Does your Business Insurance cover you for data loss?
Household Insurance does not cover you for data loss but you’d expect Business Insurance to cover you, Right?
The nastier computer viruses doing the rounds are known as ransomware locking all files and demanding payment within 96 hours to have them unlocked.
Once ransomware is installed, the easiest and cheapest route to deal with it is to clean the machine and install a recent backup. But if the user doesn’t have a current backup, fixing things is a long, and expensive matter and you may never get the data back.
Some viruses simply corrupt or delete important files. If you have a backup or are able to roll any changes made to a certain point in time, you maybe lucky.
We have a couple of clients that have lost important files (such as 6 months accounting records) and due to no recent backups or a corrupt backup file, they have had to re-input 6 months of accounting data which cost them many thousands of dollars. Thinking they were covered by their Business Insurances they were confident their loss would be covered.
As it turns out “Standard” Business Insurance may only cover you for data loss if there is a physical failure of one or more of the computers parts (such as a hard disk failure) or the computer is damaged by fire or flood.
We advise that you check with your Insurance Broker or Insurance company to find out if your are covered for data loss due to a Computer Virus.
We are no experts in this are and as such we strongly suggest you review your insurance cover with your Broker or Insurance Company. If you want some indepent advise we can recommend our insurance broker. Please contact JUSTIN GELDART from Bruce Insurance on (08) 9382 5640 or email: email@example.com
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