The new equipment breakdown standard
Rapidly evolving technology drives the systems, equipment and operations of businesses, industries and public institutions - from retail stores to medical services and home construction. Technology trends such as miniaturization, portability and cloud computing are creating costly and complicated new risks for business owners.
TechAdvantage® is equipment breakdown and technology coverage that protects against losses caused by these increasingly common technology-related failures.
1. Microelectronics coverage for invisible damage
Until now, equipment breakdown coverage has required evidence of physical damage.
However, today’s business equipment contains microelectronics – miniaturized circuitry with parts so tiny, damage is virtually undetectable. Such technology now drives heating and cooling systems, electronic and production equipment.
2. New off-premises transportable equipment coverage
Equipment has become more compact, portable and more frequently used off-premises, where it is exposed to greater risk of damage.
Now, off-premises coverage is provided on transportable equipment for property damage, business income, extra expense and data restoration, anywhere in Canada and USA.
3. Cloud service interruption
4. Data restoration includes data lost in the cloud due to an accident
5. Public relations coverage
In addition, TechAdvantage® includes other coverage benefits including:
Environmental and Efficiency coverage
-Pays up to 150% of the loss payable for upgrades to more energy efficient or environmentally friendly equipment
-Up to $50,000 in addition to our energy efficiency upgrade coverage
Brands and labels coverage
-Pays for the cost of removing labels or stamping of salvaged merchandise
Anchor location contingent business income
Contingent business interruption
TechAdvantage® can be bundled with the following optional coverages:
Data compromise - pays for notifying affected individuals and valuable professional help to respond promptly and properly to preserve business reputation after a data breach.
Identity recovery - combines identity theft insurance with services that help business owners restore their personal credit history and identity records to pre-theft status.