Is Your Mobile Equipment Covered?

Welcome to the world of high-tech insurance coverage, where the options and alternatives for insuring mobile applications can seem as perplexing as time and space.  Part of the problem is technology itself. Like most rapidly evolving areas, in technology there tends to be a lag time between the popular adoption of a product and the legal or contractual laws surrounding the application.

The first step is to understand how to purchase the right policy for your mobile equipment needs. Use the following checklist when speaking with your agent to obtain the coverage required to keep your equipment and data safe and secure:

1. Make a List of All Mobile Equipment to Be Covered: Cell phones, laptops and other mobile electronic devices are common parts of day-to-day business. Many are used for both personal and business communications, making it critical to insure the actual item as well as the data contained in the device. As the complexity of each device expands, be sure to update the policies and procedures employees are to follow.

2. Ask Your Agent About Portable Possessions Coverage: Many self-employed small-business owners or contractors may find portable possession coverage to be a cost-effective rider for their homeowner or automobile policy. Just keep in mind that it will not cover the cost of reproducing or salvaging the content or liability associated with the data on the device.

3. Expand Liability Coverage if Data is a Concern: One quick and easy way to avoid lost data is to use off-site or online storage to backup files. However, lost data isn’t the only concern. Liability for sensitive data, client lists and other important information is essential.