Best Cyber Insurance Companies

AmTrust Financial Ranks Best Overall for Data Breach Protection

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Cybersecurity threats hamper small business owners who virtually interact with customers and accept electronic payments. In 2022, 43% of data breaches involved small businesses. According to a report by IBM and the Ponemon Institute, the most common record lost in 2021 was a customer's personally identifiable information (PII), costing businesses $180 per record.

Cyber insurance can protect your business and help you recover from a data breach. We researched fifteen of the best cyber insurance companies, choosing our top 5 based on cyber protections, reputations, and ratings with AM Best, the credit rating agency for the insurance industry.

Our Top Pick

The 5 Best Cyber Insurance Companies of 2023

For a free no-obligation custom quote, contact our partner Gallagher Small Business to speak with a small business expert who understands your needs: 833.810.5726.

Best Overall : AmTrust Financial

AmTrust Financial

AmTrust Financial

As a leading business insurance provider, AmTrust Financial is our choice as the best overall cyber liability protection company. Agents can bind up to $1M in limits online, and its coverage includes ransom payments, media liability, and data recovery.

  • Limits as low as $50,000 available

  • Includes first-party loss and third-party liability

  • AmTrustCyber experts available 24/7

  • Limits over $1 million must contact underwriter for a quote

  • Rates are not quoted with online application; Must work with an agent

AmTrust was founded in 1998 and has over 5,000 employees serving 60 countries. Its cyber liability insurance can be purchased as a stand-alone policy or alongside another AmTrust product, such as business owner policies, workers’ compensation, and specialty programs.

AmTrust offers limits as low as $50,000, with a maximum limit of $1 million for policies that can be quoted and bound in minutes online. Your coverage includes:

  • Ransom payments
  • Data & system recovery
  • Business interruption
  • Reputational harm
  • Media liability
  • Cyber incident response

Quotes are not generated directly online, and its website will direct you to an agent. AmTrust Financial has a solid reputation for customer service, confirmed by an excellent rating from AM Best.

Best for Healthcare Professionals : The Doctors Company

The Doctors Company

The Doctors Company

Healthcare professionals deal with sensitive patient information within a highly regulated industry. Our choice for the best cyber insurance company for this sector is The Doctors Company which provides a cyber liability policy to complement your medical liability policy.

  • Limits up to $5 million

  • Includes cyber extortion and website media content liability coverage

  • Other insurance options available

  • Must have an existing medical liability policy

  • Online quotes not available

Physicians, surgeons, dentists, and other medical professionals benefit from higher cyber liability insurance limits. The Doctors Company’s CyberGuard Plus provides cyber liability insurance with limits ranging from $1 million to $5 million, an added protection alongside your existing medical liability policy, and includes coverage for:

  • Data security and privacy liability
  • Privacy breach response services
  • Regulatory defense and penalties
  • Website media content liability
  • Cyber extortion
  • First-party data protection
  • First-party network business interruption
  • Patient notification services

The Doctors Company also offers medical malpractice insurance, professional liability insurance, and workers’ compensation coverage. You can contact the company online or by telephone to reach a representative who will provide you with a quote.

The Doctors Company is the largest physician-owned medical malpractice insurer in the U.S., with 84,000 members, over $6.5 billion in assets, and an AM Best “A” rating.

Extensive guidance on cyber security and breach reporting is detailed in the Health Insurance Portability and Accountability Act.

Best for Law Firms : HSB

Law firms deal with sensitive client information and can be a target for cyber extortion attempts. We chose The Hartford Steam Boiler Inspection and Insurance Company (HSB) as the best cyber liability insurer for law firms for its reputation and range of limits.

  • Coverage for cyber extortion and misdirected payments

  • Limits as low as $50,000

  • Access to risk management tools and training modules

  • $1 million maximum limit

  • Must contact an agent for package information and quotes

Founded in 1866, HSB focuses on specialty insurance and reinsurance coverage, including data and cyber risk, employment practices liability, contractor errors and omissions, and identity theft insurance.

HSB offers Cyber Suite protection for small to mid-sized businesses, including law firms. Its limits, from $50,000 to $1 million, make it a good choice for individual attorneys or small firms and coverage for:

  • Data compromise response
  • Privacy incident liability
  • Identity recovery
  • Computer attacks, including business interruption
  • Misdirected payment fraud
  • Computer fraud
  • Telecommunications fraud
  • Cyber extortion
  • Network security liability
  • Electronic media liability

Policyholders have access to HSB’s eRisk Hub, which contains risk management tools, self-assessments, and training modules. You can complete a quote request online to be contacted by an agent. HSB has earned a superior “A++” rating, the highest possible, from AM Best.

Best for Nonprofits : CyberPolicy



We selected CyberPolicy as the best insurance source for non-profits with a platform that searches for a cost-efficient policy for businesses on a tight budget. CyberPolicy acts as an agent to obtain multiple quotes for cyber insurance and coverage that can begin within 24 hours.

  • You can get an instant quote online.

  • Coverage can begin within 24 hours.

  • You can purchase a standalone policy or insurance package.

  • It is not a direct insurance provider.

  • Insurance experience varies depending on the provider you choose

Launched in 2016, CyberPolicy is not a direct insurer but an online shopping platform. After submitting an online form and receiving quotes from multiple insurance companies, customers can compare pricing for coverage that includes:

  • Legal and IT forensic support
  • Data recovery experts
  • PR and crisis management consultants
  • Lost income support
  • Credit monitoring for impacted customers
  • Support for regulatory fees
  • Payment card loss penalty protection

You can buy your policy online or speak to a licensed advisor, and your coverage can begin within 24 hours.

With CyberPolicy, you can purchase a standalone cyber liability insurance policy or bundle cyber insurance with professional liability, workers' compensation, general liability protection, or commercial auto insurance. CyberPolicy offers multi-policy discounts.

Policies are backed by companies like Chubb, Hiscox, AmTrust, Liberty Mutual, Nationwide, and biBerk, all with AM Best ratings of "A" or higher.

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. It gives businesses free access to cybersecurity experts and offers additional training and services.

  • Coverage available for companies of all sizes

  • Access to cybersecurity expert coaches at no extra cost

  • Training and services provided by NetDiligence

  • Must work with an agent to get coverage

  • Only available with a business owner’s policy

  • Limited types of breach coverage

Travelers was founded in 1864 and has become one of the largest insurance companies in the United States, with over 30,000 employees and $120 billion in total assets.

Travelers offers cyber insurance solutions for companies of all sizes, from small businesses to Fortune 500 corporations. The most affordable coverage for small business retailers is the CyberFirst Essentials plan which includes

  • Customer breach notifications
  • Credit card monitoring services
  • Public relations consultant retainer
  • Consulting and forensic fees to identify the cause of the data breach
  • Defense and settlement costs if you’re sued

As a CyberFirst Essentials customer, you’re entitled to extra support services, like access to cyber coaches, pre-breach services, and Travelers eRisk Hub, powered by NetDiligence.

CyberFirst Essentials is only available with a business owner’s insurance policy, and it doesn’t cover added costs like cyber extortion, media liability, or misdirected payments. Quotes are available from an agent over the phone or in person.

Final Verdict

The best cyber insurance meets your need to protect your business and customers from a data breach. Our best overall choice for coverage is AmTrust for its full range of limit options and high-ranking customer service. Some companies provide the best choice for industry sectors, such as The Doctors Company, while others, like CyberPolicy, will help you search for competitive rates and compare coverages and providers.

Compare the Best Cyber Insurance Companies

 Cyber Insurance Company  Why We Picked It  Key Benefit
 AmTrust Financial  Best Overall Wide range of limit options and good customer service
 The Doctors Company  Best for Healthcare Professionals  High coverage for sensitive data
 HSB  Best for Law Firms  Range of limits for individual attorneys or small firms
 CyberPolicy  Best for Nonprofits  Online shopping platform with coverage and price comparisons
Travelers Best for Retailers Free access to cybersecurity experts

What Is Cyber Insurance?

With virtual commerce, almost all small businesses communicate with vendors and customers electronically. Email, electronic payments, and stored customer information are at risk of getting hacked or being impacted by a virus. Your computer system could be affected, and your customers and employees could be at risk. General liability insurance typically only covers bodily injuries and property damage resulting from your products or services; damages from cyberattacks are usually excluded. 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

What Is Not Covered by Cyber Insurance?

Like all insurance policies, there are exclusions to cyber insurance coverage. Cyber insurance policies typically do not cover potential future lost profits, theft of your intellectual property, and the cost of improving or upgrading your systems or security after a data breach.

How Much Cyber Insurance Do I Need?

Cyber insurance limits commonly range from $50,000 to $5 million per occurrence. Most small businesses choose policies with a $1 million limit or greater If they handle a high amount of credit card transactions or store sensitive information.

How Much Does Cyber Insurance Cost?

The cost of your cyber insurance policy depends on your industry, business size, and the amount of coverage you want. Businesses that handle sensitive customer information, such as healthcare professionals, will typically pay higher rates. Some insurers allow you to bundle cyber insurance with professional liability, general liability, or business owners' policies for discounts.

How We Chose the Best Cyber Insurance Companies

We chose the top five cyber insurance companies by reviewing 15 well-known insurers, agencies, and brokers. We evaluated each on its available cyber insurance policies, other insurance options, and its AM Best rating. For agencies and brokers, we looked at the AM Best ratings of the third-party insurers and chose companies with above an “A-” rating.

Digital data Cybersecurity and insurance

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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