Electronic Equipment Insurance

Electronic Equipment Insurance from PSC Direct: electronic equipment insurance advice and quotes at your fingertips.

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As the world becomes increasingly digitalised, electronic equipment is one of the most essential, and costly, assets for today’s business owners. If your business deals with internal computer networks or handles information on a primarily digital or cloud-based level, it’s important that your electronic equipment is adequately protected.

What is Electronic Equipment Insurance?

Electronic Equipment Insurance covers your business for the associated costs and losses in the event that any of your electronic equipment (such as computers, laptops or telephones) breakdown.

Electronic Equipment Insurance can help your company adequately protect your electronics from the unexpected.

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The Importance of Electronic Equipment Insurance

Many businesses overlook the importance of cover for Electronic Equipment breakdown as they underestimate the impact that it can have on productivity in the event of a loss.

When computers, air conditioning units, telephone systems or electrical panels breakdown, costs can quickly accumulate. From the cost of repair or replacement, to interruption of business and additional staff wages, it’s important to fully protect your business and minimize the financial impact an electronic breakdown would cost.

What Risks May Electronic Equipment Insurance Cover?

Every business is different and so is its use of Electronic Equipment, however there are some risks that are common across industries. The following are some examples of where an Electronic Equipment policy may be of benefit to a business.

  • An online retailer experiences a server issue that cannot be resolved in-house. Electronic Equipment Insurance may cover the costs associated with having a professional fix the server connectivity problems.
  • A secretary in a legal firm’s computer breaks down. The costs associated with repairing or replacing the device may be covered in an Electronic Equipment policy.
  • An accountant firm experiences a total blackout that results in the loss of valuable customer data that hasn’t been backed up. With an Electronic Equipment policy, the business could be covered for the costs of hiring a professional to retrieve this lost data.
  • A retailer’s point of sale system beaks down, resulting in tasks that would normally only take a short time to complete taking substantially longer. As a result, their employees are required to work longer hours. Electronic Equipment Insurance may cover the increased costs of working.

What Are the Key Elements of an Electronic Equipment Insurance Policy?

Electronic Equipment Insurance policies vary between insurers, but a policy will generally cover sudden, unforeseen and accidental loss or damage to electronic equipment caused by:

  • Fire
  • Lightning and explosion
  • Electrical and mechanical breakdown
  • Flood and water damages
  • Extraneous impact and collision
  • Cyclone, storm and other atmospheric disturbances
  • Burglary and theft
  • Failure of air-conditioning equipment
  • Negligence, faulty operation, carelessness
  • Riot, strike and malicious damage
  • Entry of foreign body, dirt

In addition to the cost of repair or replacement, your Electronic Equipment policy may extend to cover:

  • Electronic data restoration costs: Covering the costs necessary for a professional to retrieve lost data.
  • Increased cost of working: Covering extra wages that have had to be paid out as a result of your Electronic Equipment breaking down.
  • Cost of hiring equipment: Covering the cost of hiring alternative equipment whilst your electronic equipment is out of order.

Who Needs Electronic Equipment Insurance?

From Accountants, to Lawyers, Retailers and Hospitality companies, most businesses today rely on the functionality of numerous pieces of equipment to operate. From heating to refrigeration as well as administrative devices such as computers and cash registers, it can be difficult to continue business as usual in the event that something goes wrong with these pieces of equipment.

Depending on your business and use of electronic equipment, it’s important to source the appropriate cover to protect your assets and business as a whole.

How PSC Direct Works for You

As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.

We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.

We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.

With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and public liability insurance specifically tailored to meet the risk exposure of your business.

We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.

  • 72% of Australian businesses fail after experiencing a major loss.

The right business insurance will ensure you are not one of them.

While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.