Hybrid working can increase productivity and help retain staff, as doing away with the commute often provides a better work/life balance. But it can have downsides too. Research conducted by HSB (UK and Ireland) has revealed that hybrid working practices are posing increased risks to businesses in relation to computer insurance. HSB’s survey of employed or self-employed workers highlights that 46% have lost or damaged IT work equipment, with laptops and mobiles accounting for 64% of items, followed by computer accessories and desktop computers.
Typical causes include wear and tear, physical damage from trips or falls, spillages and theft. Over half (54%) of those who admitted losing or damaging their work equipment experienced this whilst commuting. For insurance brands there is a wider issue of losing customer data, which might have been stored on the device.
Supply chain issues pose new challenges for businesses
In the past it was relatively easy to replace a damaged or stolen laptop, but things have changed. Worldwide computer chip shortages have impacted the availability of computer equipment and parts; causing delays for repairs and replacements. HSB’s survey respondents indicated that 55% of computer equipment issues were resolved within a week, while it took 1-2 weeks for 26%. However, almost 1 in 5 respondents encountered delays of up to 4 weeks to repair or replace their equipment.
A lack of clarity around policy coverage
HSB’s research also suggests some confusion and misconceptions about computer insurance cover which could leave some businesses exposed if they are not adequately covered. Despite 54% reporting that their business insurance policy covers work equipment used at home, 13% specified that it doesn’t, while one third of respondents admitted they were unsure.
Commenting on the survey’s findings, Mat Prentice, Cyber Product Leader at HSB, said: “The popularity of modern working trends must be balanced with understanding the potential risks of businesses not being covered for their computer equipment. With the value of IT equipment having risen sharply over the past two years, some businesses could be underinsured if the sum on their policy doesn’t cover the cost of replacing or repairing computer-related assets.”
He continued: “To reduce risk, it’s vital that they review what their exposure is, and check they have adequate insurance cover for repairs and replacements to their computer equipment.”
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