Buy Cyber Insurance in 3 Easy Steps Today: A Guide for Small Business Owners

In today’s digital-first world, cyberattacks are on the rise in frequency and complexity. From data breaches to ransomware, small businesses face risks that can cost thousands, or even millions, in damages. That’s why buying cyber insurance is essential to protecting your business.

At CoverHound, we’ve made the process simple, so you can find coverage tailored to your business needs and start coverage within 24 hours of getting a quote.

Buying cyber insurance is a must for every small business owner, but the buying process can vary depending on the protections you already have in place and the complexity of your operations. We’ve created this step-by-step guide to make purchasing your policy quick, simple, and stress-free. Here’s how you can secure the protection you need, in just three simple steps.

1. Get a Cyber Insurance Quote

The first step to buying cyber insurance is to get a quote, and CoverHound makes this process quick and simple. Most cyber insurance quotes are completed entirely online with a series of yes/no questions about your business’s technology and security practices.

To prepare, it’s helpful to know the answers to questions like:

• Do you have and use a VPN?
• Do you regularly back up your files?
• Do you store sensitive information, such as customer data?
• Do you use multifactor authentication?
• What type of technology does your business rely on? Do you use cloud storage?

If you’re unsure about any of these answers, consider brushing up on your technology practices or consulting with IT support. Even basic improvements, like enabling multifactor authentication or backing up files to the cloud, can make your business more secure, and more likely to qualify for coverage.

CoverHound Tip: Some carriers may deny coverage if your business doesn’t meet minimum security standards. If you are denied coverage, we recommend you reflect on how you can strengthen your cybersecurity practices so you can get cyber coverage and better protect your business from potential threats.

Ready to get your quote?

How to Get a Quote if You Have Complex Cyber Coverage Needs

Some businesses have more advanced technological setups or face a higher risk of cyberattacks due to their industry or profile. While small businesses are often the primary targets for cyberattacks because of their relative vulnerability, certain professions face unique challenges that require tailored coverage. 

If you’re a software developer, a managed IT provider, or part of a high-profile organization, you may need more specialized cyber insurance to account for increased risk. 

While you can start with the standard online quoting process, businesses with complex cybersecurity needs may require additional support when they buy cyber insurance by speaking directly with one of our licensed agents at (866) 278-7881. 

2. Compare and Choose Your Cyber Liability Insurance Policy

Now that you have your quotes in front of you, it’s time to compare your options and choose the policy that best fits your business needs.

Here are some of our tips to guide you through the decision-making process:

1. Watch for red-flag prices.
   Your quotes should be relatively comparable in price. If one seems unusually low, it could be a sign that the policy provides insufficient coverage. Make sure the coverage aligns with your business risks.
2. Check for potential loopholes.
   Carefully review the policy terms for vague or overly specific language. Either can indicate potential loopholes that could limit your coverage during a claim. If you’re unsure, enlist the help of a trusted insurance expert to evaluate your options.
3. Consider your worst-case scenario.
   Imagine your business’s worst cyber threat: ransomware that costs $1 million in damages or a major data breach that causes severe reputational harm. Does the policy protect you against these outcomes? Use this as a benchmark to ensure your coverage is sufficient.
4. Consult with an insurance expert.
   Choosing the right policy can be overwhelming, and you don’t have to do it alone. Our licensed agents at CoverHound can provide unbiased guidance to help you make a confident decision.

At the end of the day, the best policy for your business isn’t necessarily the most expensive or the one with the broadest coverage. It’s the one that matches your unique risks and needs. With CoverHound, you can compare quotes side-by-side and feel confident that you’ve found the right fit.

I’m ready to start my quote

3. Start Cyber Insurance Coverage

Now that you’ve found the best policy for your needs, it’s time to make it official and start your coverage.

Once you’ve reviewed your payment options, such as paying an annual premium or setting up a monthly payment plan, you can choose the one that works best for you. If your preferred option isn’t available online, don’t hesitate to call us at (866) 278-7881, and we’ll help coordinate with your carrier to explore alternative payment plans.

After finalizing payment terms, we’ll send over your policy agreement, which outlines all the details of your coverage, including start and end dates, terms, and conditions. If you opt for monthly payments, be aware that most carriers require two months of payment upfront to activate your policy. For example, if your monthly premium is $100, you’ll need to make an initial payment of $200.

Once you’ve signed and returned the policy agreement and provided your payment information, your coverage will typically begin within 24 hours. From there, your payments will be processed automatically. 

Secure Peace of Mind with CoverHound’s Cyber Insurance for Small Businesses Today

With a cyber insurance policy in place, you’ll take a critical step in protecting your business against the growing threat of cyberattacks. At CoverHound, we’re here to make the process simple, efficient, and stress-free, so you can focus on what you do best: running and growing your business. 

Are you ready to find the best cyber policy for your business? Begin your online quote today to secure peace of mind for the future.