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Who Sells Cyber Insurance?

Cyber insurance is a reasonably new concept (compared to more ‘legacy’ insurances like a vehicle or home coverage). Not every insurer on the market currently lists it as one of their products. If they don’t, many wills (or should) have it in their pipeline as data and cyber continues to evolve and data protection becomes more and more important to the success and failure of businesses.

However, according to NimbleFins, a number of the UK’s leading household-name insurers do sell cyber insurance, such as brands like Hiscox, Direct Line and AXA. If one of these brands is suitable, the cheapest option is usually to shop with them directly. Keep in mind that buying direct doesn’t provide the chance to compare quotes easily (and potentially save), but some businesses prefer to buy direct from an insurer. Contact details and quotes can usually be found on a provider’s website.

For those unsure of which provider to use, who would benefit from some specialist/expert advice, using a cyber insurance broker could be the way to go. Brokers act as intermediaries between the customer and the insurance market, scouting out the best deals for their customers. They can be more expensive than other options (but it’s also possible they’ll be cheaper, so don’t rule them out purely on price) but offer a more personalised service that can help to guide both the purchasing and insurance maintenance processes.

Finally, there are a few aggregators/comparison websites to compare quotes from multiple different providers. These are by far the fastest way to find multiple prices, providing access to a wider choice of products and possibly some of the cheapest insurers on the market. Aggregators offer a streamlined purchasing process, too, so when heading to the website of the selected provider, the purchase process should be straightforward.

In terms of what to look for in an insurance company, the most important part of any policy is making sure it covers what is needed. Having an insurance policy that doesn’t properly protect a business can be extremely risky, potentially leaving it with unexpected (and, in the world of cybersecurity, expensive) bills that the insurance is expected to cover.

While it shouldn’t be the only deciding factor, price is important too. To avoid overpaying, remember to shop around each year to look for the best deals. Many insurers will happily offer welcome discounts/gifts to thank a business for their custom.

Be sure to check online reviews and recommendations, too. Check for common themes in both positive and negative reviews, especially around the claims process, customer service and the insurer’s willingness to pay out on claims.

 

Cyber insurance providers

Most UK cyber insurance providers can be found through a quick Google search. Household names like Hiscox and Direct Line will pop up, as the brands are active in the cyber insurance market.

That being said, don’t take the first option presented without doing a bit of research. Other specialist cyber insurers and brokers might be more suitable for the business, so don’t be afraid to hunt a little bit further down the list and see if there are any insurers/brokers with excellent reviews who might offer a better product or deal.

Similarly, don’t be afraid to ask any friends in the industry who they use for their insurance. Getting a good recommendation for an insurer from a friend in the same industry, while not a guarantee, can be a good way to find a quality insurance provider.

As with any other product, make sure to check a few online reviews just to see what people are saying. A few negative reviews don’t necessarily mean a provider is a bad option, but if there are some consistent themes (or just far too many negative reviews), then it might be worth shopping elsewhere.

 

Where can I get cyber insurance?

There are three main options when it comes to buying cyber insurance – shopping directly, using a broker or trying an aggregator/comparison website. All have their benefits. Aggregators are great for getting as many prices as quickly as possible. Brokers are market experts who can provide a more ‘personal’ approach to the insurance market and offer advice and answer any questions.

Finally, some insurers have their own sales teams who will work directly with a customer. A quick Google search for ‘cyber insurance provider’, ‘cyber insurance broker’ or ‘cyber insurance comparison site’ should pull up a range of options.

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