Computer insurance is a form of insurance policy designed to protect computers from loss, theft, or damage. While a computer is likely not the most expensive piece of property a person might own, it is perhaps one of the most important. Computers are increasingly relied upon for many facets of communication and data storage. Losing a computer can cause significant headaches, some of which an insurance plan may be able to alleviate.
There are many types of computer insurance, from basic warranty extensions to full coverage plans, and most can be tailored to an individual’s specific needs.
While not always marketed as insurance, warranty extension policies are one of the most frequently purchased computer insurance plans. Most of the time, computer manufacturers sell laptops, desktops, and other computer hardware subject to a limited warranty. Warranties are designed to protect the purchaser from bearing the repair or replacement cost of defective goods. A typical warranty period is anywhere from 30 days to one calendar year, but manufacturers frequently offer warranty extension programs to new computer buyers. For a small fee, purchasers can continue to protect against the risk of malfunction or defect for upwards of several years.
The majority of warranty programs do not cover accidental, or user-inflicted, damage. A warranty might replace a keyboard that cracked due to poor workmanship, for instance, but will typically not replace one that has had coffee spilled in it. In order to insure against external damage or loss, a computer owner often needs a separate insurance policy.
In some instances, homeowner’s or renter’s insurance may cover certain damage or loss to a computer owned by the policyholder. Theft is almost always covered, provided the computer was stolen from the insured house or apartment. Computers damaged by flooding, fire, or power surge on the property often are, as well. As computers grow increasingly mobile and portable, however, the chances of loss or damage within the home diminish. Insurance policies can often be adapted to cover loss or damage away from home, but this coverage may not be automatically included.
The only thing that many computer insurance providers do not offer is data insurance. While the files, photos, and documents stored on a hard drive can be some of the most important things to the computer owner, putting a price on data can be hard to do. Most data, too, is impossible or near-impossible to replace. Some policies may provide the cost of labor to rebuild corporate data sets or other important figures, but it is usually in a computer owner’s best interest to regularly back up data so that damage or loss to the hardware does not compromise the internal contents.
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Companies that provide computer insurance in Hong Kong often have it as additional coverage to a Home Insurance policy or an Office Insurance policy. For portable consumer electronics, such as laptops, tablets and phones, the most comprehensive cover will come with an Executive Home plan like HomeExec. Under the HomeExec, you typically insure such items at their original purchase price.
If you were to lose or have such an item stolen, you would then simply claim the sum insured and there would be no reduction for depreciation.
The monthly paid, AXA Captain's Home Plan and New Settlers Plans uniquely offer up to HKD50,000 in office business equipment in the home and HKD25,000 in such equipment carried away from the home.
In the office computer market, portable electronics, used for business, can be separately insured.
The MSIG Office policy offers protection against any mechanical or electrical breakdown in fixed computer systems.
Zurich, however, have a policy that offers protection exclusively to Laptop computers for students.
AIG will cover computers as an extra benefit in their Premium Home Plus Policy.
Blue Cross covers up to a maximum of HKD10,000 per item within its BuisnessSafe Insurance Policy.
The Axa policy covers portable computers such as laptops, even carried away from the office… at no extra cost! See their personal valuables section.
MSIG Office Insurance is a comprehensive insurance policy specifically designed for companies in Hong Kong, particularly suitable for SMEs. It offers the greatest flexibility while ensuring the most vital insurance covers in an all-in-one policy.
MSIG Office Insurance highlighted Features regarding computer cover:
- Protection against any mechanical or elctrical breakdowns of fixed computers, systems and data
- Office notebooks are optionally covered across borders
Zurich's Laptop All Risks Insurance Plan aims to provide cover for students regarding accidental loss or damage to their laptop that is purchased for academic purposes only.
In the event of the accidental loss of or damage to the insured laptop in Hong Kong, you will be indemnified for the cost of replacement or repair of the insured laptop, this is subject to the amount of the sum insured and the first HKD1,500 of each and every loss shall be borne by the insured.
Affordable premium subject to the price range of the laptop, all applicants must apply for the plan within three months from the date of purchase of the laptop. This plan is subject to yearly renewal automatically up to a maximum period of 5 years.
On average a laptop purchased at HKD5,000 to HKD8,000 would cost about HKD500 annual premium. If the laptop costs less than HKD5,000 or over HKD20,000, the enrollment will be subject to separate underwriting consideration. Please do not hesitate to contact us for more information and clarification.
Premium will not increase according to individual claims experience. However, Zurich Insurance Company Ltd (Zurich General Insurance HK) reserves the right to revise or adjust the premium table according to its applicable premium rate at the time of the premium due date by giving 30 days’ written notice to the insured person.
AIG Premium Home Plus Policy provides comprehensive cover for your household contents, residential units and legal liability. Free extra benefits, including Accidental Damage of Mobile Phone, Loss of or Damage to Notebook/Tablet Computer, Personal Document & Wine, Unauthorized Use of Credit Card/Cash Card, Replacement of Locks and Keys, Personal Accident and etc.
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