ERIE, Pa., June 27, 2016 /PRNewswire/ -- More and more small
and mid-sized businesses are using cloud computing, with the
percentage expected to more than double from 37 percent today to 80
percent within the next six years.* Cloud computing
helps companies save money by enabling them to store their
electronic assets in data centers or warehouses and essentially
"rent" access to them, paying only for the IT assets they use. But
with those rewards come new risks, including service interruption
and data loss. But Erie Insurance business customers can rest
easier thanks to new cloud computing coverage that's been added to
its Equipment Breakdown coverage.
![Erie Insurance. Erie Insurance.](http://photos.prnewswire.com/prnvar/20041112/ERIELOGO)
The cloud computing coverage is part of TechAdvantage™, now
automatically included on ERIE's
business insurance policies**. TechAdvantage also is the
first coverage to pay for failure of microelectronics when physical
damage cannot be detected. The coverage can pay for equipment
losses when tiny electronic circuitry, such as that found on the
circuit boards and computer chips embedded in many of today's
products, stops working for no apparent reason.
Risks of cloud computing
"The two biggest risks of cloud computing are service
interruption and data loss," said Christine
Lucas, vice president and commercial multi-peril product
manager, Erie Insurance. "After all, the cloud isn't literally in
the sky. It's in physical buildings that can suffer power outages
and equipment breakdowns."
In fact, a survey by Hartford Steam Boiler and the Ponemon
Institute found nearly half of business cloud users (48 percent)
have experienced a service interruption, and 56 percent said at
least one of those interruptions prevented their company from
functioning.
Some of the biggest cloud service providers are household
names like Amazon, Microsoft, IBM and Google, but there are
thousands of other smaller cloud data centers and providers and
many lack adequate protections against outages. In addition,
data centers can be prime targets for hackers.
The new coverage protects ERIE
customers from such risks by providing:
- Data research, repair and restoration services;
- Coverage for direct property loss for the cost to repair or
replace covered equipment that is damaged;
- Coverage for lost business income and extra expenses when a
customer's cloud service provider experiences an outage or
equipment breakdown for covered reasons; and
- Because outages and data breaches can damage a company's
reputation, public relations coverage that pays up to $5,000 for a professional services firm to assist
in communicating with clients, the public and the media.
*Source: Survey conducted by Hartford Steam Boiler and the
Ponemon Institute.
**Coverage and associated services provided under an arrangement
with The Hartford Steam Boiler Inspection and Insurance Company.
Coverage included as part of Ultrapack Plus and Flex policies. Erie
Insurance Exchange, Erie Insurance Co., Erie Insurance Property
& Casualty Co., Flagship City Insurance Co. and Erie Family
Life Insurance Co. (Erie, PA) or
Erie Insurance Co. of New York
(Rochester, NY). Go to
erieinsurance.com for company licensure and product details.
Tweetable Highlights
- Small businesses can get their heads out of the cloud with new
coverage from @erie_insurance Share
- .@erie_insurance now includes cloud computing coverage in
business insurance policies Share
- .@erie_insurance introduces coverage to protect small
businesses against cloud computing and microtechnology risks
Share
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 10th
largest homeowners insurer and 12th largest automobile insurer in
the United States based on direct
premiums written and the 15th largest property/casualty insurer in
the United States based on total
lines net premium written. The Group, rated A+ (Superior) by A.M.
Best Company, has more than 5 million policies in force and
operates in 12 states and the District of
Columbia. Erie Insurance Group is a FORTUNE 500 company, a
Barron's 500 company and has been recognized by Forbes as one of
America's 50 Most Trustworthy Financial Companies.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
(ERIE-G)
Logo - http://photos.prnewswire.com/prnh/20041112/ERIELOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/erie-insurance-introduces-new-coverage-to-protect-small-businesses-against-cloud-computing-risks-300288599.html
SOURCE Erie Insurance