Cyber insurance companies ensure you won’t have to spend thousands on data breaches and business downtime. Here, we look at the 20 best carriers in 2022.
20 Best Cyber Insurance Companies
Cyber insurance companies protect your business against data breaches, employee errors, and computer fraud. This makes it a must for financial service providers storing large amounts of sensitive customer data.
But which cyber insurance carrier is right for your business?
In this post, we’ll go through the 20 best cyber insurance companies while looking at factors you should consider before signing up for a policy.
1. AXA XL
AXA XL currently controls over 10% of the cyber security insurance market. It’s so popular among financial businesses because the extensive suite of first- and third-party coverage protects you from:
Cyber extortion and ransomware
Business interruption expenses
It even has experts with decades of experience who will come to your aid in the event of security issues.
2. AmTrust Financial
AmTrust Financial has no application process for limits under $100,000, and the policy includes website media content liability.
Established in 1998, AmTrust sells business owner policies, worker compensation, specialty programs, and state disability, making it popular among US-based financial firms.
Here’s what your AmTrust policy covers:
Discretionary notice coverage
Real-time customer notifications
Legal and forensic services
This gives you peace of mind knowing that regardless of what happens, your business is covered.
AM Best and Standard & Poor’s recently gave Hiscox A ratings, meaning its financial strength and ability to pay policyholders is among the best. The Hiscox policy covers:
Social engineering fraud
You can also manage, upgrade, or downgrade your policy from the mobile app, which is convenient.
Travelers is a handy option for smaller businesses because you access cybersecurity experts at zero extra cost, boosting the security of your website or app. Symantec will also provide training that prepares you for worst-case scenarios.
Your Travelers cyber insurance policy covers:
Defense against customers
Forensic and consultant fees
Customer data breach alerts
Credit and debit card monitoring services
So if customers suffer losses caused by data breaches, Travelers ensures you won’t have to pay settlement costs.
With an A++ rating from AM Best, Chubb has offered financial liability insurance since 1998. But what stands out about Chubb is the customizable plans. You can tweak almost anything about your policy to suit your business needs.
The highly qualified brokers and agents can help if you’re struggling to build a personalized policy. This is what Chubb covers:
Business interruption loss
Data loss and restoration
Network security failures and attacks
Chubb also has a financial insurance solution called Integrity+, which protects you against E&O claims.
If you deal with sensitive client information, HSB cyber insurance is perfect. The company offers policies designed to protect financial firms handling sensitive information.
A typical HSB cyber insurance policy covers:
Immediate data breach response
Electronic media liability
You can also use the HSB eRisk Hub, a collection of training modules, self-assessments, industry best practices, and risk management tools to lower the likelihood of cyber attacks and E&O lawsuits.
Another option for small businesses on a budget is Progressive. They have customizable plans that you can tailor to your company size, even if you’re only collecting data from a handful of customers or employees.
But what sets Progressive apart from other carriers is that they cover physical and property damages resulting from cyber attacks. So if hackers entered your system and damaged your computer beyond repair, Progressive will fix or replace it.
The good news is that if you’re already using Progressive for business or general liability coverage, you can add cyber insurance coverage. You won’t have to sign up with a new company.
If you’re looking for a cyber carrier that has convenient add-ons, consider biBERK cyber insurance.
Although it isn’t as affordable as other carriers, the convenience that biBERK provides is worth it for some business owners. You can add general liability, professional liability, property insurance, and other policies.
This has long-term benefits since you’re building a relationship with biBERK and receiving a more personalized experience. Your consultant helps you tailor policies around your business needs. And if a cyber attack occurs, you’ll have trusted professionals at your side taking care of everything.
9. The Doctors Company
If you’re collecting data from doctors, patients, or anyone involved in the medical industry, you’ll want a carrier specializing in cyber medical insurance. This is where the Doctors Company can help.
The Doctors Company is an insurance carrier specializing in medical malpractice in the United States.
They currently manage $6.5 billion in assets with 84,000 members, making them a popular option among businesses worldwide. They have an S&P credit rating of “A,” meaning they are financially strong and will pay out for damages.
To sign up, head to the Doctors Company website and either request a quote or call them to speak with an agent.
With some of the best financial strength ratings, Arch is an insurance carrier currently managing over $15 billion in assets.
Arch hires the best cyber security professionals to create top-level network security and minimize the chances of data breaches.
If a hacker still manages to access your systems, the team of forensic investigators will find the weakness, regain access, and prevent the hacker from entering your files again. In the worst-case scenario where hackers walk away with client information, use E&O insurance to protect yourself from client losses.
So regardless of whether you manage a company on the stock market or you’re a mom-and-pop shop owner, you can be sure that Arch will protect you against cyber attacks.
11. Sompo International
Sompo International offers first- and third-party cyber liability coverage, so you can customize policies to cover yourself and multiple third parties.
Although Sompo International doesn’t specialize in cyber security, they have cyber insurance policies that are easy to sign up for and customize. All you have to do is visit their website and request a quote or callback.
Sompo International covers various cyber threats like:
Digital asset loss
Privacy breach costs
Business income loss
Costs of regulatory proceedings
Unlike some carriers, Sompo International pays out regardless of your location. This is valuable when managing a remote team. If one of your remote employees falls victim to digital asset loss, Sompo will still pay out.
AIG started selling cyber insurance in 2014 as many clients moved their businesses online. Their cyber insurance policy protects you against:
Sensitive data breaches
Corporate data risks
You could also upgrade to the CyberEdge PC policy as it has additional coverage:
Bodily property damage
Like the Progressive policy, AIG will repair company computers if they’re damaged in cyber attacks. This is helpful because it’s expensive to repair corrupt systems and restore information without property damage coverage.
13. Liberty Mutual
Liberty Mutual gives out quotes on its website within seconds, simplifying the signup process. And if something unfortunate happens like a data breach or employee error, Liberty Mutual will:
Notify your customers about the data breach
Comply with regulatory proceedings
Pay cyber extortion ransoms
They will also file lawsuits if other companies steal or copy your intellectual property. This is perfect if you’re building financial software since the market is so competitive. This protection ensures others aren’t duplicating your code.
But there are also extra coverage features you can add to your cyber insurance policy like:
System and dependant failure
This makes customizing your insurance policy around your business needs easy.
Sontiq does more than just cyber insurance. They specialize in cyber security and theft protection. After years of providing the best customer experience, they’ve won awards like:
2021 Stevie International Business Awards
2022 A Secure Life Award
2020 People’s Choice Stevie Award
Sontiq has several packages for individuals and businesses. Some of the most popular are:
Small business cyber coverage
Mobile defense and security
Data breach response
These unique cyber security features bulletproof your business against potential threats.
But if you’re looking for an insurance carrier that conducts everything online, opt for CoverWallet. It’s convenient because you won’t have to meet with consultants in person. Simply go to the CoverWallet website, sign up for a quote, and you’ll receive one within minutes.
The virtual consultants offer free tips on what to look for, given your industry and business needs. This helps tailor your insurance policy to cover various issues at a lower cost.
But what’s unique about CoverWallet is that you can also manage your policies on your desktop or mobile app. You can get new quotes when your business is changing and send proof of insurance to anyone who needs it.
This removes the hassle of having to phone your carrier or walk into the nearest branch.
16. Cybersafe Solutions
What stands out about Cybersafe Solutions is that they help you prepare for future attacks, which is something that most carriers don’t do.
The team of experienced engineers will study previous hacks and locate any vulnerabilities you may have.
Cybersafe Solutions is perfect for financial firms since they are used to working with terabytes of data.
So instead of only protecting yourself from liability, you can prevent issues from occurring in the first place.
If you’re a larger organization looking for higher liability limits and aren’t worried about paying more monthly, your best choice is AXIS. They specialize in addressing cyber crises and data restoration, giving you the best chance of handling breaches efficiently.
AXIS provides a free cyber risk score on its website. This score might be a little high since they’re trying to get you to sign up for their services, but the feedback is still valuable. You’ll learn where your weaknesses are, and AXIS links to articles that’ll allow you to boost security.
18. Tokio Marine America
Tokio Marine offers a variety of specialty insurance products and services like:
But their most popular policy is TM Cyber 365. It’s designed to help you pay for financial and data losses caused by cyber attacks. The flexible coverage selection lets you tailor the total sum insured to meet your monthly budget.
This TM Cyber 365 insurance policy covers everything from cyber extortion to restoration costs and income loss.
19. Zurich American Insurance
Zurich American Insurance recently added business income loss to all cyber insurance policies, making them another good carrier for financial firms. Here are some other coverages and benefits included:
Digital asset replacement
Cyber extortion threats
They also cover internet media liability and employee mistakes, so you won’t have to pay for client losses and expenses.
Zurich American Insurance employs a team of engineers to find weaknesses in your setup controls, analyze core business processors, and manage cyber security metrics. If you already employ a cyber security team, consider using the security team training to take their expertise to the next level.
Coalition specializes in cyber security and combines state-of-the-art security teams and insurance to protect you from all threats.
You can sign up on the Coalition website and customize your plan based on what you want to cover. You could also talk to a consultant to determine which policy is best for you.
Coalition uses three digital risk approaches in their policies:
Active risk assessment
The active risk assessment gives you a real-time view of new technologies and cyber expertise. Your security team will know if hackers have developed new ways of breaching computers, so they can prepare.
Active protection provides a tailored monitoring and alerting system that detects risks before they escalate, while active response ensures that professionals respond to breaches within minutes, even if it’s after work hours.
Here are some factors to consider when shopping for cyber insurance providers:
Your risk tolerance
Your risk tolerance
Risk tolerance is the first thing to consider when shopping for an insurance carrier. This means looking at all your business systems and deciding what you want to protect at all costs. You could also categorize systems that aren’t essential but nice to have protected, and ignore anything that won’t affect business processes.
You want to ask many questions about what’s included and what isn’t since all businesses don’t have the same definition of cybersecurity insurance.
Cybersecurity insurance has a monthly payment and deductible that you must meet every month. So once you’ve analyzed your risk tolerance, compare the cost of coverage per year to the amount you’ll have to pay in case of a breach. Will the policy settle enough of the costs that you won’t have to spend much out of pocket?
You’re risking your entire company on your insurance carrier’s ability to settle costs. This makes insurance ratings a critical part of choosing an insurance company because a good rating means they’re financially stable and able to pay claims.
AM Best and Standard and Poor’s rate many insurance carriers and will give you an idea of the strongest providers.
How much does cyber insurance cost?
A recent AdvisorSmith Solution study found that cyber insurance costs $1,500 per year for a $1 million dollar policy. However, this is an average figure, and depending on your industry and business size, you can pay far less or more.
Cyber insurance simplified with Worth
Cyber insurance is a necessary part of protecting your financial business since you won’t have to spend money on forensics, customer losses, and business downtime.
Getting cyber insurance doesn’t have to be a long, drawn-out process. With Worth Insurance, you can find the best offers within minutes. So if you’re considering cyber security, request a free Worth Insurance quote today.