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 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, […]