Regardless of the products or services you offer, almost all companies are at risk of suffering from data breaches and other cyber incidents when they start getting bigger.

The reason for that is competitors may put their eyes on you to steal your information or money from you. You can prevent this from happening if you have a decent cyber-security system, but sometimes it’s even impossible for people with the finest security systems to avoid these issues.

This doesn’t mean you have to let it happen but that you need something that helps you if a data breach or any other cyber incidents were to happen. We recommend you go for cyber liability insurance since it’s the best way to recover from cyber threats and even the loss of income they may cause.

Nonetheless, some people don’t know how cyber insurance policies work, let alone what the best cyber insurance companies out there are. We are here to help you with that! Read this page to know the best cyber liability insurance services available online.

Here, you can also learn a bit more about cyber insurance coverage and how it works. We have also worked out a limited opportunity for a Free Risk Consultation with CyberSafe Solutions.

How Can Cyber Insurance Help Me?

As it happens with physical accidents such as car crashes, having a data breach in your company can cost you a lot of money, and sometimes, information is priceless.

While suffering from data breaches is already dangerous for your company, information is not the only thing you lose in the process. You also need to deal with the consequences of losing that data, and that could even lead to a serious loss of income for everyone in the company. Cyber liability insurance helps you make those accidents less dangerous for everyone in your business.

Firstly, they offer first and third-party coverage of financial and reputational damage when electronic data is broken, damaged, or corrupted. Your cyber insurance company can, for example, cover the cost of recovering the information you lost, investigation expenses, restoring any damaged computer systems, and even replacing your IT security methods.

Although the cyber insurance market has yet to grow more and develop its features, some cyber liability insurance companies already work along with IT businesses to have a deeper understanding of cyber risks and how to prevent accidents from happening in the first place.

Some cyber insurance policies even cover the settlements, damages, and legal costs of clients getting sued due to the data breach.

However, you should always look for a company that offers you decent cyber insurance policies that comply with federal regulations. Notification expenses are also something you should look for in a cyber insurance business since they help you know when you have a cyber event or threat.

What Is the Average Cyber Insurance Cost?

Not all cyber liability insurance companies offer the same fees, and it’s not uncommon to see the same offering completely different prices to their clients. The reason for this is the price of cyber insurance depends on several factors.

These are some of the things that can change the amount of money you need to pay for cyber insurance services:

• Annual revenue
• The industry you work in
• Your current IT systems
• The information you need to protect
• How at risk you are of suffering from a cyber attack

However, it’s common for insurance carriers to make fees higher for some businesses considering certain companies need cyber insurance more than others and, therefore, require a more advanced cyber insurance provider to prevent things such as cyber extortion and other cyber risks. Small business owners, for example, don’t need as big of a cyber insurance policy as much as bigger companies.

Scott Keever founder of Scott Keever SEO said “Cyber Insurance is one of those things you don’t think about until you experience an issue, but it’s one of the most important elements to protect your company.”

You can’t compare the level of cyber-security you need when working in an investigation or healthcare company to what could help you if your business offers catering or drywall services.

Regardless of that, the best you can do is ask companies such as Cybersafe Solutions (Limited-Time Free Consult) to give you a cyber liability insurance quote to know what you would need to pay to them.

Most Common Cyber Insurance Policies

Cyber insurance companies can offer several policies to make their clients feel safer, but most of them share the same features since they are essential for the client’s safety.

Most cybersecurity insurance commissioners, for example, offer third and first-party coverage to their clients, so it’s something you should look for in the company you want to hire. Others have more detailed services, such as credit monitoring services or alarms that tell you when you suffer from a cyber-incident.

Since many cyber insurance companies work with IT experts, they can even protect businesses and help you recover lost or damaged data. We recommend you discuss the cyber insurance policy you want from your cyber insurers when you get a quote from them.

Don’t hesitate to invest in cybersecurity insurance resources!

Best Cyber Insurance Companies in 2022

Getting to the main part of this page, it’s time to know the best cyber insurance companies in 2022. All five cyber insurers on this page are excellent, so you can go for the ones you like better.

However, we recommend you go for Cybersafe Solutions since it’s the overall best option when looking for cybersecurity insurance services.

#1 Cybersafe Solutions (Highly Recommended)

The reason Cybersafe Solutions is at the top of this list is how much it helps you prepare for future attacks, which is something not many companies in the cyber insurance sector do when offering data breach insurance.

This company’s team is skilled and certified. Apart from that, it uses the latest technology to identify and study your previous security incidents, risk exposures, IOCs, and any vulnerabilities your business may have.

Thanks to what this cybersecurity insurance company offers, you can avoid an accident from happening in the first place.

You can count on this company regardless of whether you work in the financial, healthcare, legal, accounting, education, manufacturing, facility maintenance, or energy industry, so feel free to contact it to get a cyber insurance quote whenever you need it.

Sometimes, firewalls and antiviruses are not enough to prevent a cyber attack, and this is what Cybersafe Solutions aims to help you with.

Clients can expect to get top-tier risk assessment, mitigation, penetration testing, breach response, and attack simulation services when hiring this company. If an accident were to happen, Cybersafe Solutions’ cybersecurity insurance policies are also beneficial to the client and help them recover from what happened.

Pros

• It helps you prevent accidents from happening.
• It works with most industries.
• It offers different and innovative cybersecurity solutions.
• It works with IT experts.
• It uses cutting-edge technology.
• 24/7 service.

Cons

• It focuses more on protecting sensitive information than first or third-party liability coverage.

Cybersafe has agreed to let our readers receive a one-time free risk assessment. Just mention this article! 

#2 Hiscox

Following up, we have Hiscox, which is an ideal option for you if you are looking for a company that offers cyber insurance policies for small businesses. As we mentioned before, small businesses are not always at risk of suffering from things such as cyber extortion, but that doesn’t mean they don’t need to protect themselves from it.

Most cybersecurity insurance companies focus on big enterprises and forget what small businesses need, and that’s what Hiscox wants to change. This company offers coverage for many cyber crimes such as data breaches, social engineering fraud, extortion, and anything related to losing personally identifiable information.

One of the best things about the cyber insurance space Hiscox offers you is you can decide the cyber insurance policy you want for your business. You can even upgrade your plan for the company to cover digital media security, invasion of privacy, or copyright infringement.

Pros

• It’s ideal for small businesses.
• It has several discounts and deals for its clients.
• It has a mobile app.
• It has an intuitive interface.

Cons

• It doesn’t have many policies to prevent hacks or service attacks from happening.
• It’s not BBB certified.
• It doesn’t work in all states.

#3 Chubb

As it happens with others on this list, Chubb is not a BBB-certified company, and despite that, it has an A+++ rating from AM Best and an AA one from Standard & Poor’s. Knowing those things makes clients feel safer when hiring this cyber business insurance business.

Chubb has been working since 1998, and it’s amazing to see how much it has evolved and improved since then. You can count on Chubb regardless of how big your business is since it allows you to choose the cyber insurance policy that fits you best depending on your company size.

Risk management information, professional assessment, mitigation measures, and credit monitoring services are among this company’s features. You can also speak to different agents and brokers from the company if you want more information about how first-party coverage and business insurance work.

Unlike most casualty insurance carriers, Chubb offers different claim resources to their clients along with services for both businesses and families. Individuals can also hire Chubb if they want coverage against financial losses or lost income after a data breach.

Pros

• It works with many agents and brokers.
• It helps several industries facing cyber risk.
• It has high ratings from many review websites and rating firms.
• It offers discounts to home-based businesses.
• Decent customer service.

Cons

• It’s a bit expensive for small businesses that don’t have the same business income as bigger companies.
• It’s not BBB certified.
• It doesn’t offer live chat support on its website.

#4 AXA XL

If you are looking for a company that offers first and third-party coverage from data breach expenses, cyber extortion, ransomware, and business interruption, AXA XL is the one for you. It may not be as popular as others on the list, but it still gives you excellent features.

People working in several industries can still hire AXA XL to offer them traditional insurance policies or more complex and tailored coverage for businesses more at risk of suffering a cyber attack. This is all available on a primary and excess basis.

Having a decent claims team helps you in case you need to file a lawsuit against someone who hacked your company or if you need to defend yourself from claims other people may file against your business. Fortunately, its claims team is one of AXA XL’s biggest strengths.

All the attorneys working for this company are experienced in cyber incident response and have been working in that field for years. Therefore, they understand what happens and what they need to know after data breaches even before they happen, so they are the legal team you need helping you.

Companies need to improve what they offer you to avoid being left behind by their competitors, and AXA XL excels in that since it recently developed an incident response team that allows you to keep damages to a minimum when cyber-risk becomes a bigger threat.

Pros

• It offers first and third-party coverage.
• It can advise you on what to do after a cyber breach.
• It has excellent claims and response teams.
• It has a wide range of coverage, so you can count on them regardless of what happens to your company.

Cons

• It keeps damages to a minimum, but it doesn’t have many cyber protection features.
• It’s not that good for small business owners.

#5 Axis

Axis is the last company on this list, but that doesn’t mean it’s a bad insurance carrier since it still helps you recover from any financial risks after security breaches, and you can trust it to work close to you and explain every part of the liability coverage process.

This company can help any business regardless of its size as long as they collect or process valuable information they can’t afford to let other people steal. Therefore, Axis can help you recover from personal and business information breaches.

You can expect Axis to help you when you face any situation that could cause reputation damage, business interruption, or loss of income. Experts working for this company are also experienced in crisis management and data restoration insurance, which is something not many companies offer.

Pros

• It works with almost all industries.
• It helps you address cyber crises and data restoration.
• It also covers things, such as online fraud and business interruption.
• Liability limits are high and enough for most companies.
• It offers a free cyber risk score.

Cons

• It’s not certified by many review websites or rating firms.
• Its interface is a bit complex.

Wrapping Up

Although cyber insurance businesses aren’t as popular as they should be, they are something almost any business should invest in if they want to prevent themselves from getting a cyber breach or losing a lot of money due to one.

Matt Hoog of Fides Communications said “We are getting more and more inquires from small to medium businesses for cyber protection. We found Cybersafe to be a trusted partner to refer our clients too.”

There are new technology developments each year, and they allow us to work better with websites and other online resources. Storing your information on a digital basis is now easier than ever, but that also means there are new ways of accessing that information, even if you are not the one who wants to get to it.

All the companies on this list offer you different services for you to get to the one that best suits your company’s needs and priorities. Regardless of that, we recommend you choose Cybersafe Solutions if you want to prevent any cyber-threat from happening in the first place.

Get a quote from it as soon as you can! Consultations are free with Cybersafe, so you have nothing to lose when booking one.

FAQ

People often have questions about cyber insurance due to it being a new thing for most people, so here are the most frequently asked questions about the matter:

What Does Cyber Insurance Cover? Can It Help Me If I Have a Data Breach?

The short answer is yes since cyber breaches are one of the most common cyber threats covered by insurance businesses. Although everything depends on your insurance carrier, cyber insurance often covers things, such as hacking, ransomware, and malware.

Can Any Business Hire Cyber Insurance?

Absolutely! Nothing keeps you from hiring a cyber insurance carrier to prevent any major damage from happening in the future. Regardless of that, we recommend you stick with a company that adapts to your company size since not all of them are that good when dealing with small business owners.

Can an Insurance Business Prevent a Cyber Attack?

Although it’s not what they are meant to do, some cyber insurance businesses work along with IT teams to help you prevent cyber accidents from happening in the first place, so everything depends on the company you hire.

Limited Time Opportunity:  Free Risk Consultation with CyberSafe Solutions