The cost of cyber security insurance can vary. A small business could pay as little as $30 per month* for adequate coverage, helping safeguard operations against the increasing threats posed by cyberattacks.
The best way to find out how much cyber security insurance will cost for your business is to get a quote.
Cyber security insurance cost
The cost of cyber security insurance can differ considerably depending on industry. Different industries have different risk profiles and need different types of coverage. For example, a marketing agency may need digital media coverage, but a cleaning service may not. Understanding the risks your business faces and purchasing your coverage from a company that customizes coverage to each industry’s risks means you can get the coverage you need without paying for something you don’t.
The chart below shows examples of what businesses could pay for cyber security insurance from Hiscox.
| Industry | Marketing consultant | Personal trainer | Home health aide |
|---|---|---|---|
| State | Florida | Illinois | Texas |
| Annual Revenue | $100,000 | $125,000 | $250,000 |
| Limit | $250,000 | $250,000 | $250,000 |
| Deductible | $10,000 | $10,000 | $10,000 |
| Monthly Cost* | $29.57 | $26.91 | $33.90 |
| Annual Cost* | $354.84 | $322.92 | $406.80 |
Factors affecting cost
Several factors influence the cost of cyber security insurance. Some of these factors are listed below.
- Type of coverage: The breadth of coverage required, such as data breaches, business interruption, and network security, will impact the premium.
- Policy limits: Higher policy limits generally lead to higher costs but offer increased protection.
- Network security: Established security measures and protocols can lower costs, reflecting a lower risk profile.
- Revenue: Businesses with higher revenues may pay more due to the increased potential loss during a cyber incident.
- Deductibles: Choosing higher deductibles can reduce premiums but increases out-of-pocket costs during incidents.
- Endorsements: Additional coverages (endorsements) can enhance protection but may increase overall costs.
- Industry: Different industries face varying levels of risk and regulatory requirements, which influence pricing.
- Size: The size of the business, measured by employee count or revenue, can affect the premium due to varying risk exposures.
By understanding these factors, small business owners can evaluate their needs and make strategic decisions about their cyber security insurance policies.
Why do small businesses choose Hiscox?
- Flexible payment options: We offer you the option of making monthly payments (with no additional fees) to help you manage your cash flow.
- Customized insurance: We specialize in businesses like yours and tailor coverage to the risks in your field.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Worldwide coverage: Hiscox covers claims that are brought in the United States, its territories, and Canada. In some instances, the incident that resulted in the claim may have occurred anywhere in the world.
- Passion for service: Agents knowledgeable about your business concerns will provide you with excellent service—customers rated us 4.7/5.
Get a free cyber security insurance quote today
In an era where digital threats loom large, it’s paramount for small businesses to protect themselves with cyber security insurance. Hiscox specializes in catering to the unique needs of small business owners.
To find out how much cyber security insurance would cost for your business, get a quote today. For further insights into how to prevent, detect and mitigate a cyber incident, explore our three-part series on cyber security.