Best Top Cyber Insurance for Construction Companies in USA in 2025
Published: December 5, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 5 solutions. Top Recommendation: HSB Cyber Suite by HSB (Hartford Steam Boiler) via independent agents scored highest due to Broad enhancement options such as coverage for system damage ("bricking"), betterment, and emerging threats, distributed through independent agents who can align coverage with construction operations..
Content Verification
Side-by-Side Comparison
| Feature | #1 HSB Cyber Suite (HSB (Hartford Steam Boiler) via independent agents) | #2 Business Insurance (The Hartford) | #3 Cyber Liability (Holmes Murphy) | #4 Business Insurance (Tooher-Ferraris Insurance Group) | #5 Cyber Insurance (Insureon (Marketplace of carriers such as Chubb and Coalition)) |
|---|---|---|---|---|---|
| Best For | Broad enhancement options such as coverage for system damage ("bricking"), betterment, and emerging threats, distributed through independent agents who can align coverage with construction operations. | Specialized construction underwriting and risk engineering teams that tailor cyber liability coverage to construction industry exposures as part of an integrated construction policy suite. | Advisory-driven approach using loss modeling, benchmarking, and threat intelligence to tailor cyber limits and terms to each client’s operational and project profile. | Focus on pairing cyber coverage with overall risk management and security posture, emphasizing resilience and recovery after digital incidents. | Single digital application that lets contractors compare cyber quotes from multiple top-rated U.S. carriers and bundle with other construction lines. |
| Coverage Scope & Limits | Coverage includes first-party (response, extortion, data restoration, business interruption/dependent BI, reputational harm), third-party (privacy/security liability, regulatory/PCI fines, media), and supplemental/crime (social engineering/computer fraud, invoice manipulation, cryptojacking, bricking/betterment, identity recovery, business identity theft/impersonation, court attendance). Limits: $25, 000, $1, 000, 000. (munichre.com) | Scope: Commercial property (incl. business interruption, equipment breakdown), general liability, workers’ compensation, commercial auto (fleet, hired/non-owned, cargo), cyber liability, professional liability, executive risk (D&O, EPLI, fiduciary), product liability, and umbrella/excess extending beyond primary limits. Limits: tailored per client/policy; umbrella adds extra liability above underlying policies. (toofer.com) | Tailored cyber liability; coverage typically includes data breach, ransomware/cyber extortion, business interruption (including dependent BI), system restoration, and social engineering. Limits are customized via risk valuation, benchmarking, and modeling; Holmes Murphy recommends full limits for extortion and BI due to market non-standardization. No fixed standard limits published. (holmesmurphy.com) | Scope: Commercial property (incl. business interruption, equipment breakdown), general liability, workers’ compensation, commercial auto (fleet, hired/non-owned, cargo), cyber liability, professional liability, executive risk (D&O, EPLI, fiduciary), product liability, and umbrella/excess extending beyond primary limits. Limits: tailored per client/policy; umbrella adds extra liability above underlying policies. (toofer.com) | Scope: First-party (forensics, notification, credit monitoring, PCI fines), ransomware/extortion, business interruption; Third-party liability (defense, settlements/judgments). Limits: commonly $1M per occurrence / $1M aggregate for small businesses; many policies offer $1M, $5M limits. (insureon.com) |
| Construction-specific Risk Engineering | N/A | Tooher-Ferraris offers construction risk engineering: OSHA compliance resources (safety reporting guides/manuals), construction-specific loss control and safety programs, accident-prevention strategies, and workers’ comp audit support for contractors. They also provide construction surety (bid, performance, payment, maintenance) and Risk Synergy tools (e.g., OSHA logs) to support ongoing site safety and compliance management. (zexprwire.com) (toofer.com) | N/A | Tooher-Ferraris offers construction risk engineering: OSHA compliance resources (safety reporting guides/manuals), construction-specific loss control and safety programs, accident-prevention strategies, and workers’ comp audit support for contractors. They also provide construction surety (bid, performance, payment, maintenance) and Risk Synergy tools (e.g., OSHA logs) to support ongoing site safety and compliance management. (zexprwire.com) (toofer.com) | Delivered via carriers. Coalition provides construction-focused cyber risk engineering via Coalition Control (pre-breach scanning, alerts, guidance) and an industry guide addressing BIM, SCADA, and invoice manipulation. Chubb offers cyber services (vulnerability management, endpoint security, awareness). Insureon markets cyber insurance to construction firms. (coalitioninc.com) |
| Claims Response & Services | 24/7 dedicated cyber claim specialists; immediate hotline for ransom demands. Claims can be submitted online or by phone, with follow-up from a Cyber Claims Service Representative within one business day. (munichre.com) | Weekdays 8:30 a.m., 4:30 p.m., report claims via CSR24 or call 800-899-0093, fax (203) 834-5901, or email claims@toofer.com. After hours, contact carriers directly (directory provided). Includes claim instruction guide, workers’ comp Employer First Report, and guidance for master condo claims. 24/7 account access and service requests via CSR24 mobile app. (toofer.com) | Provides incident response resources and helps build a breach response plan to efficiently respond and recover from cyber events. If a cyber incident occurs, Holmes Murphy advocates for you throughout the claims process to ensure coverage responds as intended and strengthen future protection. (holmesmurphy.com) | Weekdays 8:30 a.m., 4:30 p.m., report claims via CSR24 or call 800-899-0093, fax (203) 834-5901, or email claims@toofer.com. After hours, contact carriers directly (directory provided). Includes claim instruction guide, workers’ comp Employer First Report, and guidance for master condo claims. 24/7 account access and service requests via CSR24 mobile app. (toofer.com) | Includes coordinated breach response: digital forensics, customer notification, credit monitoring, PCI fines; ransomware/extortion payments; business interruption expenses; PR/crisis management support; plus legal defense and settlements for third‑party claims. (insureon.com) |
HSB (Hartford Steam Boiler) via independent agentsCompany Information
"A Munich Re company"
Description
Hartford Steam Boiler is focused on providing innovative insurance and risk management solutions, specializing in equipment breakdown and cyber insurance.
What They Do
Provide insurance solutions for commercial and personal lines, particularly in equipment breakdown and cyber risks.
Who They Serve
Businesses, homeowners, agents, insurers.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Key Pages
Navigation Links
Summary
HSB Cyber Suite offers cyber insurance for small businesses, enabling commercial insurers to protect their clients from evolving cyber threats. The suite includes comprehensive coverage, risk management tools, and 24/7 support to help businesses prevent and recover from cyber incidents.
Best For
Small businesses, Commercial insurers serving small business clients, Independent insurance agents
Key Features
- Broad coverages that can be layered for tailored protection
- Risk management services to help mitigate threats before they happen
- 24/7 access to cyber claim specialists
- Customizable limits to fit business size and needs
- Continuous refinement and expansion of coverage
Key Benefits
- Comprehensive, customizable cyber coverage
- Access to HSB’s in-house cyber experts
- 24/7 claims support and cyber response services
- Risk management tools and industry insights
- Flexible coverage limits from $50,000 to $1 million
- Competitive pricing suitable for small business budgets
- Coverage that evolves with changing cyber risks
Who Is It For
- Small businesses
- Commercial insurers serving small business clients
- Independent insurance agents
Geographic Availability
HSB Cyber Suite
Cyber risk insurance for small businesses. HSB Cyber Suite provides comprehensive cyber coverage, risk management expertise, and 24/7 cyber response services to help your small business clients prevent and recover from today’s cyber risks.
Experts to anticipate and manage cyber issues
HSB’s in-house cyber experts are available to assist your client with 24/7 claims support, risk management tools, and industry insights to help your clients plan ahead and stay safe from cyber crime.
- 24/7 claims support
- Risk management tools
- Industry insights
Comprehensive, customizable coverage
Cyber Suite provides broad coverages that can be layered to create a safety net tailored to specific cyber risks and operational needs of the insured. Because cyber risks are always changing, we constantly refine and expand our cyber insurance so your clients can feel confident that they’re covered.
- Broad, layered coverages
- Tailored to specific risks and needs
- Coverage evolves with cyber risk landscape
Flexible limit options to meet your changing needs
As a business grows, so do its risks. That’s why Cyber Suite offers coverage limits that range from $50,000 to $1 million—so clients can scale their insurance to fit the size and scope of their business.
- Coverage limits from $50,000 to $1 million
Competitive pricing
Just because your clients have a smaller budget doesn’t mean they shouldn’t have comprehensive cyber protection like their larger counterparts. With Cyber Suite, small businesses get great coverage at a price they can afford.
- Affordable for small businesses
HSB Commercial Cyber Risk Services
HSB goes beyond coverage with a suite of risk management services designed to help mitigate cyber threats before they happen and keep businesses safe in the case of an unexpected cyber event.
- Risk management services
- Proactive threat mitigation
What a loss can cost
Examples of real-world cyber incidents and their financial impact on small businesses.
- $22,000 loss: Ransomware attack on machine parts manufacturer
- $50,000 loss: Phishing attack on financial consulting firm
- $15,000 loss: Ransomware attack on drywall contractor
Why trust HSB for commercial cyber insurance
HSB has nearly 20 years of experience in cyber insurance, is among the top 10 admitted cyber insurers in the US, and is rated A++ (Superior) by A.M. Best.
- 20 years in cyber insurance
- 24/7 claims support
- Top 10 US cyber insurer
- A++ (Superior) rating by A.M. Best
Protect your small business clients from emerging cyber risks
Smaller businesses may not have the same resources as larger companies to prevent and resolve cyber security losses. But with HSB Cyber Suite, they can protect themselves and get back up and running if they become a victim of cyber crime.
Resources
Supporting Resources
Detailed Comparison
Coverage Scope & Limits
Claims Response & Services
Business Insurance
The HartfordCompany Information
"Thoughtful Insurance You Can Trust®"
Description
For over 90 years, Tooher-Ferraris Insurance Group has been the trusted partner for businesses and individuals seeking the best insurance, risk management, and employee benefits solutions. Our deep industry expertise, innovative approach, and unwavering commitment to client success set us apart.
What They Do
We provide comprehensive insurance solutions including business, personal, and employee benefits insurance.
Who They Serve
Businesses, families, and individuals.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Business insurance, also known as commercial insurance, provides essential protection for business owners against unexpected claims and losses. The Hartford offers a range of coverages tailored to different industries and business needs, helping to keep employees safe and businesses running smoothly.
Best For
Small businesses, Midsize and large businesses, Businesses that provide services or advice, Businesses with employees, Businesses with property or equipment, Businesses that use vehicles for work, Businesses that store sensitive data or run a website
Key Features
- General Liability Insurance: Covers lawsuits for negligence, bodily injury, property damage, libel, and slander
- Workers’ Compensation Insurance: Covers employee medical bills, rehabilitation, and lost wages due to work-related injuries or illnesses
- Professional Liability Insurance: Protects against claims of negligence in professional services or advice
- Commercial Property Insurance: Protects owned or rented buildings, tools, and equipment
- Commercial Auto Insurance: Covers costs of auto accidents involving business vehicles
- Cyber Insurance: Covers liability and costs related to cyber threats, data privacy, and network security
- Business Owner’s Policy (BOP): Bundles general liability, commercial property, and business income insurance
Key Benefits
- Personalized coverage options for various business types and industries
- Protection against lawsuits, property damage, employee injuries, cyber threats, and more
- Bundling options (e.g., Business Owner’s Policy) for cost savings
- Strong claims experience (4.7/5 star rating)
- Over 200 years of experience and more than 1.3 million small business customers
- Recognized as a World's Most Ethical Companies® honoree
Who Is It For
- Small businesses
- Midsize and large businesses
- Businesses that provide services or advice
- Businesses with employees
- Businesses with property or equipment
- Businesses that use vehicles for work
- Businesses that store sensitive data or run a website
Geographic Availability
Business Insurance Coverage in Minutes
Get personalized coverage in just a few clicks. The Hartford has over 200 years of experience, 1.3MM+ small business customers, and is rated #1 Digital Small Business Insurer by Keynova.
- 4.7/5 Star Claims Experience
- 200+ Years Serving Customers
- 1.3MM+ Small Business Customers
- #1 Digital Small Business Insurer
Find the Right Coverage for Your Business
Interactive quiz to help businesses identify needed coverages based on industry, business activities, and location.
- Select industry
- Identify business activities (service, vehicle use, sensitive data, employees, property/equipment)
- Enter business location
Get a Quote for Business Insurance
Business insurance helps protect business owners from unexpected losses and claims. The Hartford has a 4.8 star claims rating from over 18,000 customers.
- Protection for assets and employees
- Essential for startups and established companies
Choose the Best Types of Business Insurance
Overview of main business insurance types offered by The Hartford.
- General Liability Insurance
- Workers’ Compensation Insurance
- Professional Liability Insurance
- Commercial Property Insurance
- Commercial Auto Insurance
- Cyber Insurance
- Business Owner’s Policy (BOP)
What’s the Average Cost of a Business Insurance Policy?
Average annual and monthly premiums for key coverages. Costs vary by business.
- BOP: $1,687/year ($141/month)
- GLI: $810/year ($68/month)
- Workers’ Comp: $1,032/year ($86/month)
- PLI: $744/year ($62/month)
Popular Professions We Cover
Examples of professions and industries covered.
- Photographers
- Landscapers
- Real Estate Agents
- Restaurant Owners
More Industries We Insure
Extensive list of industries and professions eligible for coverage.
- See full list in 'industries_served'
The Hartford Business Insurance: Trusted Experience
The Hartford is a trusted insurer for businesses of all sizes, recognized for ethical practices and customer service.
- Over 1 million businesses served
- 16-time World's Most Ethical Companies® honoree
More Answers to Frequently Asked Business Insurance Questions
Links to FAQs and educational resources.
- What Does Business Insurance Cover?
- What Are Certificates of Insurance (COI)?
- Business Insurance Definition & FAQs
- Top 10 Reasons You Need Business Insurance
Resources
Supporting Resources
Detailed Comparison
Coverage Scope & Limits
Construction-specific Risk Engineering
Claims Response & Services
Holmes MurphyCompany Information
"Understanding. Fully. Ensuring Your Max Potential"
Description
Holmes Murphy offers insurance solutions designed for unique, unexpected challenges, focusing on protecting people and things that matter.
What They Do
Holmes Murphy provides a range of insurance solutions including property casualty, employee benefits, and risk management.
Who They Serve
They serve a variety of industries including agriculture, education, healthcare, and manufacturing.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Cyber Liability insurance from Holmes Murphy is designed to protect businesses from the financial, operational, and reputational harm caused by cyber incidents. The service includes risk assessment, tailored insurance coverage, and ongoing risk management support to ensure cyber resiliency.
Best For
Businesses of all sizes, All industries, Organizations with digital operations or sensitive data, Companies seeking to mitigate cyber risk and ensure compliance
Key Features
- Full coverage service with tailored insurance and risk management
- Cyber risk assessment and valuation
- Loss modeling and predictive analysis
- Peer benchmarking against industry peers
- Threat intelligence and real-time risk monitoring
- Incident response planning and resources
- Employee security awareness training and phishing simulation
- Implementation of prevention strategies (MFA, MDR/EDR, air-gapped backups)
- Ongoing advisory and support
Key Benefits
- Comprehensive protection against cyber risks and data breaches
- Tailored insurance strategies based on unique business needs
- Access to cyber risk advisors and consultants
- Data-driven decision making using loss modeling and benchmarking
- Proactive risk management and incident response resources
- Negotiation of competitive rates and tailored terms with insurance carriers
- Support throughout the claims process
Who Is It For
- Businesses of all sizes
- All industries
- Organizations with digital operations or sensitive data
- Companies seeking to mitigate cyber risk and ensure compliance
Use Cases
- Protection against data breaches and cyber attacks
- Mitigating financial, legal, and reputational risks from cyber incidents
- Ensuring business continuity after ransomware or other cyber events
- Aligning insurance coverage with evolving cyber threats
Geographic Availability
How It Works
Holmes Murphy's team collects data on the client's current cyber security posture and exposures.
Cyber Advisory Tools are used to provide loss modeling, risk identification, and benchmarking.
A tailored insurance and risk management strategy is developed based on the assessment.
Holmes Murphy negotiates with carriers to secure the best coverage and terms.
Clients receive ongoing support, including incident response and claims advocacy.
Protect Your Business From Cyber Risk
A data breach harms your business, budget, and the trust you’ve built with your customers. Our cyber risk advisors can assess your risks and offer comprehensive protection with cyber liability insurance and risk management strategies, designed to protect what matters most.
Cyber Risk Protection
- Full Coverage Service: Tailored insurance strategy and risk management solutions.
- Decisions Backed By Data: Use of loss modeling, benchmarking, and threat intelligence.
- Forward Thinking: Advisory solutions, incident response resources, and proactive risk management.
Personalized Cyber Risk Strategies
Cyber security threats continue to increase and evolve, putting organizations of every size at risk. Holmes Murphy’s Cyber Advisory Tools enable a smarter approach to cyber insurance decisions and proactive cyber risk management.
- Risk Valuation: Data-driven threat modeling and loss tracking.
- Peer Benchmarking: Compare insurance purchasing with industry peers.
- Predictive Analysis: Tailored company assessments to quantify loss potential.
- Threat Intelligence: Real-time data on threat vectors and vulnerabilities.
Cyber Security FAQs
- Data breaches: Illegal access, theft, or exposure of sensitive information.
- Phishing attacks: Deceptive emails or sites to steal information.
- Ransomware: Data encryption and payment demands.
- Malicious insider threats: Employees or contractors misusing access.
- Evolving technology risks: Lawsuits and complexities from new technologies.
Strengthen Your Cyber Security with Holmes Murphy
The cyber security landscape continues to evolve. Holmes Murphy helps businesses prepare for and prevent cyber incidents.
Trusted Cyber Security Experts
Holmes Murphy helps manage, reduce, and insure against cyber risks, providing best practices and guidance for prevention and incident response.
Manage Your Cyber Risk With Data-Backed Decisions
Holmes Murphy collects data on your cyber security posture and exposures, uses Cyber Advisory Tools for loss modeling and benchmarking, and tailors programs to your needs.
Reduce The Likelihood of Attack With Strong Cyber Security Posture
Prevention strategies include MFA, MDR/EDR, air-gapped backups, employee training, and incident response planning.
- Multifactor authentication (MFA) for remote and privileged access
- Managed Detection and Response (MDR) and Endpoint Detection and Response (EDR)
- Isolated air-gapped backups
- Employee security awareness training and phishing simulation
- Practiced and tested Incident Response Plan
Cyber Liability Insurance Keeps Your Business Safe
Holmes Murphy secures the best cyber insurance coverage options, negotiates competitive rates, and advocates for clients during claims.
Get in Touch
Talk with our cyber risk consultants today.
Resources
Supporting Resources
Detailed Comparison
Coverage Scope & Limits
Claims Response & Services
Tooher-Ferraris Insurance GroupCompany Information
"Thoughtful Insurance You Can Trust®"
Description
For over 90 years, Tooher-Ferraris Insurance Group has been the trusted partner for businesses and individuals seeking the best insurance, risk management, and employee benefits solutions. Our deep industry expertise, innovative approach, and unwavering commitment to client success set us apart.
What They Do
We provide comprehensive insurance solutions including business, personal, and employee benefits insurance.
Who They Serve
Businesses, families, and individuals.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Business Insurance from Tooher-Ferraris Insurance Group provides a wide range of insurance solutions to protect companies from unexpected risks. The offering includes commercial insurance, surety bonds, employee benefits, and specialty insurance programs tailored to specific industries. The approach is consultative, focusing on identifying exposures and implementing risk management strategies.
Best For
Businesses of all sizes, Industry-specific businesses (e.g., arborists, custom home builders, equine, hospitality, manufacturing, non-profits, real estate, specialty trade contractors, etc.), Employers seeking employee benefits solutions, Businesses requiring surety bonds or specialty insurance
Key Features
- Commercial insurance (property, liability, specialized protections)
- Surety bonds (for construction, compliance, financial guarantees)
- Employee benefits (health, wellness, benchmarking, compliance)
- Specialty insurance programs for unique industry risks
- Risk management and loss exposure analysis
- Collaborative, consultative approach
- Access to 24/7 account information via mobile app
Key Benefits
- Comprehensive protection against unexpected business risks
- Tailored insurance solutions for specific industries
- Support for regulatory and contractual compliance
- Employee benefits solutions to attract and retain talent
- Expert guidance and risk management support
- Coverage for property, liability, employees, and specialized risks
Who Is It For
- Businesses of all sizes
- Industry-specific businesses (e.g., arborists, custom home builders, equine, hospitality, manufacturing, non-profits, real estate, specialty trade contractors, etc.)
- Employers seeking employee benefits solutions
- Businesses requiring surety bonds or specialty insurance
Geographic Availability
Protect Your Business with Comprehensive Insurance Solutions
Tooher-Ferraris Insurance Group offers a wide range of business insurance solutions to protect your company from the unexpected. Their collaborative approach helps identify your loss exposure, recommend strategies, and implement insurance and risk management programs.
Commercial Insurance Solutions
Comprehensive commercial insurance solutions tailored to your industry. Coverage includes property, liability, and specialized protections to shield operations, assets, and employees.
Surety Bonds
Comprehensive surety bond solutions for contractual and regulatory obligations, including construction projects, compliance, and financial guarantees.
Employee Benefits
Comprehensive employee benefits solutions to attract and retain talent, including health and wellness programs, benchmarking, and compliance support.
Specialty Insurance Solutions
Specialty insurance solutions crafted for unique industry risks, with guidance and insights tailored to specific business challenges.
- Arborists
- Custom Home Builders & Remodelers
- Equine
- Flood Insurance
- Hospitality
- Manufacturing
- Mergers & Acquisitions Insurance Solutions
- Non-Profit
- Pollution
- Real Estate
- Specialty Trade Contractors
- Storage Tank Pollution
Schedule a Review
Let’s discuss your specific needs with one of our trusted advisors.
Resources
Supporting Resources
Detailed Comparison
Coverage Scope & Limits
Construction-specific Risk Engineering
Claims Response & Services
Insureon (Marketplace of carriers such as Chubb and Coalition)Company Information
Insureon is a leading online agency for small business insurance, allowing business owners to compare quotes from top-rated companies, buy policies, and manage coverage online. The company provides a range of insurance policies, including general liability, professional liability, workers' compensation, and commercial property insurance, among others.
"#1 digital agency for small business insurance."
Keywords
Description
Insureon is the largest provider of small business insurance online. It allows small business owners to fill out a single application and get quotes from top carriers in seconds.
What They Do
Insureon provides online small business insurance solutions, allowing business owners to compare quotes and purchase necessary coverage from various insurance carriers.
Who They Serve
Small business owners across various industries in the United States.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
Cyber insurance helps businesses recover from data breaches and cyberattacks, which are increasingly common and costly. It provides crucial protection for businesses that handle sensitive information that could be exposed in a security breach.
Best For
Small businesses that handle sensitive customer information (PII, PHI, financial data)., Businesses operating in cybersecurity or IT., Companies working in cloud environments., Retailers handling customer payment data., Healthcare organizations and medical service providers., Financial service providers (accountants, tax preparers, advisors)., Real estate professionals., Tech companies responsible for client cybersecurity.
Key Features
- First-party coverage: Covers direct costs to your business from a cyber incident.
- Third-party coverage: Covers legal costs if a client sues your business for failing to prevent a breach at their company.
- Business interruption coverage: Covers lost income and extra expenses due to cyber incidents.
- Ransomware/extortion coverage: Pays for ransom demands and related costs.
- Data breach response: Covers forensic investigation, notification, credit monitoring, and PCI compliance fines.
Key Benefits
- Covers costs of data breaches and cyberattacks, including customer notification, credit monitoring, legal fees, and fines.
- Helps businesses recover from business interruption due to cyber incidents.
- Provides legal protection and resources for regulatory compliance.
- Covers ransomware payments and cyber extortion demands.
- Protects against lawsuits from clients in the event of a breach affecting them.
Who Is It For
- Small businesses that handle sensitive customer information (PII, PHI, financial data).
- Businesses operating in cybersecurity or IT.
- Companies working in cloud environments.
- Retailers handling customer payment data.
- Healthcare organizations and medical service providers.
- Financial service providers (accountants, tax preparers, advisors).
- Real estate professionals.
- Tech companies responsible for client cybersecurity.
Use Cases
- Covering costs of customer notification and credit monitoring after a data breach.
- Paying for legal defense and settlements if sued by a client for a breach.
- Reimbursing ransom payments in a ransomware attack.
- Covering business interruption expenses due to a cyber incident.
- Paying for forensic investigation and PR campaigns after a breach.
Geographic Availability
What is cyber insurance and why is it important for small businesses?
Cyber insurance helps businesses recover from data breaches and cyberattacks, which are increasingly common and costly. It provides crucial protection for businesses that handle sensitive information that could be exposed in a security breach.
- Average cost of a breach in the US: $10.22 million.
- 43% of cyberattacks target small businesses.
- Covers expenses: customer notifications, credit monitoring, attorney's fees, fines, data recovery, forensic investigations.
What does cyber insurance cover?
Cybersecurity insurance covers your incident response costs associated with data breaches and cyberattacks, including the cost of recovering important data and hiring legal representation.
- First-party coverage: for your own cyber risks.
- Third-party coverage: for legal protection from client lawsuits.
How much does cyber insurance cost?
Insureon customers pay an average premium of $145 per month for cyber insurance. The cost is based on industry, amount of sensitive data handled, number of employees, cybersecurity controls, and policy limits/deductible.
- Industry
- Amount of sensitive data handled
- Number of employees
- Cybersecurity controls
- Policy limits and deductible
Who needs cyber insurance?
Cyber liability insurance is key for companies that operate in cybersecurity, work in a cloud environment, or handle sensitive customer information. Especially vulnerable industries include IT, retail, healthcare, finance, and real estate.
- IT professionals
- Retail businesses
- Healthcare organizations
- Financial service providers
- Real estate professionals
What does cyber liability insurance not cover?
Cyber insurance does not cover data loss caused by a power outage, professional mistakes, damaged electronics from physical events, or physical accidents that destroy client data.
- Mistakes and oversights (covered by professional liability insurance)
- Damaged electronics (covered by EDP insurance)
- Physical accidents destroying client data (covered by electronic data liability coverage)
Resources
Supporting Resources
Detailed Comparison
Coverage Scope & Limits
Construction-specific Risk Engineering
Claims Response & Services
Our Ranking Methodology
How we rank these offerings
We ranked these Top Cyber insurance for construction companies in USA based on three key factors: Coverage Scope & Limits (40% weight), Construction-specific Risk Engineering (35% weight), and Claims Response & Services (25% weight). Tooher-Ferraris Insurance Group scored highest due to its comprehensive coverage and dedicated construction risk engineering solutions tailored for the construction industry.
Ranking Criteria Weights:
Frequently Asked Questions
- What are the typical costs and pricing models for cyber insurance in the construction industry?
- Cyber insurance costs for construction companies can vary significantly based on factors such as company size, revenue, and coverage needs. Premiums generally range from $1, 000 to $10, 000 annually. Holmes Murphy's tailored coverage highlights a customized approach where cost reflects the specific risk assessment and resilience strategies implemented, which can include policy enhancements specific to construction industry cyber threats.
- What key considerations should construction companies have when selecting a cyber insurance provider?
- When selecting a cyber insurance provider, construction firms should focus on the breadth of coverage, risk assessment capabilities, and industry-specific knowledge. Providers like Tooher-Ferraris offer consultative approaches to identifying specific exposures and implementing risk management strategies that are vital for construction firms dealing with sensitive data. Additionally, assess the provider's support and resources for managing cyber risks post-policy issuance.
- What industry standards and compliance issues are relevant to cyber insurance for construction companies?
- Construction companies must consider compliance with regulations such as CMMC and NIST cybersecurity frameworks to ensure adequate protection and eligibility for cyber insurance. Cyber Liability insurance providers like Holmes Murphy help firms understand compliance impact through tailored assessments. Compliance ensures not only eligibility for insurance policies but also enhances the company's resilience against potential threats.
- What are the implementation challenges faced by construction companies when adopting cyber insurance, and what solutions exist?
- Construction companies often face challenges such as integrating cyber risk management with existing safety protocols and ensuring employee awareness. The Hartford solution involves tailored policies that align operational and employee safety practices with cyber risk strategies. Comprehensive education, and ongoing management from providers like HSB Cyber Suite, can significantly mitigate these implementation challenges.
- How does a construction company measure ROI and value delivery from a cyber insurance policy?
- The ROI and value delivery of a cyber insurance policy in construction comes from comprehensive risk mitigation and reduced financial impact in the event of an incident. Business Insurance through Tooher-Ferraris prioritizes value through risk identification and management strategies specific to construction exposures. Additionally, value is reflected in minimized downtime and maintained reputation, underscoring the policy's worth.
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