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As technology advances at an incredible pace, and the way we do business changes as a result, the lines between different types of business insurance may sometimes seem to blur. That’s when having a friendly, knowledgeable insurance broker, like the team at Prizm Solutions to advise you can be really helpful! 

A cyber-attack, for example, isn’t just an IT problem. Cyber-crime can stop production, prevent employees from working, disrupt payments and ultimately cause a significant loss of income. So, understandably, you might assume that Business Interruption Insurance would cover it.  But would it? 

Well, not necessarily…

Traditional Business Interruption Insurance is generally designed to cover loss of income following insured physical damage to your property, for example, after a fire or flood. As many cyber-attacks don’t involve physical damage, a standard policy may not respond, which is where Cyber Insurance becomes particularly important.

Cyber Insurance policies can include business interruption losses resulting from incidents such as ransomware attacks, malicious hacking or other cyber events that prevent you from accessing the systems and data your business relies upon. The consequences of a cyber-attack can quickly become expensive - because when technology stops, your business may stop with it…

It isn’t simply the cost of repairing your IT systems. If your business cannot operate normally for several days, or even weeks, you could lose sales, miss orders and experience significant disruption. There may also be costs associated with investigating the incident, recovering data and obtaining specialist professional support.

Businesses are increasingly reliant on technology today, with cloud-based software and payment systems, automated machinery and connected devices – so it’s important to know that you’re correctly insured. 

If you want to check whether your existing insurance covers Cyber Business Interruption cover and other such incidents, please give us a call. Insurance policies vary considerably, so it’s always best to check with a professional in order to truly understand what is covered. 

At Prizm Solutions, we’re always happy to help.  Our team of experienced and knowledgeable brokers will take time to understand your business so we can properly review the policies you currently have in place.  That way, we can help you identify whether your current cover is sufficient, or if there are any potential gaps in your protection. We can also tell you if you’re over-insured - because there might be a better way of covering your business that saves you money. 

As well as Business Interruption Insurance and Cyber Insurance, Prizm Solutions offers a whole range of other business and personal insurances, including Professional Indemnity Insurance, Loss Recovery Insurance, Personal Accident Insurance and GAP Insurance. 

Just get in touch, we’d love to help.