Corvus Insurance Review for 2022

Thang Truong
Thang Truong
Updated on:

Cyber security insurance refers to protecting a company against lawsuits and damages in the event of a cyber security breach, such as a hack, data breach, or a ransomware attack. Security breaches such as these are an ever-growing threat. Recent events have illustrated that our infrastructure can be brought to its knees by one ransomware attack. Many companies are looking into some type of cyber security insurance to protect themselves against these threats.  Corvus Insurance provides this type of protection. 

Corvus insurance offers a suite of cyber security insurance products. The company originated in 2017 by Phil Edmundson after he saw an opportunity to provide the insurance industry with better technology and AI to underwrite policies. Corvus is based in Boston, MA and to date have are valued at $750 million. They are the leading provider of commercial insurance powered by AI-driven risk data.

The name corvus comes from the corvid family of birds, which includes ravens and crows, or the “smart birds” according to the founder. Birds use tools and so does Corvus: they use digital tools to improve commercial insurance. Corvus has the “CrowBar” which is the software provided to brokers, and they refer to the employees as a flock. There are puns that refer to birds all over the website. It’s a little quirky.

Cyber Insurance Products Offered by Corvus Insurance

First of all, Corvus targets mid to large size companies for its cyber insurance products. They offers three types of commercial cyber insurance:

  • Smart cyber 
  • Smart Tech and E&O 
  • Smart Cargo + Cyber

Corvus’s Smart Cyber insurance can insure companies with up to $2 billion in annual revenue, for up to $10 million. If your company earns more than $2 billion in revenue a year, you can also purchase Excess Cyber insurance.

They will identify key weaknesses in your company’s IT system and make recommendations to strengthen vulnerabilities. They provide ongoing cyber threat monitoring and provide access to a dedicated data breach team, in case the worst happens and your company is hacked. They also provide insurance for system failure and reputation loss. 

Excess Cyber insurance is basically the same thing, only for companies with at least $2 billion dollars in annual revenue. Businesses they cover include:

  • Healthcare
  • Retail
  • Financial 
  • Education
  • Manufacturing and Construction

Corvus’s Smart Tech E&O insurance is similar, only it’s written for technology products and services. It also includes dynamic loss prevention, security reports, and ongoing monitoring for risk management. 

Corvus’s Smart Cargo + Cyber insurance provides protection for shipments and cargo, especially ocean cargo. It covers companies with contingent business interruption insurance that might occur when a cyber-attack either halts or re-routes goods in transit. 

When looking for the best cyber insurance for your business, be sure to shop around with a few companies or with a digital broker like CoverWallet to compare several quotes to select the best one for you.

>>MORE: Coalition Cyber Insurance Review

>>MORE: The 10 Best Providers of Cyber Insurance in 2021

What Industries Corvus Cyber Insurance doesn’t Cover?

Although they cover most industries, there are a few things that Corvus won’t cover:

  • Casinos
  • Cannabis-related businesses
  • Colleges and universities
  • Pornographic websites
  • Social media sites
  • Payment processors

What is Tech E&O Insurance? How does It Work?

Many people get confused about the difference between cyber security insurance and tech E&O insurance. The difference is tech E&O protects companies from the failure of software and cyber liability covers the loss of a third party’s private information. Many companies should consider both types of coverage. 

For example, if a SaaS (software as a service) suffers from a system failure, you would need tech E&O insurance to cover the data breach and cyber security insurance to recoup losses from the failure. 

Corvus does manage to cover all the bases when it comes to commercial cyber insurance. They recently added a ransomware/business interruption calculator, where they can estimate a company’s chances of an attack. They also provide social engineering coverage, which covers losses due to activity like phishing scams. With many people still working from home, this protection is imperative for most tech companies. 

How Much does Corvus Cyber Insurance Cost?

Corvus likes to evaluate each company individually before they set prices for their services. As such, there are no prices anywhere on the website. To get a quote, you can fill out a form and someone will get back to you. 

Financial Strength

Corvus is rated with an A from A.M. Best, which means they should have the resources to pay claims.

Customer Satisfaction

Since Corvus mostly insures large companies, it’s difficult to find customer reviews on the internet. We did find three such reviews here, where Corvus got a 4.8 out of 5 stars. There were only three reviews, however, and you can’t read them if you don’t pay for the privilege (you can read the first sentence and the number of stars). 

Digital Experience

Brokers can file claims and quote submissions at the “CrowBar.” This is software that was developed from insights and feedback from the brokers who use it. If you would like more information about what Corvus can offer your company, you can fill out a form and they will provide a demo for you to check out. 

Last Thoughts

If you’re in charge of finding cyber security insurance for your mid-to-large size company, you could consider Corvus. It’s hard to guess at what their prices are like, but then again, if you’re a large company that relies on tech (which is every company these days) the threat of hacks, ransomware and data breaches is very high. Corvus might be worth it to you.

Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

Nationwide Small Business Insurance Review 2022

Starting in 1926, Nationwide has become one of the largest insurance carriers in the country, offering a broad range of insurance products such as asset management services, banking, savings plans, and retirement solutions. It has over 500,000 small business customers and places #69 on the Fortune 100 list, which comprises of the top 100 companies […]

Thang Truong
Thang Truong

Next Insurance Review 2022

Next Insurance company was launched in 2015, with the goal of providing small business owners a more pleasant and efficient way of purchasing insurance. You can purchase all your business insurance online, without ever talking to an agent or a broker.  The way they do that is through AI technology, although you can talk to […]

Thang Truong
Thang Truong

Thimble Small Business Insurance Review 2022

A relative newcomer to the insurance field, Thimble launched in 2016 and is already making waves. It was initially developed to bring liability insurance to drone operators, but customers loved it so much they asked about other industries. Eventually, Thimble expanded to cover 100 small business professions. Rather than lock you into a policy for […]

Thang Truong
Thang Truong

Auto Owners Small Business Insurance Review 2022

Auto Owners Insurance has been around for a long time, since 1916. It is one of the nation’s largest insurers, providing insurance to nearly three million policyholders. Licensed agents sell home, auto, life and business insurance. Their agent network is quite extensive, with over 47,000 agents in more than 6,300 agencies across the United States.  […]

Thang Truong
Thang Truong

The Hartford Small Business Insurance Review 2022

Choosing the correct small business insurance can be one of the most important decisions you’ll make as a small business owner. Finding the right policies can mean the difference between not having enough coverage and keeping your assets protected in the case of a lawsuit. Below we’ll take a look at the Hartford in terms […]

Thang Truong
Thang Truong

Chubb Small Business Insurance Review 2022

If you’re a business owner shopping around for small business insurance, you’ll want to consider and get quotes from a variety of insurance companies. One such company is Chubb, which is the world’s largest publicly traded property and casualty insurance company in the world.   If you buy a policy through Chubb, you can either do […]

Thang Truong
Thang Truong

Travelers Small Business Insurance Review 2022

The Travelers is the one under the big red umbrella. The carrier began in 1864 as the St. Paul Fire and Marine Insurance Company. They are one of the largest insurance companies in the world, and the only property casualty company on the Dow Jones Industrial Average. They were purchased by MetLife in 2006, but […]

Thang Truong
Thang Truong

Liberty Mutual Small Business Insurance Review 2022

As a small business owner, it’s important to protect your business from unexpected problems. You’ll need to look into small business insurance so that your assets are protected. You’ll want to consider quotes from many different insurance companies so you can get the best one for you. Here, we take a look at Liberty Mutual […]

Thang Truong
Thang Truong

AIG Small Business Insurance Review 2022

Insuring your business is one of the most important things you’ll do as a small business owner. It can mean being protected from a lawsuit or disaster that might have otherwise put your operations in financial jeopardy. One larger insurer that offers business insurance is AIG. Below we’ll look at the products AIG offers, the […]

Thang Truong
Thang Truong

Cincinnati Small Business Insurance Review 2022

You have a large amount of choices when it comes to finding insurance for your small business. One factor in those choices is picking between a larger insurer and a smaller insurer. Smaller insurers tend to offer a more customized, personal experience. One such example is Cincinnati Insurance. Below we’ll look at the products offered, […]

Thang Truong
Thang Truong