Electronic Data Processing Insurance
Electronic Data Processing Insurance covers the costs associated with the loss of damage of electronic data processing media or equipment.
Do you need Electronic Data Processing Insurance?
Electronic Data Processing coverage provides coverage for data processing hardware and software. Hardware would be defined as a network of electronic machine components (microprocessors) that accept instructions and information and process the information according to instructions. Examples would be:
- Mainframe and mid-range computers
- Personal computers & workstations
- Laptops, palmtops, notebook PC’s, and other portable computer devices and accessories, including multimedia.
- Peripheral data processing equipment such as printers, keyboards, monitors, and modems.
Software would be defined as media, data records, programs and applications, and proprietary programs. Media includes disks or cartridges containing instructions and information. Data records refers to your files, documents, or other information stored on media. Programs and Applications refers to “off the shelf” software products such as operating programs and applications. Proprietary programs are programs specifically created for your business.
Electronic Data Processing Insurance is provided on an “open perils” basis. This is broader coverage than what’s offered under a typical Business Property Insurance as it will provide coverage for electrical damage, power surge, brown-out, short circuit and magnetic damage or erasure of EDP data and/or software, mechanical breakdown, change in temperature or humidity, computer virus.
Reach out to me if you’re considering Electronic Data Processing Insurance. I will discuss with you how it works and assess if it fits into your risk management needs. If you determine this coverage is needed I will then provide you with comparative Electronic Data Processing Insurance quotes from multiple insurance carriers so you can get the best possible rate.
As an insurance broker I help businesses throughout Oregon and the Pacific Northwest manage risk.