Woman at computer with cyber security icon on screen. Concept: cyber insurance providers.
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The Best Cyber Insurance Providers for Small Business

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If you are reading this, it’s because you already know what cyber liability insurance is and the importance of covering your small business against cyber threats. Now, you have to make a decision and choose the appropriate solution for your company.

To make your task easier, we have selected five of the top cyber insurance providers. All of them offer services tailored to small businesses like yours.

Top 5 Cyber Insurance Providers 

1. Chubb 

Founded in 1882, this insurance company has its headquarter in Switzerland. It is the largest provider of commercial insurance in the United States, and its portfolio offers solutions for individuals, families, and businesses.

In the business area, in addition to accident policies, general responsibility, and commercial packages, it offers insurance against cyber attacks.

The company offers solutions to cyber risks since 1998. These products are designed to suit every company, regardless of its size or industry. Chubb currently has 12 percent of the market in this segment. 

Insurance Features 

The different policies include protection against different types of threats and can adapt to each business according to its needs. These are some of the main features:

  • Mitigation of losses and post-incident services.
  • Extended definition of protected information: This includes including biometric data, internet browsing history, and personal photos and videos.
  • Extortion expenses that include bitcoin and other virtual currencies.
  • Copyright infringement of software, and coverage of loss of the product.
  • Your insurance covers cyber, network, privacy, and media risks, and its scope ranges from the first party to third parties.
  • Guaranteed coverage against other risks, such as social engineering, fraudulent transfers of funds, and computer fraud.

2. American International Group (AIG)

AIG was founded in 1919 in China but has a presence in the United States since 1926. The company has 22 percent of the cyber liability insurance market, and last year won the Cyber ​​Risk Innovation Award.

It offers flexible solutions that can be customized according to the needs of each user. For example, a general liability policy can include coverage against cyber threats, and you can choose coverage for first and third parties, or only for first. 

Insurance Features

AIG solutions are available for companies with international reach, medium-sized companies, and small businesses. These are the features of the main insurance products:

  • CyberEdge. It covers the costs caused by a leak, as well as the first-party costs, such as data restoration and event management. This policy also guarantees third parties coverage for network interruption and cyber extortion.
  • CyberEdge Plus. It covers expenses caused by cyber attacks in the physical world, such as business interruption costs, and damage to first and third-party properties, as well as physical injuries to third parties.

3. Hiscox

This insurance company was founded in 1901. It specializes in general, professional, property and cyber-attack policies. Its products are geared towards small businesses, especially towards independent contractors and microenterprises.

It has affordable products to ensure the first and third parties. Hiscox also has a team that trains small businesses in cyber risks and helps them to return to normal after a cyber attack.

Insurance Features

The company offers short and medium-term solutions. These are some of its services:

  • Response to leaks. It covers the costs of computer analysis, notification, and care of those affected, identity protection services, and public relations management.
  • Extortion. Guarantees rescue payment and expert assistance.
  • Information recovery. It covers the costs of replacing, restoring, or regaining access to information after a cyber attack.
  • Business interruption. The insurance covers losses due to total or partial interruption of the business as a result of cyber threats.
  • Cybercrimes and deceptions. It covers any money lost in the business accounts due to improper actions of a third party, or by social engineering strategies in which funds are voluntarily transferred to others.

4. Liberty Mutual

Founded in 1912, this company sells insurance against cyberattacks tailored to small businesses. Their policies seek to protect companies against the costs generated by data leaks, attacks caused by hackers, or privacy violations.

You can buy cyber risk insurance as part of a general liability package. An additional resource offered by this insurance company is the possibility of accessing a data filtration platform that provides data breach notifications and tools to manage cyber risks.

Insurance Features

Liberty Mutual’s cyber liability policies are divided into four parts:

  • Information at risk. When sensitive information has been compromised, the policy covers response costs for first parties during a data breach.
  • Extortive attacks. Coverage to the first parties to repair or restore information and systems after a data leak.
  • Coverage before demands. If a leak compromises third-party data, the policy guarantees the funds to cover legal claims.
  • Responsibility for network security. The policy takes care of the losses of third parties caused by a leak of confidential business data.

5. Travelers

Travelers was founded in 1853. Their policies are designed to protect businesses in different areas, regardless of their size. Also, its portfolio has a pre-cyber attack assistance service, in collaboration with the security company Symantec, thus improving the protection levels.

Your main cybersecurity policy is available as a stand-alone product or as part of a business insurance package. For small businesses, the company offers a solution called Cyber ​​First for Small Businesses.

Insurance Features

CyberFirst Essentials, the basic insurance package, is reasonably priced for small businesses. Your coverage includes:

  • Notification to customers if a leak occurs.
  • Credit card monitoring.
  • Costs of a public relations advisor.
  • Defense costs and agreements in case of being sued by third parties.

CyberRisk for Multiple Industries and Sizes is another policy designed for small businesses and offers a broader coverage and the possibility of customization.

A Final Recommendation

There is a platform where you can compare the services of several cyber insurance providers. Although it is not an insurance company, it can be beneficial when you are looking for the provider that best fits your needs. 

CoverWallet gathers information from many of the best qualified cyber insurance providers. This way, you can get quotes from companies such as Chubb, Liberty Mutual, and many others. It is an excellent place to start and contrast your options, and thus choose the most convenient.

Invest in Your Business Security 

There are many cyber insurance providers on the market, but not all of them offer products that adapt to the needs of small businesses. In the list above, you can find customizable solutions at relatively affordable prices.

Remember, a policy against cyber threats is essential to ensure the security of your business and the peace of mind of your customers. If at this moment you don’t have the funds to get one, Camino Financial can be the solution.

Simply submit your business loan application to know if you qualify for financing instantly. We will review your company’s profile and choose the best financing product according to your needs. Once your application gets approved, you can receive the funds directly into your bank account in a matter of days. It’s that easy! Request a business loan quote now!

Keep reading: Ready for the unexpected? Invest in business protection.

 

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