSB TechAdvantage™ covers cloud service interruptions
Expanded data restoration is also included in the new coverage
Increasingly, businesses are using the Internet and cloud services to save money and boost their computing power. But what happens when their cloud services are interrupted by an equipment failure and they lose access to critical software, storage and data?
Protection for changing technology risks
HSB TechAdvantage™, our new equipment breakdown insurance for changing technology exposures, includes cloud computing under service interruption coverage. It's triggered by an equipment breakdown, the same as for the loss of electrical power or other covered services.
More businesses are using cloud services
"The cloud can help even a smaller business think big," said Mark MacGougan, HSB vice president for specialty products, "as they use cloud computing to compete in new markets. The number of businesses using the cloud will grow rapidly in the next few years. And these businesses will have a need for new cloud insurance products."
For more information about the cloud, click here to read our blog about cloud computing.
Cloud interruptions and data restoration
In addition to service interruption, HSB's data restoration coverage is now included for data that is lost when there is a cloud service interruption from an equipment breakdown. HSB TechAdvantage™ also expands data restoration coverage to service interruptions from all covered services.
Where is the cloud?
Two of the biggest exposures for business use of the cloud are service interruption and data loss. After all, the cloud actually operates within physical buildings and equipment that are often located far away from the businesses they serve. That equipment can break down and service connections can be lost.
How reliable is cloud service?
HSB conducted a study with the Ponemon Institute among small to mid-size businesses that were cloud users and found that 48 percent have experienced an interruption in cloud services. Of those businesses, 56 percent reported that at least one of these interruptions prevented their company from even functioning.
HSB TechAdvantage™ is technology insurance for everyone
HSB TechAdvantage™ strengthens protection for cloud computing and is the first equipment breakdown and technology insurance to cover losses from microelectronics failures, the miniaturized technology that drives today's businesses.
Learn more about what it can do for you
HSB TechAdvantage™ is the most innovative equipment breakdown product HSB has ever offered. Now, it's available to customers through agents and brokers. Contact your HSB representative for more information.