Has your business been thinking about getting electronic data protection, or EDP insurance coverage? This little-known coverage type can provide several critical protections to businesses in nearly every industry, from compensation for lost income to restoration of data loss and more. Here’s some of the coverage you might get via an electronic data protection policy.
Electronic Data Protection Coverage Provides Critical Business Coverage
If your company stores any kind of data, having electronic data protection could prove essential. This insurance often provides benefits such as:
- Interrupted computer operations
- Restoration of, or replacement of, damaged or lost electronic business data
- Compensation for lost business income or additional expenses due to unexpected data loss
There Are Several Events You May Need Separate Insurance To Cover
While electronic data protection can provide several types of safety nets for business data, there are still several types of events that may not be covered by your EDP policy. Some such events that might require separate insurance include:
- Mistakes on the business’s part when dealing with electronic data
- Employee actions that lead to data loss or damage
- Liability coverage for third-party involvements
When your business stores data or deals in data of any kind, having electronic data protection as part of your insurance package is critical. Review these fundamentals about typical EDP insurance coverage to help decide whether this coverage is right for your company.