There are a ton of options for cyber security insurance. But when picking from potential choices, you must compare prices and understand what factors influence them.
First of all, let’s make something clear. If you’re a small business owner, you need cyber security insurance. This is because you store sensitive data and accept electronic transactions, which is precisely the information that hackers want. And with more businesses, employees, and clients going online due to the pandemic, cyber insurance is even more of a necessity.
So, how much does cyber security insurance cost? Patrick Chen with Advisor Smith reports, “The average cost of cyber insurance in the U.S. is $1,485 per year or $124 per month.” That’s a reasonable price considering its coverage of $1 million. However, this is just the average cost. There are several factors to consider to get a better idea of how much cyber insurance will cost your small business.
What factors affect cyber insurance cost? According to an article by the Embroker Team, these factors are size & industry, amount & sensitivity of data, annual revenue, strength of security measures, and policy terms. Insurances have to examine your amount of employees, the revenue of your business, coverage limit, and other aspects you may not have considered.
In addition, Chen reports that the state where your business is located also plays a role in your insurance costs. All things considered, you have to expect a different cyber insurance price than the reported average based on the many factors listed.
Although the Cyber Advantage Plan costs more than the reported average for cyber security insurance, businesses receive more. Our plan coverage includes:
So, how much does cyber security insurance cost? Patrick Chen with Advisor Smith reports, “The average cost of cyber insurance in the U.S. is $1,485 per year or $124 per month.” That’s a reasonable price considering its coverage of $1 million. However, this is just the average cost. There are several factors to consider to get a better idea of how much cyber insurance will cost your small business.
What factors affect cyber insurance cost? According to an article by the Embroker Team, these factors are size & industry, amount & sensitivity of data, annual revenue, strength of security measures, and policy terms. Insurances have to examine your amount of employees, the revenue of your business, coverage limit, and other aspects you may not have considered.
In addition, Chen reports that the state where your business is located also plays a role in your insurance costs. All things considered, you have to expect a different cyber insurance price than the reported average based on the many factors listed.
Although the Cyber Advantage Plan costs more than the reported average for cyber security insurance, businesses receive more. Our plan coverage includes:
- HIPAA
- Ransomware
- Cyber Extortion
- Personal Identifiable Information
- $100,000 Merchant Data Security Program
- Chargeback Fees
- EMV Liability Shift
- Fraudulent Chargebacks