For generations, businesses across America have relied on insurance coverage to mitigate disasters that may otherwise overcome their profitability. However, as businesses have grown more technologically advanced, the insurance industry has stood staunchly with their feet in cement, carefully phrasing policy language to leave just enough wiggle room to draw out any claims related to the 21st century’s most immediate threat: cyberattacks and downtime of the online systems we rely on.
What is your expectation of coverage?
The current insurance policies are contracts that are not performing as you would expect when you really need them. Despite the warning signs over the last 20+ years, carriers have not adapted to the modern principles that nearly every business adheres to. For businesses that have longed for modern insurance coverage after suffering denials at the hands of an archaic industry, the wait is over. Waters Insurance Network is happy to introduce a modern, simplified parametric coverage with automated real-time monitoring and an automated claims process that doesn’t even require your involvement.
Let Us Explain.
The utilization of cloud computing has created exposure for loss of income during downtime of the services that you use. A great example of this is the recent Microsoft Azure outage that happened in April 2021. Microsoft has revealed the root cause of the outage, which lasted about an hour, was due to a surge in Domain Name System (DNS) requests coupled with a code defect. With Azure down, your services were rendered useless. How much money did you lose as a result of that downtime?
In the United States, roughly 90% of businesses rely on these cloud-based services, leaving their revenue stream exposed to these crashes. That is a significant problem for the economy.
Cyber Threats Are Not The Only Threats That Require Downtime Coverage
The concern over systemic issues and code issues are obvious, but there are other perils that can cause significant downtime in a cloud-dependent business. The most recent Texas freeze caused regional outages for extended periods of time. These are not going to be uncommon given the frail nature of the aging infrastructure. It’s time we think outside the box when it comes to the 21st-century exposures that your insurance carrier has never contemplated. Parametrix Insurance provides a modern solution that would have covered your cloud downtime due to power degradation.
How Parametrix Insurance Downtime Coverage Can Help
Current insurance contracts do not allow for downtime coverage due to cloud outages – they’re simply not advanced enough to sustain such coverage. With Parametrix, the process is easy.
We monitor – in real-time – cloud services like Amazon Web Services, Microsoft Azure, and Google. If downtime occurs and extends to the pre-agreed upon time frame in your parametric policy, a payout is triggered. No paperwork. No phone calls chasing down someone to help. Just restitution. And what payment will be coming your way? That is pre-determined in your policy based on your revenue and coverage selection.
That is to say, everything you need to recover lost revenue from a downtime event is pre-agreed upon and automatically pushed out after a triggering event.
So What Do I Do Now?
When you have a loss due to cloud downtime and you get that call from the senior executives telling you to get us back online. What rolls through your head in that moment? It’s not always an option to flip a switch and turn everything back on, especially when the cloud systems you rely on are what is causing the outage.
If you can’t flip the switch and make it work again right away, wouldn’t it be nice to at least recover the lost revenue through a downtime coverage policy? Now you can. It’s easy. Visit our Parametrix Insurance Coverage page to learn more, or start the free quoting process right now.
When it comes to your business, your systems, and your revenue – there has got to be a better method of coverage. Well, there is. Waters Insurance Network’s Parametrix Insurance downtime coverage. Get the money you need to get your job done when you need it most, without all the hassle of a traditional claims process.