How to choose a cyber insurance provider

Picking the right cyber insurer can be a tricky task, get it wrong and you could find you don’t have the support you need when your business needs it most. Here’s how to pick the best cyber insurer for your business.

Our top cyber insurers

At cyberinsurance.co.uk we take an in-depth look at the pros and cons of each of the UK’s leading cyber insurers, here’s the pros and cons for the top UK cyber insurance providers:

InsurerProsCons
AIG1 hour response, extensive added value servicesNeed to use a broker, price is mid-market
Aviva24/7 rapid response, flexible cover options£1k fixed excess, no loss of revenue cover for first 8 hours
Bewica24/7 rapid response, worldwide coverNot suitable for large enterprises
Direct Line for Business10% off for existing Direct Line customers, strong customer reviews12 hour loss of income excess, Fixed cover levels
Dual CommercialIndustry specific cover & £20k social engineering limitNo online quotes
HiscoxOnline quote and flexible coverNot always the cheapest, some other insurers offer larger cover limits
Willis Towers WatsonTailored cover that grows with your businessNo instant quote service, some undefined cover terms

Check the policy cover on offer

The most important factor in choosing the right cyber insurer is the cover they offer.

Our cyber insurer reviews options. Some of the key areas to check include:

  • 24/7 Rapid response: If you discover a data breach, you’ll want help from an expert straightaway. Many insurers offer 24/7 support, but some don’t. Always check how easy it is to get hold of each insurer before you make your decision.
  • Forensic costs: This is the cost of finding out what caused your data breach or security lapse and then offering support and recommendations to fix any vulnerabilities found.
  • Legal expenses: Paying for experts to legally defend you in court (if required) and advise you following a data breach.
  • Credit monitoring: This is an ongoing benefit some insurers offer following a breach, and can add an extra level of reassurance if your data has been compromised in the past.
  • PR management: Professional communications support during a crisis can be vital, and many insurers offer experience press and internal comms support as part of their cover.
  • Excess levels: All providers set slightly difference excess levels and most also exclude loss of revenue for a minimum number of hours e.g. the first 8 hours following a cyber attack.     

For more help working out what cover you need, read our guide: What does cyber insurance cover.

Assess who they work with

Most cyber insurance providers partner with third party specialists to offer more comprehensive support and protection for their customers, these usually include:

  • IT security specialists
  • Legal teams
  • PR/communications experts

This means that who each insurer works with should be something you should check and review.

It’s also worth checking exactly what added value services are included as standard and those you’ll have to pay extra for. It might be that your policy entitles you to a discounted price so check what the full rate is to work out the true value of what’s included.

Read expert and customer reviews

At cyberinsurance.co.uk we independently assess and review the top cyber insurance providers in the UK, so you can easily compare your options.  

It’s also worth looking at what each insurer’s customers think about their service and experience making a claim, using sites like Feefo and TrustPilot.

Find out what it costs

The price should never be the first factor you look at when choosing an insurer, but when you run a business managing your costs is always a consideration.

This means it is important to compare your different coverage options and look for the right cover and the cheapest price.

Unfortunately getting quotes from dozens of insurers can be time consuming and can ultimately negate any savings you find by shopping around.

An alternative is to get a cyber insurance quote using cyberinsurance.co.uk, we can take the hassle out of getting bespoke cyber insurance proposals for your business and save you money at the same time.

Cyber insurance provider FAQs

Which is the best cyber insurance provider?

There is no single best insurer, the best option for you will depend on a wide range of factors, including:

  • The size of your business
  • The industry area of your business
  • How much personal data your business processes
  • If your business trades internationally
  • What areas of cover are most important to you

What should I watch out for when picking an insurer?

All insurers have to set out the cover they’re offering in a policy document, including any exclusions and conditions you need to meet.

It’s worth taking the time to read through the policy documents carefully to make sure none of these exclusions would put you off taking out a policy.

What should cyber insurance cover?

It should protect your business from the financial repercussions of a cyber attack or data breach, read our guide what does cyber insurance cover for an in depth breakdown.  


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Cyber insurance buying guide for SME’s

2021

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