Research from HSB shows that two-thirds of businesses haven’t considered computer risks

• According to UK insurance brokers, only 29% of their clients have adequately considered computer risks
• 76% of super-regional brokers say their clients have given little or no consideration to computer risks

Research conducted by HSB (UK and Ireland) with insurance brokers suggests that two-thirds of businesses are not considering computer insurance risks arising from evolving working practices. HSB's survey reveals that 67% of UK national, super-regional and provincial brokers believe their commercial clients have given little consideration to computer insurance in relation to hybrid working, with only 29% adequately contemplating the associated risks.

HSB's findings highlight that, for super-regional brokers, over three-quarters (76%) of their clients state they have given 'not very much' or 'no' consideration to computer risks. In contrast, national brokers stated that 40% of their customers had given 'quite a bit' of consideration to the potential risk of their business not being covered for their computer equipment.

As employees transport computer equipment between their home and work premises, some businesses may not have considered their insurance policies and the potential risk exposures of remote working over the longer term.

Earlier this year, another HSB survey highlighted that almost half (46%) of employed and self-employed workers have experienced lost or damaged computer equipment as a result of working from home or commuting to and from the office. This suggests that businesses need to consider whether their computer equipment is adequately covered to minimise the costs and impact associated with damaged and lost equipment.

HSB's latest research also shows that brokers are placing a combination of commercial combined, office and standalone computer policies for computer risks. Office policies (62%) and commercial combined policies (61%) are most commonly placed by super-regional and provincial brokers respectively, whereas 60% of national brokers favour computer (standalone) policies to mitigate such risks.

Mat Prentice, Cyber Product Leader at HSB, said: "Our research findings suggest that many businesses are still unaware of the potential risks to computer equipment, particularly when considering insurance". 

He continued: "With hybrid working seemingly here to stay, businesses should reassess whether their existing insurance policy protects their computer equipment. By providing expert advice, insurance brokers can play a vital role in ensuring businesses have the right level of cover for the modern working landscape."

HSB survey sample HSB’s survey was conducted during July 2023 with a sample of 250 respondents as a representative sample of UK nationals, super-regionals and provincial commercial lines brokers. Purposive sampling was used. Please note that we cannot guarantee that the views of the survey sample are the same as the wider population, however they are a representative sample.