Top Cyber Security Insurance Companies For 2024

Due to the prevalence of cyberattacks, ransomware, and data breaches, as well as the growing reliance of businesses on digital systems, cyber security insurance has emerged as crucial protection for modern businesses. Credit card details, client names and addresses, and even Social Security numbers are private information managed by many businesses today. Expensive court cases, data restoration costs, and regulatory fines await a company that falls victim to a cyberattack.
This manual aims to provide you with a comprehensive overview of the various cyber insurance companies so that you can select the most appropriate policy for you or your company. We’ll explain how cyber security insurance functions, what they do and don’t cover, and what to watch as you shop around. We will also review some of our suggestions to further assist you in your search for the appropriate cybersecurity insurance company.

What is Cyber Security Insurance?

Insurance against the monetary losses that can occur due to cyber attacks is available in the form of cyber security insurance, also known as cyber liability insurance or cyber insurance. Insurance policies allow policyholders to shift some risks onto the insurer in exchange for a regular payment, typically once every month or quarter.

Questions to Ask When Comparing Cyber Insurance Companies:

Consider the risks your company faces and the data security rules and regulations your organization must follow.
Consider the various policy options, the types of data breaches they cover, and any restrictions on coverage or possible actions in the event of a breach, and make your decision accordingly.

Determine a provider’s responsiveness to a data breach by reading reviews and consulting references.

Top Cyber Security Insurance Companies

Cybersecurity threats are constantly evolving, posing significant risks to businesses of all sizes. Many organizations use cyber security insurance to mitigate these risks and protect sensitive data. These insurance companies and their policies provide financial coverage and assistance in the event of a cyber-attack or data breach. Choosing the right cybersecurity insurance company is crucial in today’s digital landscape. With various options available, it’s essential to consider factors such as coverage, reputation, and customer service. This section will explore some of the top cyber security insurance companies that can help safeguard your business against cyber threats and provide peace of mind.

The Hartford

Hartford is a trusted insurance provider offering numerous cyber security protection levels to businesses of all shapes and sizes and in all fields. They are the best cyber insurance provider because of their extensive experience, comprehensive coverages, and high policy limits.
Pros
With Cyber Choice Secure, you can get primary coverage with up to $500 million limits.
Insurance firm that has been around for a while and has excellent ratings for financial stability
Global coverage has your back if you’re worried about a cyber attack from another country.
24-hour cyber crime helpline
Cons
In comparison, Hartford is a relative newcomer to the market, having previously concentrated on property and casualty products.
Coverage
Options for cyber insurance from Hartford range from standalone policies with limits of up to $500 million to optional add-on coverage.

Hartford provides data breach coverage to endorse business owners’ policies for small businesses that do not need extensive cyber coverage. In addition, they provide three distinct types of cyber liability insurance (each of which is elaborated upon below). Each one is tailored to a specific type of company or market.
Costs of Coverage and Premiums
Please fill out their online form to request a price quote. Companies with annual revenues exceeding $50 million must work with a regional underwriter, whereas a local agent can handle revenues up to that amount.
The following expenses may be covered in the event of a cyber incident and are part of this insurance policy option:

• Fixing the network.
• Emergency procedures
• Information to Customers
• Cyber-related fines and legal action
• Data privacy, network security, and digital media liability.
• Rewards for holding hostages

Costs of Coverage and Premiums
Bricking loss (the cost to restore or replace hardware and servers if functionality is lost due to a cyber incident), reputational loss, and system failure are all additional coverages that can be added on as needed.

Policyholders of Hartford’s standalone cyber insurance can call the company’s cyber incident hotline at any time, day or night, to report a breach and receive immediate, specialized assistance in responding to the breach.

Progressive

Progressive provides cyber liability insurance and other commercial and personal lines of protection for businesses. You can get a quote and learn more about their coverage options online or by speaking with an agent. Access to various insurance options means businesses can shop for the best policy rates and coverage without leaving the building.
Pros
Coverage is available as an add-on or as a separate policy
Through Progressive’s Advantage Program, business owners can take care of many of their insurance requirements in one place.
Strong financial ratings
Cons
Does not include technology errors & omissions coverage
Coverage
Cyber liability plans from Progressive include protection for both the policyholder and any third parties affected by a data breach. These are the bare minimum requirements of any cyber insurance package aimed at small businesses. Specific topics include the following:

Coverage for the First Party:

• Costs incurred because of a security breach or cyber attack
• Rewards for holding hostages
• Income loss as a result of business or network downtime
• The estimated price of data recovery
• Retrieve Your Identity

Costs of Coverage and Premiums
Legal fees and damages paid to resolve claims that you breached a client’s or partner’s confidence by leaking private information
Legal responsibility for media outlets in privacy invasion, libel, and copyright infringement cases.

Progressive’s business owners’ policies offer the option to add cyber coverage, making it ideal for smaller companies seeking less extensive protection while still being prepared for potential attacks (BOP).

The cyber insurance policies provided by Progressive do not cover mistakes made when applying technology. Suppose a cyber attack renders a technology company’s product or service useless. In that case, the insurer can potentially seek damages from the offending party through a cyber insurance policy designed for the tech sector. Companies requiring this protection might find more suitable coverage in a tailored cyber or professional liability insurance policy that addresses the unique needs of the technology sector.
You can call Progressive at their toll-free number anytime, day or night, or file a claim electronically through their website. However, compared to other carriers, their focus on auto insurance may mean that their customer service experts have more experience handling auto claims than business or cyber liability claims.
BiBerk

Small businesses often require cyber liability coverage for customer data protection, but a standalone policy may not be necessary. BiBerk offers a streamlined online process, allowing business owners to purchase general, professional, or business owners’ insurance and add cyber coverage. As our top pick for add-on coverage, BiBerk specializes in supplementing other policies with comprehensive cyber insurance.
Pros
Multiple policy types can benefit from supplemental insurance.
Business insurance enrollment with BiBerk is a breeze compared to other online providers.

Cons

Access to insurance varies from state to state.
Since they often lack the resources to implement comprehensive security measures, small businesses are a prime target for cybercriminals. BiBerk caters to SMBs by providing cyber insurance as an optional extra. Their cyber coverage is optional to their business insurance, and quotes are available online or over the phone.
Coverage
The BiBerk cyber rider covers incident response (credit monitoring, identity restoration case management, etc.), legal defense, and associated fees for data breaches. It offers extensive coverage, though smaller businesses may not need the $1M limit. BiBerk customers can easily submit claims online or through customer support for prompt and professional handling, leveraging the company’s expertise in commercial insurance.
Costs of Coverage and Premiums
The average annual cost of coverage for a small business is between $85 and $200, according to biBerk’s website. The nature of their operations, the amount of coverage they need, and the size of their annual deductible all factor into the cost of their insurance.

State Farm

Among the many insurance options available, State Farm is a popular choice. You can purchase identity restoration coverage from State Farm as an additional option to your standard homeowners’ or renters’ insurance policy. However, State Farm goes above and beyond the norm by covering cyber attacks, making it the best option for individuals compared to other add-on policies.
Pros
State Farm’s coverage is more extensive than other identity restoration insurance policies for individuals.
The State Farm agency network is known for its high-quality customer service.
Cons
State Farm does not offer standalone personal cyber insurance policies for individuals. Instead, individuals must add cyber coverage to their existing homeowners’ or renters’ policy with State Farm.
Critics have noted that State Farm’s premiums are relatively high compared to other insurance companies.
Coverage
State Farm’s identity restoration rider covers cyber attacks, extortion, credit monitoring, and fraud loss, usually for businesses with other carriers. It includes data recovery, system restoration, cyber extortion handling, ransom payments, and an assigned identity theft case manager. In most cases, the yearly premium for this optional insurance is set at $15,000. However, the annual maximum for identity restoration costs eligible for reimbursement is $50,000.
You can call State Farm at 800-732-5246 or submit a claim online. Employees assisting you may not be experts on cyber coverage or cyberattacks, as their claims filing process encompasses all their insurance products.
Costs of Coverage and Premiums
When added to a State Farm homeowners or renters policy, identity restoration insurance only costs $25 annually. The deductible in the event of an incident is $500.

Sum-Up

In conclusion, cyber security insurance is crucial for businesses facing cyber threats like attacks, ransomware, and breaches. The potential loss of sensitive data, legal battles, restoration costs, and fines emphasize the need for comprehensive coverage. This blog post explains cyber insurance companies, policies, and critical provider selection considerations. By assessing risks, evaluating policies, and researching responsiveness, businesses can make informed decisions to protect their digital assets. Staying updated with insurance offerings and best practices is vital in navigating the evolving cyber threat landscape.