The renowned polymath and founding father Benjamin Franklin once said, "By failing to prepare, you are preparing to fail." This simple credo offers a timeless truth that applies to just about everything in life.

Take small business cybersecurity for instance. According to experts, the number and destructive capability of cyberattacks are on the rise. This is especially frightening for small businesses who might not have the financial resources to recover from such an event. Thankfully, with a little preparation, companies can overcome the worst consequences of a cyberattack or data breach with cyber insurance.

Cyber insurance protects businesses against financial ruin by covering costs associated with data breaches and cyberattacks. Depending on your policy, this could include assistance with data recovery, network repair, investigations, business downtime, and more. Then again, cyber insurance is a relatively new product from insurers, so it can be hard to know which policy is best fit for your needs.

This is where CyberPolicy comes in. We can connect you with the world's leading cyber insurance carriers for free. Below are CyberPolicy's top five recommended cyber insurance providers.

Chubb‍

Chubb Limited is the largest publicly traded property and casualty insurer in the world. They also carry about 12 percent of the cyber insurance market, according to Insurance Journal. Pretty incredible, right?

There are several reasons why Chubb is so popular. It's a well-established company, dating back to 1882. It's well respected in the industry. Chubb specifies its coverage to an SMB's specific needs. If you are worried about data breaches, cyberattacks, electronic theft, or vandalism, you should really check out Chubb.

Hiscox‍

Coming in at No. 2 is Hiscox, a Bermuda-incorporated insurance provider established in 1901. The organization offers specialized cover for niche markets such as aerospace and political risk insurance. But that's not why Hiscox is included in our list. It's because they're recognized for their cyber liability insurance policies. Hiscox's cyber policy covers privacy, data breaches, network exposures, and more.

Beazley

Next up is Beazley Group. This is a younger insurance company, starting in 1986. But don't let their age fool you, Beazley provides quality protection for cyber insurance policyholders. This insurer offers 360-degree protection from malicious online threats, business interruption, extortion, and more. Not to mention, Beazley policyholders are given access to pre-breach and risk management services to anticipate threats. That's just a taste of what Beazley can do.

HSB

Taking the fourth spot is HSB, a multiline specialty insurer that has been protecting businesses  since 1866. HSB's Cyber Suite coverage is a cyber risk insurance solution designed to help small businesses recover from data breaches and cyberattacks. This is an essential service since virtually every business relies on data and computer systems. HSB even covers misdirected payment fraud when cyber criminals use social engineering emails to fool you or your bank to send money or divert a payment.

BCS

BCS Insurance Company has over 60 years of experience protecting businesses from financial damages. Today, they're a leader in cyber risk management. Policyholders enjoy numerous benefits through BCS, including coverage for portable devices, data breaches, and privacy loss. BCS includes policy limits up to $30 million for those who need it. To find the perfect cyber liability insurance carrier for your small business, visit CyberPolicy!