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It’s no secret that business (along with everything else) is so technology-centered nowadays.
You really can’t avoid adapting to these new ways of doing business, so you really shouldn’t avoid letting your insurance adapt with it as well. Do you know what that means? You probably need cyber insurance.
We know, we know. Being told you need to pay for another insurance policy isn’t exactly what you wanted to hear, but trust us, it can really be a life saver in the long run.
The good news is, there are plenty of great cyber insurance carriers in Massachusetts.
At Berry Insurance, we work with several business insurance carriers who provide cyber insurance (some of which are highlighted in this article,) so we’ve learned a lot about what makes a good cyber insurance program.
Below, we’ll go over nine of our favorite cyber insurance carriers, in no particular order.
1. The Hartford:
The Hartford’s cyber insurance plan, FailSafe, is one of our favorites.
FailSafe is especially flexible, with the option to select different coverages either as an endorsement to a general liability coverage, or a separate policy.
They customize policies to their clients’ needs, with optional coverages other carriers don’t include, such as business income and extra expense coverage “to help replace lost income if you can’t run your business because of a data breach,” prior acts coverage to “help cover claims related to a breach that happened before your policy’s effective date,” and extortion coverage “which helps cover the amount you paid if someone takes your business’ data and demands a ransom,” according to their website.
FailSafe cyber insurance is also paired with professional liability (errors and omissions) coverage, which covers claims made against your business as a result of the services you provide. Examples of these claims could be for negligence, misrepresentation or even inaccurate advice.
2. The Hanover:
The Hanover insurance company can offer cyber insurance to small- and mid-sized businesses, and say they have expertise in a wide range of industries, such as: construction, manufacturing, non-profit, professional services, retail, technology and wholesale.
Their program offers a wide range of coverages, including privacy and security liability, breach event expense, breach reward expense, cyber business interruption and extra expense, cyber extortion, cyber theft, breach at a third-party, cyber media liability, and fines and penalties.
They also realize that technology companies create increased and more complex risks, so they have a specialty program paired with professional liability insurance for those types of companies.
The Hanover also provides a business resource center, with tools and articles about cyber risk solutions catered to specific industries.
3. Beazley:
According to their website, “Beazley is well known for [their] market-leading cyber breach and network security products.”
Their products, aimed at small and mid-sized businesses, are unique in the market, because they are backed by a dedicated business unit, BBR Services, which coordinates all the response services clients need in the event of a breach.
The website claims BBR Services has helped clients handle thousands of cyber breaches successfully to date.
They also offer a specialized media coverage for entertainment and multimedia companies of all sizes.
4. USLI:
USLI has a comprehensive cyber insurance policy with features including data breach, website liability and identity theft expense paid as incurred; separate aggregate limit of liability per coverage part with option to combine into one aggregate limit, and website liability extends to social media platforms.
Cyber terrorism coverage, which is a newer type of cyber protection is also now available through USLI.
We also love their business resource center, which is a hub for useful information pertaining to human resources services, pre-employment and tenant screenings, and identity theft protection.
5. Hiscox:
Hiscox insurance offers a comprehensive cyber policy covering breach costs, cyber extortion, cyber crime, business interruption, and data recovery.
They also offer a digital media upgrade, which covers the cost of claims related to online content “such as copyright or trademark infringement, invasion of privacy, defamation, unintentional infliction of emotional distress, unfair practices and negligence in connection with your media activities” on your website, social media, or other promotional material.
Another thing we loved? Their website. Hiscox’s cyber page took an educational approach, clearly explaining what it offers and who it might be right for.
6. CNA:
CNA insurance advertises a wide variety of cyber coverages, including “network failure, dependent business income, wrongful collection, broad media, e-theft and social engineering, reputation harm, voluntary shutdown, and payment card industry.”
CNA provides different types of policies depending on a business’ needs, but we especially love that they provide “CNA Cyberprep,” which is a “proactive program of cyber risk services designed to help identify, mitigate and respond to persistent and emerging threats. CNA CyberPrep provides a network of top cybersecurity professionals and services included as a value-added part of their CNA coverages,” according to their website.
7. Chubb:
Chubb insurance is able to customize a wide range of cyber products for businesses of all sizes and industries.
According to their website, “Chubb’s suite of cyber products integrates privacy, network, media, and Errors & Omissions products to provide the specific coverage you need.”
They’ve also been doing this for awhile. Chubb says that since their product was launched in 1998, they’ve been the leading provider of cyber risk solutions and have helped notify more than 300 million individuals of privacy breach.
8. Travelers:
Travelers Insurance offers several comprehensive cyber packages for businesses of any size and industry.
One of their plans is specialized for public entities including “municipalities and counties, utilities, transit authorities, American Indian nations and other organizations in the public sector.”
As a perk for policyholders, they also offer pre- and post-breach risk management services at no additional cost and an eRisk Hub, which is a web-based portal with helpful cyber resources.
9. Coalition:
We like Coalition because they are a product specifically dedicated to cyber protection -- they aren’t an all-in-one business insurance company like most of these other carriers.
In addition to providing state of the art cyber insurance programs, Coalition takes a proactive approach through “24/7 monitoring, employee training, and security services to prevent cyber incidents before they occur and to help mitigate them when they do.”
We also love Coalition’s website. It’s modern, educational, and easy to navigate.
The insurance portion of this product is through North American Insurance Company, which is an affiliate of Swiss Re.
Protect your business with the right cyber insurance plan
Cyber insurance is an increasingly popular product, so there are plenty of competitive options with comprehensive coverages and affordable rates.
Chances are, many (if not all) of the carriers above could have a policy that is right for your business.
Like we said, we actually work with several of the carriers above, so if you’d like to talk to somebody about cyber insurance solutions for your business, feel free to contact us!
In the meantime, there are some other things you can do to protect yourself. Check out this article Ways You’re Making Yourself Vulnerable to a Cyber Attack, which includes some helpful tips for preventing cyber attacks.
