The Hanover Insurance Group in Worcester announced on Wednesday a new offering that will allow businesses to insure their technology-based equipment such as microelectronics and cloud computing services.
The offering is similar to traditional equipment breakdown insurance used by small and midsize businesses to protect things such as boilers, heating systems or refrigeration units against sudden and accidental physical damage that required equipment to be replaced, according to a release from The Hanover detailing the new product that goes beyond that level of insurance.
According to The Hanover, the insurance covers:
- Microelectronics: Covers breakdowns that require microelectronics to be replaced, whether or not physical damage is visible
- Cloud computing service interruption: Adds cloud computing services to service interruption coverage
- Service interruption data restoration: Covers cost for data restoration when data is lost due to a covered service interruption
- Off premises business income, extra expense and data restoration: Extends payment for off-premises equipment breakdown to include business income, extra expense and data restoration, in addition to physical damage
- Public relations assistance to manage reputation following business interruption
The new policies are already available to some customers and will be broadly available beginning on Dec. 15.
