HSB to offer computer virus and hacking cover

HSB Engineering Insurance claims to have launched the most complete standard computer equipment insurance product to date.

The engineering specialist insurer says the new product comes in response to the increasing reliance of businesses on IT.

The product is designed to provide superior protection for the computer operations of a business under a single policy without the inconvenience and expense of buying multiple insurances.

Due to a broad definition of the term ‘computer equipment’ the new product covers a diverse range of technology from telecommunications, electronic access equipment, credit card readers and computerised telephone systems to portable devices such as PDAs, cameras and removable satellite navigation systems.

The new HSB policy offers cover for viruses, hacking and denial of service attack as standard, which are typically excluded or sold as an additional bolt-on product. The all risks policy also covers breakdown as standard at no extra cost and without the requirement of a maintenance contract which is normally a precondition.

Replacement of software or programs held on hard disks or other computer media is also included, as is cover for the cost of reinstating data that may have been lost, damaged or corrupted and full theft.

UK chief executive officer and managing director Stephanie Watkins, said: “Computer equipment failure or loss of data can have a devastating effect on businesses both big and small. It is the role of insurers to anticipate potential problems and create products that will support policyholders when they need it most.

"We are delighted to provide our brokers with access to a computer equipment insurance policy which we believe provides the widest scope of standard cover in the UK market”.