Best Cyber Insurance Companies

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As a leading business insurance provider, AmTrust Financial is our pick for the best overall cyber liability insurer. There is no extensive application process for limits under $100,000, and its coverage includes website and offline media content and payment card industry (PCI) fines.

AmTrust was founded in 1998 and is now a global company with over 5,000 employees serving 60 countries. It offers a comprehensive range of business insurance products, including business owner policies, workers’ compensation, state disability, and specialty programs.

AmTrust’s cyber liability insurance must be purchased in conjunction with its AmTrust Package, business owner’s policy, or workers’ compensation policy; it cannot be bought as standalone coverage.

However, it’s an affordable add-on. AmTrust offers limits as low as $50,000, making it a good option for new small businesses. For limits of $100,000 or below, there is no application processing time. The maximum limit is $1 million with a completed application.

Your coverage includes: 

• Customer notification services
• Call center services
• Public relations and crisis management services
• Initial breach investigation and consulting for legal and forensic services
• Discretionary notice coverage

AmTrust’s cyber liability insurance also includes coverage for website media content liability. As businesses build their presence online, this coverage addresses risks associated with plagiarism, piracy, trademark infringement, libel, or slander related to your website content.

Unfortunately, you cannot get a quote online. AmTrust requires you to work with an agent to get a quote and sign up for coverage.

AmTrust Financial has a solid reputation for customer service. Additionally, their financial situation is strong as confirmed by an A- (Excellent) rating from AM Best.

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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.

Healthcare professionals deal with very sensitive patient information and are in a highly regulated industry. As such, physicians, surgeons, dentists, and other medical professionals likely need much higher cyber liability insurance limits than other businesses.

While many companies have a $1 million maximum, The Doctors Company’s CyberGuard Plus provides cyber liability insurance with limits ranging from $1 million to $5 million. Available only to members of The Doctors Company, CyberGuard Plus increases the limits you have on your medical liability policy for added protection.

CyberGuard Plus contains the following coverage:

• 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 does offer other insurance products for your business, including medical malpractice insurance, professional liability insurance, and workers’ compensation coverage. You can request a quote online and be contacted by a representative or call them directly to ask for a quote.

The Doctors Company is the largest physician-owned medical malpractice insurer in the country, with 80,000 members and over $6 billion in assets. AM Best assigned the company an “A” rating.

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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.

HSB was founded in 1866 and now focuses on specialty insurance and reinsurance coverage, including data and cyber risk, employment practices liability, contractors errors and omissions, and identity theft insurance.

HSB offers Cyber Suite protection for small to mid-sized businesses, including law firms. There is a wide range of limit options, making it a good choice for solo attorneys or small firms. HSB offers limits from $50,000 to $1 million, so you can choose a limit that meets your law firm’s needs.

The Cyber Suite coverage includes:

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

As a customer, you have access to HSB’s eRisk Hub, which contains risk management tools, self-assessments, training modules, best practices, and more.

To get a quote and sign up for a plan, you’ll have to contact an agent. You can do this by calling or filling out the quote request online.

AM Best gave HSB an “A++” (Superior) rating, the highest possible rating.

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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.

Launched in 2016, CyberPolicy isn’t a direct insurer. Instead, it’s an online shopping platform. Customers can fill out a form and submit their information. They’ll get quotes back from multiple insurance companies, allowing them to compare coverages and pricing so they can pick the best policies for their needs and budgets.

Coverage limits are dependent on your business, location, and industry as well as the insurer you choose.

With CyberPolicy, you can purchase a standalone cyber liability insurance policy or bundle cyber insurance with professional liability, workers’ compensation, general liability protection, commercial auto insurance, and much more. CyberPolicy offers multi-policy discounts, so bundling your coverages can help you save money.

CyberPolicy allows you to get a quote for cyber liability insurance online. Your insurance will include the following:

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

You can either buy your policy online or speak to a licensed advisor. However you buy it, your coverage can begin within 24 hours.

Policies are backed by major companies like Chubb, Hiscox, AmTrust, Liberty Mutual, Nationwide, and biBerk. The lowest AM Best rating for any of these companies is an A- (Excellent) for AmTrust. The rest of these companies all have an A rating or even higher.

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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 also gives businesses access to cybersecurity experts at no extra cost, and you can get training and services from security software company Symantec.

Travelers was founded in 1864 and another company it has merged with, The St. Paul, paid its first insurance claim in 1855. Since then, it has become one of the largest insurance companies in the United States, with over 30,000 employees and $110 billion in total assets.

Travelers has several cyber insurance solutions for businesses of all sizes, from small, local businesses to Fortune 500 companies. The most affordable option for small business retailers is the CyberFirst Essentials plan. Under this plan, you’re covered for the following expenses:

• 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 cybersecurity expert coaches at no extra cost. You can also take advantage of services and trainings offered by security software company Symantec.

Unfortunately, CyberFirst Essentials is only available in conjunction with a business owners’ insurance policy; you cannot purchase it as a standalone policy. And, it doesn’t cover added costs like cyber extortion, media liability, or misdirected payments. If you want to get a quote, you can’t do it online; you have to work with an agent over the phone or in-person.