How Much Does Cyber Liability Insurance Cost? – Human error, natural disaster, intentional hacking…these are all things that can keep you up at night when thinking about your business. How will you be protected in the event you suffer a security breach or other error that puts the personal information of your clients at risk? Cyber liability insurance is what can give you peace of mind and protection in the event the unthinkable happens. That’s all well and good, but you may be wondering, can I afford that type of policy on top of all my other professional liability lines?
The answer is yes, and it’s more affordable than you may think, featuring low deductibles and premiums. While it’s impossible to give an exact number across the board, the professionals here at The Kerr Agency can custom tailor a policy to your specific needs and seek out the most reasonable cost to your budget. We can also look for a policy that covers business interruption as well as other costs involving notifying customers of a data breach and hiring a PR firm to manage your reputation after the fact. Having a strong policy in place BEFORE you are hacked is key.
Cyber Liability Insurance Cost
Cyber Liability Insurance Cost – Protecting yourself from the unknown is critical in this day and age. The premiums you pay will vary widely depending on your risk level and what you include in your policy, such as crisis management, credit monitoring, media liability, forensic investigation, extortion and computer data loss. Nationally, cyber insurance premiums can range from $10,000 to $35,000 for $1 million in coverage. However, that is just the national average. Some carriers — such as The Kerr Agency – understand cyber risks and have underwriters with knowledge and experience regarding cyber losses, while others simply do not. It can be tough to price out this type of insurance without sitting down with the client one on one. Sometimes the differences in premiums can be as high as 25 percent between carriers, which is why it’s important to get a customized quote.
The number of companies purchasing cyber insurance has increased exponentially in the last few years, especially in the services industry, which includes professional, business, legal, accounting and personal services firms. The average Cyber Liability Insurance policy limits range between $1 million and $5 million, with clients able to stack up “towers” of insurance up to $350 million.
Cyber Liability Insurance Cost – Small and midsize businesses are excellent candidates for cyber liability insurance because they are not only more vulnerable to attack but they are less prepared for a data breach. In addition, they can’t readily absorb the costs associated with a breach, unlike large corporations, which have substantial risk management and legal departments and can thus better handle the financial and technical fallout that may result.
With nine million Americans becoming the victims of identity theft every year, resulting in losses of more than $15 billion, you can’t afford not to have a strong cyber liability insurance policy in place. Sit down with The Kerr Agency today so our skilled professionals can connect you with a policy that meets your needs and aligns with your budget.