The best cyber insurance companies offer first- and third-party insurance, proactive assistance to mitigate potential cyber loss through a 24/7 hotline, and risk management services. With this in mind, we reviewed 20 carriers, applying our proprietary rubric to each one and, where possible, obtaining a quote to get a better idea of how much cyber insurance costs. After analyzing our results, we’ve compiled this list of the top cybersecurity insurance companies.
- The Hartford: Best overall provider for cyber insurance
- Simply Business: Best for comparing quotes and saving money
- Hiscox: Best for buying online and cybersecurity resources
- Travelers: Best for flexible coverage options
- Chubb: Best for restaurants and retail businesses
Top Cyber Insurance Companies Compared
Quote Process | Policy Purchase Process | 24/7 Cyber Hotline | Risk Management Services | Financial Rating | |
|---|---|---|---|---|---|
 | Online or through an agent | Usually over the phone but sometimes online | ✓ | ✓ | A+ (Superior) |
 | Online or over the phone | Online or over the phone | Depends on the provider | Depends on the provider | A++ (Superior) |
 | Online or over the phone | Online or over the phone | ✓ | ✓ | A (Excellent) |
 | Through an agent | Through an agent | ✓ | ✓ | A++ (Superior) |
 | Online or through an agent | Over the phone | ✓ | ✓ | A++ (Superior) |
The Hartford: Best Overall Provider for Cyber Insurance
Pros
- 24/7 call center
- Free library of webinars on handling cyber risk
- Offers Tech E&O insurance
Cons
- Cyber insurance is unavailable in Alaska
- Has little to no appetite for healthcare industries
- May have to call to finish the quote
Standout Features
- Has a wide variety of free cyber risk resources for its clients, including marketing materials, training sessions, and risk assessments
- Cyber insurance comes with worldwide coverage since hackers can be located anywhere in the world
- Offers optional coverages that you can add on to enhance your insurance: cyber extortion and terrorism coverage
- Its cyber liability insurance includes both first- and third-party coverage
Financial stability: The Hartford has insured more than 1 million small businesses and is rated A+ (Superior) by AM Best.
The Hartford offers a 24/7 cyber claim hotline, several cyber risk resources, and policies structured differently for varied business sizes. Add in its excellent customer service and the convenience of using its website, and The Hartford is the overall best provider for cyber insurance.
While The Hartford and Simply Business scored the same in our evaluation, what set the two apart is The Hartford’s ability to handle everything in-house, from claims and policy management to cyber risk assessments and assistance. By going directly through The Hartford, you won’t have to maintain multiple points of contact.
The Hartford offers a data breach policy for small businesses, and it focuses more on helping cover business expenses if you suffer a data breach, such as the expense of notifying impacted customers or handling a public relations (PR) campaign to strengthen your business reputation. Meanwhile, it has cyber liability coverage for larger small businesses. Some of the coverage it provides is for legal services, notification expenses, and, if the network goes down, lost income.
Finally, The Hartford has a signature policy called CyberChoice First Response for businesses with revenue up to $50 million. It is available as part of a management liability suite or a stand-alone policy. Quotes will go through an agent for this specific policy.
CyberChoice First Response is more comprehensive and has higher limits and additional coverages, including worldwide coverage, voluntary notification expenses, and cyber terrorism protection. While targeted toward larger businesses, this coverage is available for small businesses, too.
The Hartford’s cyber liability insurance is available in nearly every state and Washington, D.C. It has lower-than-average complaints with the National Association of Insurance Commissioners (NAIC) and is one of the top three insurers that independent agents prefer to work with, according to J.D. Power.
For convenience, The Hartford offers its Cyber Center for cyber insurance policyholders. This is an online hub where you can find resources on how to prevent and respond to cybersecurity attacks.
Simply Business: Best for Comparing Quotes & Saving Money
Pros
- Get a fast quote online
- Same-day coverage
- Intuitive user experience
Cons
- Customer service is not available 24/7
- Cyber response details not provided (because those come from the carrier and not from Simply Business)
Standout Features
- Lets you compare quotes for multiple lines of coverage (unlike with a carrier)
- Enables you to purchase a policy online without speaking to anyone or calling and talking to an agent for insurance guidance
- Works with top-rated carriers offering insurance exclusively to small businesses
- Has an account portal to manage your policy where you will gain policy documents immediately after purchase
Financial stability: Simply Business is owned by Travelers, which AM Best rated A++ (Superior).
Simply Business is an online broker that gives microbusinesses and small businesses the opportunity to shop for coverage and buy a policy entirely online. You do not have to call anyone to finish the process and get insurance.
Some providers emphasize certain industries and coverage types over others, and Simply Business emphasizes cyber insurance for ecommerce businesses. The benefit of using Simply Business is in its speed: it can provide a quote for your ecommerce business within 60 seconds.
Using a brokerage is a great way to save money because it gives you multiple options from different companies but at different costs. Sometimes, it will produce several quotes from the same company for relatively similar coverage but significantly different premiums. Having consistently researched Simply Business and other brokerages, we’ve found savings often in the hundreds to over a thousand dollars, depending on the type of insurance.
However, while Simply Business is the best option, if you want to compare costs and look for ways to save, it could potentially create more work for you in the long run. If a coverage issue or a claim arises, you may have to work directly with the insurance provider, not with this broker. All the other companies listed here provide a single point of contact.
In less than a minute, we received a cyber insurance quote for an online book dealer. The cost was $250 annually and provided $250,000 in aggregate cyber liability. Some of the coverages included within that limit were as follows:
- Privacy regulation claim
- Crisis management expense
- Fraud response expense
- Public relations expense
At the start of the quote, Simply Business laid out what would be covered. The quote also helpfully listed activities that were not covered, such as general liability for property damage or motor vehicles while in business use.
Simply Business also offers quotes for general liability and workers’ comp for an ecommerce retailer.
The requested information to get a quote was minimal, and we received a quote almost immediately. While we only received one quote, we could call and speak with a licensed agent for more options in case the one generated wasn’t sufficient.
If you do call, Simply Business is open from 8 a.m. to 8 p.m. Eastern Time, Monday through Friday. Once you purchase a policy, Simply Business will create an online account where you can manage your policy, request a certificate of insurance (COI), and file a claim.
On the independent review site Trustpilot, Simply Business has 4.6 out of 5 stars from over 1,200 reviews. The top comments are all related to how happy customers are with the agents they worked with.
Hiscox: Best for Buying Online & Cybersecurity Resources
Pros
- Exists for small businesses
- Online quotes and policy purchase available
- Full policy limits apply to most types of losses
Cons
- No 24/7 call center
- Higher-than-average complaints
- Online limits are sometimes lower
Standout Features
- Has optional coverages you can purchase: cybercrime and business interruption due to system failure
- An industry-leading authority on cyber risk analysis that can use its data to assemble policies that provide the coverage you need
- Offers six different types of coverage modules to provide you with flexibility in building the right insurance for your business
- Has a free service called Upfort Shield, giving Hiscox’s insureds software protection, live consultative services, and training simulations
- Provides eRiskHub, a Hiscox service that offers a preventative educational service, credit monitoring, and PR support for cyber insurance policyholders
Financial stability: Hiscox is a global company with more than 100 years of experience and over 500,000 small businesses insured through it. Hiscox has a financial rating of A (Excellent) from AM Best.
Hiscox has become a leading authority in cybersecurity, publishing an annual Cyber Readiness Report. It uses its experience to create numerous resources for policyholders to help prevent cyberattacks. One free resource, Upfort Shield, has reduced claims by more than 50% for the policyholders that use it.
Hiscox is one of the quickest and easiest ways to purchase cyber insurance online. The company generates online quotes you can purchase in just minutes, or you can call to discuss further. Often, you can get a policy on the same day you inquire.
Hiscox provided us with a cyber insurance quote for an ecommerce business with one employee for $35.78 over 10 monthly payments. This quote also included a down payment of $119.20. Alternatively, you could pay in full for $477 annually. The policy carried total coverage of $250,000 with a deductible of $10,000.
Hiscox policyholders have access to a 24-hour breach response hotline, which is staffed by Baker-Hostetler. Hiscox will then acknowledge the claim within 24 hours of it being reported.
It should be noted that per the NAIC, Hiscox has a higher-than-average number of complaints. That said, year over year, the number of complaints being filed continues to decrease, which is an encouraging trend.
While Hiscox offers a number of cybersecurity resources, of particular note is its free service, Upfort Shield, a cybersecurity platform with training, phishing simulations, and live consultative services. Hiscox reports that of its policyholders who have engaged Upfort Shield’s services, cyber claims are filed at a rate of less than 50% of policyholders who have not used the service.
Travelers: Best for Flexible Coverage Options
Pros
- Free pre-breach services
- Strong financial rating
- 24/7 call center for claims
Cons
- Cannot get a quote online but must work with a local agent
- Unclear process for obtaining instant COI
- No mobile app for commercial lines
Standout Features
- Its cyber insurance can be purchased as a stand-alone policy or bundled as part of its management liability suite
- Offers eRiskHub, a private portal where policyholders can find assistance for cyber and privacy events along with legal counsel and other training materials
- Provides cybersecurity coaches, including a breach coach to work with your business if it suffers a breach
- Its Travelers Cyber Academy® has free training in cybersecurity for policyholders
Financial stability: Travelers is a global company with nearly 200 years of experience. It has the financial strength you want for your business, with an AM Best rating of A++ (Superior).
Travelers has several different policies and coverage options for cyber insurance, including for tech companies, the finance industry, public entities, and even very small businesses. Each option is crafted to match the needs of the specific industry and size of the business.
For example, for financial institutions, Travelers has developed a policy called CyberRisk. This policy is available as a stand-alone option or as part of a management liability package. It is designed specifically for data breach incidents for businesses of all sizes. For small businesses, Travelers offers CyberFirst Essentials®, which comes as part of the business owner’s policy.
One standout feature of Travelers’ cyber insurance is that it offers betterment. This means that if you suffer a data breach and need to update your equipment or systems to prevent future breaches, the betterment coverage will help defray those costs.
Also, Travelers is the only company in our guide that offers a customer service ombudsman service. If you are having problems with billing, coverage, or a claim, this provider has a dedicated hotline. In our research, I called the line and spoke with a representative there, and they will work with you to try to resolve any issue you are having.
To get a quote, you will need to contact Travelers or an independent agent that works with it.
For smaller businesses, Travelers has CyberFirst Essentials®. This policy is available with a business owner’s policy (BOP) and has first- and third-party coverage if your business has a data breach.
Travelers is available in all 50 states and Washington, D.C., and has received a lower-than-average number of complaints filed with the NAIC. It also offers a customer advocacy hotline if you have concerns about the service you have received.
Travelers even offers a wide range of pre-breach services, including a dedicated hotline. The company’s Health Insurance Portability and Accountability Act (HIPAA) coach is available for consultative services for businesses that may handle protected health information (PHI) and have HIPAA responsibilities.
Chubb: Best for Restaurants & Retail Businesses
Pros
- Ranked No. 2 by J.D. Power for customer satisfaction
- Underwriters with experience in cybersecurity
- Ransomware endorsement
Cons
- Unclear process for getting a COI
- No mobile app for commercial lines
- May have to call to finish the quote
Standout Features
- Is one of the first carriers to move into the cyber insurance space with experience writing and handling cyber insurance since 1998
- Offers loss mitigation services and worldwide coverage
- Lets you download an app dedicated to cyber insurance and handling the response; Chubb Cyber Alert App is available on iOS and Android
- Provides customers with a response team that includes legal consultation, forensics, a 24/7 call center, and PR services.
Financial stability: Chubb has been writing cyber insurance for decades and insurance for more than 100 years. It has an A++ (Superior) rating from AM Best.
Global insurer Chubb has been writing cyber insurance for decades and continues to adapt the policies for the changing world and introduce new endorsements. Its base policy includes payment card loss, making it the best provider for restaurant and retail businesses, which process a lot of credit payments. Chubb has also developed a rapid response to claims. It investigates within five hours of a reported claim.
Chubb can insure small businesses of all sizes, but it does not necessarily target very small companies with 10 or fewer employees. Also, Chubb is so large that even after hours of researching and searching for a company, some questions may remain—such as how you can request or create a COI. Unlike a company like Hiscox, which focuses exclusively on small business insurance, Chubb offers personal insurance and insures larger and enterprise-level companies.
Chubb has an online quoting tool. However, for cyber insurance, it will most likely request that you contact one of its agents to get a more accurate assessment of your business needs.
Enterprise Risk Management (ERM), launched in 1998, is Chubb’s cyber policy. As the name implies, Chubb states it isn’t just insurance but is a risk management solution. It includes recommendations and assessments before policy binding, prevention services for the policyholder, and near-instant response to incidents once Chubb is notified.
In 2021, Chubb added endorsements to meet the growing challenges of cybersecurity, including expanded ransomware coverage.
Chubb has a 24/7 hotline for cyber incidents. It also provides a quick response to any cyberattacks. Within five hours of reporting an incident, a local incident response manager will be assigned. Chubb then conducts an analysis, and within 24 hours vendors will be assigned to the incident to help triage the loss.
Customers are happy with Chubb. It has lower-than-average complaints and is ranked No. 2 on J.D. Power’s customer satisfaction survey.
How We Evaluated the Best Cyber Insurance Companies
We determined the top cybersecurity insurance companies with our in-house proprietary evaluation system. In evaluating each option, we focused on the customer’s needs. We paid particular attention to convenience, financial ratings (AM Best), customer service, policies offered, and the overall experience as a policyholder for a specific provider.
Frequently Asked Questions (FAQs)
Because the risk differs by industry, premium costs have a wide range. Cyber liability insurance can cost anywhere from $250 to $2,287 annually for smaller businesses with fewer than 10 employees.
Yes, managed service providers (MSPs) need cyber insurance. A specialized policy, like Tech E&O, would be best for an MSP. It comes with E&O and additional coverages specific to the cyber insurance space.
A data breach insurance policy is usually designed for smaller businesses, and its coverage is less broad. It helps with the associated costs of a data breach, such as notifying the affected customers.
The PCI refers to organizations that use, store, and process credit and debit card data. If you experience a cyberattack and it involves data associated with payment, the PCI may investigate whether your business was negligent. If it finds you negligent, then it can levy fines against your business. Cyber liability insurance can provide coverage in that scenario.
Cyber insurance is a coverage every small business needs to consider. According to Hiscox’s 2023 Cyber Readiness Report, cyberattacks increased for the third year, with 53% of firms suffering a cyberattack (up from 48% in the previous year). Firms with less than 10 employees were being hit harder, with the proportion of attacks rising by more than half to 36%.
Bottom Line
Cybersecurity requires proactive measures, including purchasing cyber liability insurance. After evaluating 19 carriers, we determined that The Hartford is the overall best provider. Its experts can help determine the right coverage for your specific business, so visit The Hartford or call (888) 219-3051 today.
