Digital risk insurance provider, Safe-online, has launched a new product to help small to medium enterprises (SMEs) protect themselves against the costs of data loss or damage.

The new product, SafeData, covers companies against the costs involved in retrieving, restoring or re-entering electronic information held on computer systems and websites.

Possible risks include employee error or sabotage, unauthorised access (such as hacking) and computer viruses.

Safeonline said more and more companies were beginning to realise the need to protect their “information assets”,

the critical information that businesses store electronically to stay running smoothly.

Such information would include customer databases or financial data.

The policy, underwritten by ACE Underwriting Services for ACE Global Markets, offers cover ranging between £15,000 and £50,000. It will be distributed through Safeonline's network of UK brokers.