| The amount of cyber liability coverage you need depends on your company’s specific risk. |
It’s a good idea to talk with your insurance broker to determine the appropriate amount to meet your business needs. Here are some questions to consider:
- Does your company collect, store, send or receive personally identifiable information or personal health information?
2. Is your company in an industry with rules about customer information, such as education, finance or healthcare?
How Much Does It Cost?
The median cost of cyber liability insurance for small business owners is $140 a month.
Your costs will depend on several factors, including:
- Your company’s exposure to cyber risk
- The amount of insurance coverage your company needs
- Your company’s revenue
- Your network security
- The number of people who have access to your systems and data
- Your claims history
Both small and large amounts of cyber liability coverage are available. A small cyber liability insurance policy could be added to a business owners policy. A larger cyber liability policy with higher limits would merit its own standalone policy.
