The 5 Best Cyber Insurance Companies of 2024 (2024)

Best Cyber Insurance Companies

Best Cyber Insurance Companies

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 includesransom payments, media liability, and data recovery.

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.

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.

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.

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.

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.

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.

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.

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.

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.