Small and midsized businesses long have relied on traditional equipment breakdown insurance to protect things such as boilers, heating systems or refrigeration units against sudden and accidental physical damage that required equipment to be replaced. However, the more modern equipment risks of today contain sensitive and fragile technology that can be easily damaged, along with expanding system complexity and interdependency, which can increase the likelihood of a breakdown.
"Any equipment breakdown insurance can cover the traditional equipment risks," said
The company has expanded its robust traditional equipment breakdown protection to include the following coverages, making The Hanover one of the first carriers to bring these new offerings to market:
- Microelectronics: Covers breakdowns that require microelectronics to be replaced, whether or not physical damage is visible
- Cloud computing service interruption: Adds cloud computing services to service interruption coverage
- Service interruption data restoration: Covers cost for data restoration when data is lost due to a covered service interruption
- Off premises business income, extra expense and data restoration: Extends payment for off-premises equipment breakdown to include business income, extra expense and data restoration, in addition to physical damage
The company has also added coverage for public relations assistance to help manage a reputation that may be damaged by an interruption of business.
In addition to the new enhancements, the company partners with Hartford Steam Boiler (HSB) to provide jurisdictional inspections of boilers and pressure vessels as a value-add service for customers. Since inspections are required by many state and local governments, this built-in benefit saves clients from the added cost of local fees in many jurisdictions. The company also partners with HSB to offer infrared technology surveys to help customers detect problems in their electrical equipment.
These enhancements are already available for The Hanover's agent partners on business owner's policies and will be included on commercial package property and monoline property policies with effective dates on or after
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