Network security insurance has become a critical consideration for businesses of all sizes. With data breaches and cyber incidents making headlines on a near-daily basis, the financial and reputational risks are growing fast. According to industry research, the average cost of a data breach can reach $200 per compromised record—which means even a modest breach could result in a claim well into the seven figures.
The Donald Gaddis Company offers a streamlined, cost-effective solution for agents and brokers looking to place cyber liability coverage for their small to mid-sized commercial clients. Our Network Security Insurance program is specifically geared toward insureds with annual revenues under $10 million and is available in many states across the country.
Ideal Accounts and Appetite
This program is well-suited for a variety of industries that maintain sensitive customer information or conduct business online. Ideal classes include:
- Retailers and e-commerce operations
- Professional services (accountants, consultants, attorneys)
- Healthcare providers and clinics
- Small financial institutions
- Education and nonprofit organizations
You might have a client running a regional retail chain or a medical office managing electronic health records. These are great candidates for this program due to their exposure and budget needs.
Coverage Highlights and Advantages
Our flexible program offers several levels of aggregate limits and pricing tiers, making it easy for you to match coverage to your client’s needs. For businesses with revenue up to $10 million, we offer basic breach coverage and the option to enhance protection with additional endorsements. Coverage options include:
- Third-party coverage for denial-of-service attacks, data destruction, and trade secret breaches
- First-party coverage for business interruption, extortion, and data loss
- Defense costs for regulatory proceedings
- Payment of fines and penalties where restitution is required
- Coverage for libel, slander, and copyright/trademark issues related to web content
- Internal forensic investigation costs
This breadth of coverage helps your clients stay protected from both direct and indirect cyber liabilities, while also facilitating compliance with evolving regulatory requirements.
Underwriting Notes and Premium Schedule
The program offers a structured pricing matrix based on annual revenue and aggregate limit. Retail agents can easily estimate premiums using our straightforward schedule, which starts as low as $500 for clients with under $5 million in annual revenue seeking a $100,000 aggregate limit. Higher limits and revenue bands are also accommodated, up to $10 million in revenue and $1 million in aggregate coverage.
For larger organizations or those needing broader protection, we can access enhanced coverage options through leading carriers.
Territories and Market Access
We offer access to this program in numerous states, including AL, AZ, CA, CO, FL, GA, HI, IL, IN, IA, KS, MI, MN, MO, NE, NY, NC, OH, OK, PA, SC, TN, TX, VA, DC, WV, and WI. Some admitted options are available depending on the state and carrier.
Our carrier partners include well-established markets like Hiscox, Axis, USLI, Navigators, One Beacon, Beazley, Philadelphia, RSUI, CNA, and others.
Why Work With Donald Gaddis Company
As a trusted wholesale broker, Donald Gaddis Company brings deep experience in placing complex E&O and cyber risk accounts. We understand the market variability in cyber liability coverage—and our team is here to help you navigate policy forms, compare quotes, and secure the best protection for your client’s needs. Whether you're using our proprietary application or submitting a similar form, we can turn around competitive quotes quickly and efficiently.
Frequently Asked Questions
What types of accounts are a good fit for this Network Security Insurance program?
This program is ideal for small to mid-sized businesses with up to $10 million in annual revenue, especially those handling customer data, such as retailers, healthcare providers, and professional services firms.
What is the minimum premium for this program?
Premiums start around $500 for lower coverage limits and smaller accounts. Rates vary depending on revenue and selected coverage limits.
Can you accommodate larger clients or enhanced coverage needs?
Yes, we can access broader coverage options and higher limits through our network of leading carriers for larger or more complex accounts.
In which states is this program available?
This program is available in over 30 states, including CA, FL, IL, NY, TX, and others. Availability and admitted status may vary by state.
Which carriers are involved in this program?
We work with top-rated carriers such as Hiscox, Axis, USLI, Navigators, One Beacon, Beazley, Philadelphia, RSUI, CNA, and more.
Need help placing an account? Connect with a market specialist.