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Best cyber insurance for small businesses
A tech startup, a consultant, and a retail store have different needs when it comes to cyber insurance, and might look to different insurance companies for support. Find the best insurance carrier for your profession, your budget, and your geographical area.
What are some of the top companies selling cyber insurance in 2024?
With its increasing importance, there's no shortage of companies selling cyber insurance, also called cyber liability insurance or cybersecurity insurance. This policy protects your small business from financial losses caused by a cyberattack or data breach.
The hard part is finding the right coverage. Most companies need only first-party cyber insurance, which covers the cost of data breaches at your own business. However, tech companies often need third-party coverage as well. Third-party cyber insurance covers costs when a client holds your business responsible for a cybersecurity incident.
Many cyber policies include business interruption coverage as well. This coverage pays for temporary closures due to a related cyber claim, instead of a property claim like standard business interruption insurance. For example, it'll cover lost income from system downtime caused by a cyberattack.
Insureon works with 40+ providers to find the best insurance solutions for your small business. We've helped over 400,000 small businesses get protected with more than 1.5 million policies.
When you compare quotes with our application, we do the work for you by navigating the cyber insurance market. The most important factors are:
- Best-rated companies, in terms of financial strength and ratings
- Best carriers for your industry
- Best carriers for your business's location
All of our insurance partners are rated excellent or superior by AM Best [PDF]. Some providers specialize in cyber insurance for certain industries, and others operate only in limited areas.
Best-rated cyber liability insurance companies
When buying a cyber policy with Insureon, you'll get quotes from some of the biggest names in the insurance industry.
Based on financial strength and overall rating, our top carriers for cyber insurance include:
Philadelphia Insurance Companies (PHLY): Rated A++ by AM Best. Located in Bala Cynwyd, PA. Specializes in property and casualty, management and professional liability insurance.
Chubb: Rated A++. Teams located in Simsbury, CT, Charlotte, NC, and Phoenix, AZ. Specializes in property and casualty insurance, business owner's policy (BOP).
Coalition Insurance Company (CIC): Rated A-. Based in San Francisco, CA. Specializes in cyber insurance and digital risk management.
Swiss Re Corporate Solutions: Rated A+. Headquartered in Zurich, Switzerland. Specializes in reinsurance and global commercial insurance.
Hiscox: Rated A. Located in Chicago, IL. Specializes in general liability, professional liability, business owner’s policy, cybersecurity insurance.
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Best cyber insurance companies by industry
Small businesses have unique cyber risks, which is why you might want an insurance provider that specializes in your profession. An insurer that's familiar with the cyber threats faced by your type of business can help make sure you're fully protected.
Here are the cyber insurance providers we recommend for our top industries.
IT / technology
Cyber insurance is doubly important for tech professionals, especially those who are responsible for cybersecurity at other businesses. Because of the risk of data breach lawsuits, technology errors and omissions insurance, or tech E&O, is recommended over a standalone cyber insurance policy.
Tech E&O bundles cyber insurance with E&O insurance to protect you against claims that your software recommendation, coding error, or IT advice led to a data breach or cyberattack at a client's business.
Software developers, IT consultants, and others often rely on Swiss Re Corporate Solutions, Chubb, and Coalition for their tech E&O coverage. Coalition in particular focuses on risk mitigation, with a goal of preventing data breaches before they occur.
Healthcare professionals
Healthcare professionals need an insurance provider who understands the unique risks of the Health Insurance Portability and Accountability Act (HIPAA) and the potential exposure of protected health information (PHI).
Swiss Re Corporate Solutions offers cyber policies for doctors, physical therapists, and others looking for protection against costly ransomware attacks and cyber incidents that expose patient information. Your policy can help you recover PHI, notify individuals who were affected by a data breach, and investigate the cause of an incident.
Therapy and counseling
As with other medical professionals, therapists and counselors handle sensitive patient information that could lead to tremendous reputational harm and financial losses in the event of a data security breach.
Mental health counselors and others often look to Swiss Re Corporate Solutions for their cyber coverage. The right policy will offer protection against a wide range of cyber events, and help with HIPAA fines, public relations, crisis management, and data recovery efforts.
Finance and accounting
Financial advisors and accountants often depend on Swiss Re Corporate Solutions or Chubb for cyber insurance. This coverage is crucial in this industry, as you likely store bank account numbers and other sensitive financial data that is a magnet for phishing and other types of cybercrime.
This policy helps pay for data recovery costs, including cyber extortion demands if a hacker holds your data hostage. It also covers the cost of notifying affected clients and supplying them with credit monitoring services after a data breach.
Consulting
Consultants and consulting firms often depend on Swiss Re Corporate Solutions for their cyber insurance coverage.
This policy can help with everything from notifying affected clients to an incident response, including the cost of a PR campaign. It can also help pay for the removal of malware from your firm’s system and patching vulnerabilities after a breach.
Top professions that need cyber insurance
Don't see your profession? Don't worry. We insure most businesses.
Best cyber insurance carriers by state
Some insurance carriers are national and others are regional, which means they might not offer small business insurance in your state. Here are the most popular providers of cyber insurance in our top five states, based on the number of policies sold.
| #1 | #2 | #3 | |
|---|---|---|---|
PHLY | Swiss Re Corporate Solutions | Coalition | |
PHLY | Coalition | Swiss Re Corporate Solutions | |
PHLY | Swiss Re Corporate Solutions | Chubb | |
PHLY | Swiss Re Corporate Solutions | Coalition | |
PHLY | Swiss Re Corporate Solutions | Hiscox |
How much does cyber insurance cost?
Cyber insurance premiums for Insureon customers are $145 per month on average. The cost of cyber insurance depends on several factors:
- Your profession
- Amount of sensitive data
- Number of employees
- Policy limits and deductible
- Claims history
All of these factors help determine how much cyber liability insurance your small business needs.
Other important policies for small businesses that purchase cyber insurance
Cyber insurance provides crucial protection against cybercrime and accidental data breaches, but it's not the only type of business insurance coverage you need. To protect against other risks, small business owners often buy the following insurance products:
General liability insurance: This is typically the first policy purchased by a small business. It covers legal costs from accidents that injure a customer or damage their property.
Business owner's policy: A BOP combines general liability coverage with commercial property insurance in a cost-saving package. It provides coverage in the event of a customer accident or business property damage.
Workers’ compensation insurance: Workers' comp covers medical expenses when an employee is injured on the job. Most states require this coverage for businesses that have employees.
Professional liability insurance: This policy helps pay for legal costs if a customer sues your business for a mistake or negligence, and it's recommended for any business that offers professional services or advice. You may also see it called errors and omissions insurance, and it's often bundled with cyber insurance.
Commercial auto insurance: Businesses that own a vehicle are typically required to carry this coverage. It helps pay for legal costs and medical bills if your business vehicle is involved in an accident.
Commercial umbrella insurance: When a general liability, commercial auto, or employer's liability insurance policy reaches its limit, umbrella insurance provides the policyholder with additional coverage. It's often used to increase general liability limits to those required by a contract.
How do I find the right cyber insurance?
It's easy to get cyber insurance with Insureon. Fill out our easy online application to receive quotes from trusted providers. Our expert insurance agents are available to help answer any questions and help you find the best small business insurance for your needs. Most businesses can get same-day coverage and easily download a certificate of insurance as proof of coverage right away.
Updated: March 1, 2024
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