A blue and white computer circuit board


The equipment breakdown insurance 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

Cloud computing services have been added to service interruption coverage, paying for lost business income and extra expenses when an insured’s cloud service provider experiences an outage due to equipment breakdown.

4. Data restoration includes data lost in the cloud due to an accident

We already cover data lost due to an accident at the business owner’s location. However, a business’s data stored in the cloud is also increasingly at risk. In response, we have added data restoration coverage for data lost when it is stored and managed by a cloud computing provider.

5. Public relations coverage

TechAdvantage® also includes coverage for services from reputation management professionals, such as a PR firm, when an equipment breakdown poses a risk to a business’s goodwill. It pays for professional public relations services to help manage a client’s reputation that is at risk when a breakdown causes a business income loss.

Additional coverages

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

Green coverage
- 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.

State-of-the-art coverage

TechAdvantage® from HSB is a revolutionary change to equipment breakdown insurancecoverage. It responds to new exposures and risks from rapidly progressing technologies with bold new coverages not offered by any other Canadian equipment breakdown insurer.