Insurance May Cover Your Recovery Fees
There is a shift taking place in the insurance industry for both home-owners and renters insurance policy holders where they will often cover the cost to recover data. It may be covered under ‘loss of intellectual property’ or ‘loss of important papers and documents’. Of course it can be a great option but a high deductible may be a deterrent. It’s certainly worth looking into as more frequently we are seeing that coverage is being provided. DriveSavers recently did a recovery for a student who has lost his thesis and his recovery was covered completely by his renters insurance policy.
Generally, for businesses, they are covered under the ‘business continuity’ or ‘business interruption’ clause in their policies. Most businesses do have coverage for such events as they cannot move forward with the data being business critical. Additionally, fees incurred for data recovery services can be written off as a business expense at tax time. Customers should, of course, check with their accountants on this.
We need to thank DriveSavers for this valuable piece of information.