13/02/2003

UK companies risk losing £200 million a year due to inadequate laptop insurance

13 February 2003

UK companies risk losing £200 million a year due to inadequate laptop insurance

British businesses are blind to the fact that they currently risk losing more than £200 million in lost or damaged laptops according to the latest figures from Complete Computer Cover (CCC), the UK’s leading specialist laptop insurer.

CCC’s research estimates that 90 per cent of the 5 million laptops in circulation in the UK are not properly insured because they are not covered when they are taken off the business premises – even if it’s for use at home. Other pitfalls include the excess being too high to make it worthwhile for most companies to claim on a policy or accidental damage only being covered if an extra premium is paid.

On average, one in every 30 laptops insured via Complete Computer Cover is subject to a claim – 60 per cent through accidental damage and 40 per cent through theft which means that 67,000 of the UK’s laptops will be stolen and about 100,000 damaged each year.

“Many people assume they’re covered for laptops by their office contents insurance. They don’t realise until it’s too late that once a laptop leaves the office building it’s not covered or that the excess totals more that the laptop itself,” said David Milner, managing director of Complete Computer Cover, which insures 75,000 laptops and PCs every year.

“Specific insurance for laptops is a sensible option for businesses and individuals since many personal laptop owners may well have listed their machine on their contents insurance but little do they know that once they use it for business they are not covered.”

He advises people to check immediately with their current insurer to ensure their policy meets their requirements.
The key questions they need to ask are:

1 Are our laptops covered outside the office?
2 Are our laptops covered outside the UK?
3 Is there an excess on our policy?
4 Is the excess greater than the cost of one laptop?
5 Are our laptops covered for accidental damage?
David Milner added: “I would be extremely surprised if any company gets favourable answers to all five questions. If they do, they’re probably insured with us or one of our partner schemes.”

Based on data from the International Data Corporation

Ends
For further information, please contact Michelle Sammons, Sue Bridgeman or Simon Williams, Band & Brown Communications, tel: 0117 927 2444 or email michelle@bbpr.com

Notes to Editors
Launched in August 1996, Complete Computer Cover was the first company to offer specialist insurance for the material loss and damage of computers, especially laptops. It now has more than 15,000 customers and a turnover in excess of £3 million. Its clients include individuals, SMEs, large corporations and educational establishments (50 universities and more than 2,000 schools).