The best cyber insurance companies offer a 24/7 hotline for cyber response and risk management services. We’ve reviewed 19 carriers using our proprietary rubric evaluating financial stability, customer satisfaction, convenience, and policies offered. Here are the top cybersecurity insurance companies:
- The Hartford: Best overall provider for cyber insurance
- Simply Business: Best for comparing quotes and saving money
- Chubb: Best for restaurants and retail businesses
- Travelers: Best for financial institutions
- Hiscox: Best cybersecurity resources
Top Cyber Insurance Companies Compared
Best For | Quote Process | 24/7 Cyber Hotline | Risk Management Services | Financial Rating | |
|---|---|---|---|---|---|
 | Best overall provider for cyber insurance | Online or through an agent | ✓ | ✓ | A+ (Superior) |
 | Ecommerce businesses | Online | Depends on the provider | Depends on the provider | A++ (Superior) |
| Restaurant and retail businesses | Online or through an agent | ✓ | ✓ | A++ (Superior) |
| Financial Institutions | Through an agent | ✓ | ✓ | A++ (Superior) |
Visit Travelers for a Quote | |||||
| Cyber security resources | Online | ✓ | ✓ | A (Excellent) |
The Hartford: Best Overall Provider for Cyber Insurance
Pros
- 24/7 call center
- Experienced provider
- In-house claims team
Cons
- Unavailable in Alaska
- No mobile app for commercial lines
- May have to call to finish the quote
Standout Features
- Access to cyber risk resources
- Worldwide coverage
- Cyberextortion and terrorism coverage
- First-party and third-party coverage
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 it 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 it, you do not have multiple points of contact to maintain.
The Hartford offers multiple cybersecurity policies that serve the different needs that small businesses have while also providing coverage for larger or growing small businesses. However, the policies are designed more broadly and not as specialized as some of the offerings below.
Simply Business: Best for Comparing Quotes & Saving Money
Pros
- Fast quote
- Same-day coverage
- Intuitive user experience
Cons
- Unavailable 24/7
- Cyber response details not provided
- Commercial property insurance may not be available online
Standout Features
- Compare quotes for multiple lines of coverage
- Purchase a policy online without speaking to anyone
- Works with top-rated carriers
- Account portal to manage your policy
Simply Business is an online broker that gives micro 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 industries and coverage over others, and Simply Business emphasizes cyber insurance for ecommerce businesses. The benefit of using it is it can provide you with 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 for different costs. Sometimes, it will even 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, 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 has the potential to create more work for you in the long run. If there is a coverage issue or a claim, you may have to work directly with the insurance provider, not with this broker. All of the other companies listed here provide one point of contact.
Also, if you are interested in learning more about the actual cybersecurity risk management available, you will need to do some research on the provider before purchasing the policy.
Chubb: Best for Restaurants & Retail Businesses
Pros
- Ranked #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
- Experience writing and handling cyber insurance since 1998
- Loss mitigation services
- Worldwide coverage
- Cybercrime available as standalone or as an endorsement
Global insurer Chubb has been writing cyber insurance for decades and continues to adapt the policies for the changing world and continues to 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; it makes an investigation within five hours of a claim being reported.
Chubb can insure small businesses of all sizes, but it does not necessarily target very small companies with 10 or fewer employees. It is also so large that if you are looking for a company even after hours of research, some questions 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.
Travelers: Best for Financial Institutions
Pros
- Prebreach services
- Strong financial rating
- 24/7 call center for claims
Cons
- No online quotes
- Unclear process for obtaining instant COI
- No mobile app for commercial lines
Standout Features
- Available as a standalone policy or bundled with a package
- Betterment costs to improve computers covered
- Prebreach and post-breach services are available
- Coverage for regulatory costs included
Travelers’ specialty is in financial institutions. It has developed a policy called CyberRisk for financial institutions, which is available as a standalone option or as part of a management liability package. It is designed specifically for data breach incidents for businesses of all sizes.
One standout feature of Travelers’ cyber insurance is it offers betterment. This means 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, it’s the only company in our guide that offers a customer service ombudsman service. So if you are having problems with billing, coverage, or a claim, there is 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.
Hiscox: Best for Cybersecurity Resources
Pros
- Exists for small businesses
- Online quotes and policy purchase available
- Numerous industries covered
Cons
- No 24/7 call center
- Higher than average complaints
- Online limits are sometimes lower
Standout Features
- Leading authority on cyber risk analysis
- Six coverage modules available to provide you with flexibility
- Instant access to COIs
- Worldwide coverage
Hiscox has become a leading authority in cybersecurity, publishing its annual Cyber Readiness Report. It used its experience to create numerous resources for policyholders to help prevent cyberattacks. One resource, Paladin Shield, has reduced claims by more than 50% for the policyholders that use it.
It is the only provider listed here that is dedicated exclusively to small business insurance. To clarify, while Simply Business is also only for small businesses, it is a broker and not an insurance company. This single-mindedness toward small businesses makes Hiscox a great option for smaller companies looking for a company that doesn’t see them as one part of a larger portfolio.
However, if you want an insurer that is always available, Hiscox is only available on weekdays by phone. Other carriers, such as The Hartford or Chubb, operate a 24/7 call center for claims reporting—so, if something happens to your business on the weekend, you have a way to contact someone immediately.
How We Evaluated the Best Cyber Insurance Companies
We determined the top cybersecurity insurance companies with our in-house proprietary evaluation system. In evaluating them, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of 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.
A data breach insurance policy is usually designed for smaller businesses, and its coverage is less broad. It helps your business by helping with the cost of a data breach, such as notifying the affected customers.
The Payment Card Industry (PCI) refers to organizations that use, store, and process credit and debit card data. If you have 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 Cyber Readiness Report of 2022, 48% of companies reported a cyberattack in the past 12 months. This represents a 43% increase from the previous year. The average cost of an attack has risen to slightly less than $17,000, which represents a 29% increase.
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.
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