Coalition Insurance Review for 2022

Thang Truong
Thang Truong
Updated on:

Every business relies on the internet these days. Recently, the attack on the Colonial pipeline and major food supply chains have brought home the need for cyber security. Ransomware attacks are on the rise due to a few factors, such as the difficulty in tracing cryptocurrency and the number of people now working from home. 

Sensitive customer information is stored on websites or in the cloud, hackers hold your data hostage until you pay up (ransomware) and malicious malware can infect your bottom line. Every company could use cyber security protection, and Coalition is one company that offers this type of insurance. 

Coalition was founded by Joshua Motta and John Herring, two former cyber security experts who paired up to democratize cyber security and mitigate potential risks. They’re a young company, founded in 2017. They currently have more than 41,000 customers and have insured them for more than $12 billion (in June 2021). Thanks to the latest round of funding, they are valued at more than $1.75 billion and only expected to grow. 

What Types of Cyber Protection does Coalition Insurance Offer?

Coalition offers several cyber protections in their cyber security insurance policy, including:

  • Credential monitoring (scanning for leaked or compromised passwords)
  • Security awareness training (according to Coalition, 90% of security incidents are caused by human error) 
  • Endpoint detection and response (malware detection software)
  • Patch manager (scanning systems for out-of-date software)
  • Threat monitor
  • DDoS mitigation (prevents denial of service attacks)
  • HackerOne response team (employs hackers to find your weak spots)
  • Cyber risk assessment
  • 24/7/365 availability

One thing that Coalition provides that some other cyber security insurance doesn’t is both first- and third-party coverage. Third party coverage is the damage resulting to third parties due to a data breach. If your data base is hacked and as a result, some customers have their identities stolen and they lose thousands of dollars, Coalition will cover that. 

There are a few other things that Coalition provides that are unique. They cover computer replacement, funds transfer fraud, and coverage for all your social media accounts. 

Recently, Coalition partnered with Insureon to provide cyber security insurance to small businesses. After all, small businesses can easily fall victim to a cyber-attack or a data breach, and the resulting fallout could be more devastating. More than 43% of all cyber-attacks target small businesses, according to Coalition. 

If you are looking for the best cyber insurance for your company, be sure to shop around with a few companies or with a digital broker like CoverWallet, Simply Business, or commercialinsurance.net to compare several quotes to select the best one for you.

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

Tech E&O Insurance Policy: How does It Work?

They also offer Tech E&O insurance, which is insurance for a company if technology should fail. It’s like product liability insurance, only for tech companies. For example, if your software miscalculates something and as a result, customers using the software lose money, they can sue you. Coalition will cover the cost of lawsuits and the legal liability should this occur. Tech companies should consider both Tech E&O insurance and cyber security insurance.

With “software eating the world” trend in global economy and business, each and every company has become a tech company if they want to compete effectively, Tech E&O insurance will become a necessary insurance policy for any company. Coalition is one of the pioneers to offer such an insurance policy.

>>MORE: Corvus Cyber Insurance Review

Customer Satisfaction Score of Coalition Cyber Insurance

Coalition insurance earns a perfect five out of five stars overall on Trustpilot. Policy holders praise how responsive Coalition was during what was undoubtedly a very stressful time. Most of the reviews are from people who contacted Coalition after a cyber security attack has already occurred, and they seem very pleased with how well Coalition contained it

Financial Strength Score of Coalition Cyber Insurance

Coalition is backed by Swiss Re, Lloyd’s of London, and Argo. All of these companies are rated at least an A- by A.M. Best. This backing should ensure that Coalition has the resources it needs to pay claims. 

Digital Experience Score of Coalition Cyber Insurance

You’ll need to go through a broker to get a quote, but once you have a broker, they can recommend and issue policies in minutes. Because you’ll need to contact a broker to get a quote, we were unable to get one. There isn’t any information about pricing on the website at all. 

How Much does Cyber Insurance Cost?

According to Embroker, the average cost of cyber security insurance is about $1,500 a year for a $1 million in coverage, with a $10,000 deductible. Things affecting how much you’ll pay include:

  • Size of your company
  • What industry you’re in (some industries are considered higher risk)
  • Amount of data you store/handle
  • Sensitivity of data
  • Annual revenue
  • Strength of security measures
  • Policy terms

There’s a nifty little graphic on their website, where you can predict how much a cyber incident will cost your company. There are two sliders, one for annual revenue and one for the number of users you store data for. The range for annual revenue ranges from less than $1 million to over $250 million, and the number of users ranges from less than 100,000 to over a million. It looks like this:

A screenshot of a computer

Description automatically generated with medium confidence

The least amount of money a cyber-attack will cost you is $115,000. 

If you are looking for the best cyber insurance for your company, be sure to shop around with a few companies or with a digital broker like CoverWallet, Simply Business, or commercialinsurance.net to compare several quotes to select the best one for you.

Last Thoughts

It’s true that the internet is not terribly secure and that ransomware and other attacks are on the rise. If you own and run a small or medium sized business, it would be worth getting a quote from a broker for Coalition, based on current customer reviews. Shop around and compare a few different companies. See what they offer and how much they charge, then make your decision.

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 realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

9 Best General Liability Insurance Companies for 2024

General liability insurance is probably the most popular business insurance that almost all businesses should have. It is required for some professions such as construction. The good news is that many insurance companies offer this product, so it is easy to find one that is the best for your business. In our intensive research, here […]

9 Best Commercial Auto Insurance Companies & Quotes in 2024

If you use your vehicles for work, you need to get a commercial auto insurance policy. Your personal auto insurance policy won’t cover the vehicles when you use for business. Commercial auto insurance is necessary when cars, trucks, or vans are used to conduct business. We cover everything you need to know about commercial auto […]

The 5 Best Business Owners Policy (BOP) Insurance for 2024

A Business Owner’s Policy (or BOP Insurance) is important to any small business to cover potential damages and losses when unexpected events happen. A BOP policy includes the coverages of general liability, commercial property, and business interruption in one master policy. If a small business can only afford one insurance policy, it should be a […]

11 Best Professional Liability Insurance Companies for 2024

If you’re a small business and in the market for professional liability insurance, below are 11 best companies offering this type of insurance for small businesses. In order to get an idea of the prices where online quotes were offered, we looked at a hypothetical accounting business in Wisconsin that had been in business for […]

Milepost Joins Truckstop: A New Dawn for Commercial Truck Insurance

The trucking industry is about to witness a significant shift in how insurance policies are procured, managed, and serviced. Milepost Insurance Agency LLC, a renowned Berkshire Hathaway enterprise, has recently collaborated with Truckstop, thereby pioneering a new era in trucking insurance for independent owner-operators. Revolutionizing the Insurance Experience The primary aim behind this dynamic partnership […]

Navigating Commercial Truck Insurance Premiums in 2023

Commercial truck insurance has become a focal point for many in the transportation sector as we delve deeper into 2023. With premiums seeing significant spikes in recent years, stakeholders are asking: Are we approaching a stabilization or even a decrease in these rates? Insights from industry experts provide clarity on this critical concern. Trends in […]

Regulatory Changes and Rising Commercial Truck Insurance Costs in California

In the wake of the passing of California’s AB5 bill, the trucking industry, including drivers and insurers, face unforeseen challenges. The legislation threatens to severely disrupt contractual trucking gigs, leading to rising insurance costs and potential operational changes. AB5 – A Potential Setback for Owner-Operators AB5, signed into law by Governor Gavin Newsom in 2019, […]

Finding Balance in Commercial Truck Insurance: Costs, Value, Services, and Long-Term Benefits

Navigating the maze of truck insurance offerings is not just a matter of finding the lowest price. It’s about understanding the nuances of what you’re buying, considering long-term benefits, and ensuring a harmonious relationship with your provider. This article offers a detailed examination of the process, unfolding the aspects of costs, value, services, honesty, and […]

New SEC Regulations on Cybersecurity and AI: A Comprehensive Overview

In an era where technology is at the forefront of business operations, the U.S. Securities and Exchange Commission (SEC) is taking decisive steps to ensure transparency and ethical practices. On Wednesday, the SEC was set to introduce new regulations that will impact publicly traded companies in two significant areas: cybersecurity and artificial intelligence (AI). These […]

6 Best Malpractice Insurance for Nurse Practitioners for 2023

Nurse practitioners have a great deal of responsibility when it comes to patient care. Many nurse practitioners assume that because they work under a doctor and their employer provides some level of malpractice insurance, they’re covered. It may be worth it to purchase your own policy, however. Employer malpractice insurance is to protect the employer, […]