Top cyber insurance companies, judged on what they publish and what they do

The four tests worth applying

1. Does the policy carry the sections your business actually needs. Start with the section list rather than the brand. First party costs, third party liability, and a crime or social engineering section if money leaves the business on instruction. An insurer that does not write the crime section is not a candidate for a firm that pays suppliers by email, however well known it is, and an insurer that does is worth considering however unfamiliar the name.
2. Who answers the telephone at two in the morning. The single biggest difference between cyber insurers in practice is whether there is a dedicated incident response team with pre appointed forensic and legal firms, or a general claims desk that will get back to you. Ask for the arrangement in writing before you buy. This is the part of the product that is used in the first hours and the part that is hardest to judge from a website.
3. Is the insurer authorised, and who actually carries the risk. Many cyber policies are sold by an agent writing on an insurer's paper. Both are legitimate, and you should know which you are dealing with because the entity answering the claim is the insurer. The Financial Conduct Authority register will tell you what each firm is permitted to do, and it takes a minute to check the name on the schedule.
4. Read the war, betterment and known vulnerability clauses. These three clauses differ most between wordings and are where two otherwise identical quotes diverge. The war and state backed attack exclusion has been rewritten across the market in recent years with no common drafting. Betterment decides whether you come back as you were or better. The known vulnerability exclusion decides what happens if the hole was reported to you and not fixed.

Common questions

Which insurer is best for cyber cover in the UK?

There is no single answer, and this page does not publish a ranking it has not measured. The right insurer is the one whose section list matches your exposure and whose incident response arrangement is real. Judge on those two first.

Are specialist cyber insurers better than general insurers?

Often on the response and the wording, sometimes not on price. A general insurer that already holds your other policies has the advantage that the wordings will not argue with each other at claim time, which is worth something real.

Does the insurer on the certificate matter to my clients?

Sometimes. Corporate and public sector contracts occasionally specify a minimum financial strength rating for the insurer. Check the contract before you buy rather than after the certificate is rejected.

Can I check an insurer is authorised?

Yes. The Financial Conduct Authority register is public and lists every authorised insurer and intermediary with the permissions each one holds.

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