• Rakhi Kundu

The 5 Best Cyber Insurance Companies of 2022

AmTrust Financial


As a major business insurance Amtrust Financial is our overall best liability insurer. There is no extensive application process for limits under $100,000, and its covered website and offline media content and payment card industry (PCI) fines.




Pros

  • Limits as low as $50,000 are available

  • Includes website media content liability

  • No application process for limits of $100,000 or below

Cons

  • Only available with a business owner’s policy or workers’ compensation package

  • Maximum limit of $1 million

  • Must contact agent for a quote


BEST FOR HEALTHCARE PROFESSIONALS The Doctors Company



Because healthcare professionals deal with more risks and regulations, our choice for the best cyber insurance company for this industry is The Doctors Company. Its CyberGuard Plus option offers up to $5 million in cyber liability insurance with comprehensive coverage.


Pros

  • Limits up to $5 million

  • Includes cyber extortion and website media content liability coverage

  • Other insurance options available for your business

Cons

  • Must already have a medical liability policy

  • Online quotes are not available


BEST FOR LAW FIRMS - The Hartford Steam Boiler Inspection and Insurance Company


Law firms often deal with sensitive information and can be a target for cyber extortion attempts. That’s why we chose The Hartford Steam Boiler Inspection and Insurance Company (HSB) as the best cyber liability insurer for law firms. It has a stellar reputation as a company and a range of limits to choose from.


Pros

  • Coverage for cyber extortion and misdirected payments

  • Limits as low as $50,000

  • Access to risk management tools and training modules


Cons

  • $1 million limit maximum

  • Must contact an agent for package information and quotes


BEST FOR NONPROFITS - CyberPolicy


Nonprofit organizations are always on a tight budget, so we selected CyberPolicy as the best insurer for this category. As an insurance agency rather than a direct insurer, CyberPolicy allows you to get multiple quotes for cyber insurance, and coverage can begin within 24 hours.


Pros

  • You can get an instant quote online.

  • Coverage can begin within 24 hours.

  • You can purchase a standalone policy or insurance package.

Cons

  • It is not a direct insurance provider.

  • Experience may differ depending on the insurer.


BEST FOR RETAILERS - Travelers

Travelers is our choice as the best insurer for retailers because it has an “A++” rating from AM Best and has coverage options for merchants of all sizes.11 It also gives businesses access to cybersecurity experts at no extra cost, and you can get training and services from security software company Symantec.


Pros

  • Coverage available for companies of all sizes

  • Access to cybersecurity expert coaches at no extra cost

  • Training and services provided by Symantec

Cons

  • Must work with an agent to get coverage

  • Only available with a business owner’s policy

  • Limited coverage


What Is Cyber Insurance?

Almost all small businesses communicate with vendors and customers electronically now. You likely use email, accept electronic payments, and store customer information. If so, you are at risk of getting hacked or being impacted by a virus. If that happens, your computer system could be affected, but your customers and employees could be at risk, too


A cyber insurance policy generally covers the following:

  • Legal services to meet state and federal regulations

  • Notification expenses to alert customers that their information was compromised

  • Lost income from network outages

  • Lawsuits related to employee or customer privacy

  • Regulatory fines from state or federal agencies


1,941 views0 comments

Recent Posts

See All