The Expert Podcast

So, how much does cyber liability insurance cost? Well, there's a variation from company to company, but we're going to walk you through an example quote for a hypothetical company just to give you an idea of what it might cost. Obviously, if you want to get an exact amount, you can contact us through our website, enter the same information, and find out what your company might be quoted.

Here's an example. Again, this isn't specific to any one company; it just gives you an idea because people want to get even some basic idea of how much this type of coverage costs.

First, let's put in a company name. We'll use our company for insurance, which is Risk Coverage. We're also going to enter the website for the company because insurance companies check this to see what kind of security you have—or lack—on your website.

The next question will ask what industry you're in. In this case, let's say we're in the insurance industry, specifically insurance brokers.

Now, for the number of employees, let's pick out a medium-sized company just so you can get an idea. Next, we enter the revenue. Let's put in a two-million-dollar company to provide a rough estimate.

We'll enter our company address—though it doesn't seem to be showing up. Let's try again and place it properly. There we go.

Within the last three years, has your company suffered any cyber incidents resulting in an insurance claim? No.
Are you aware of any circumstances that could give rise to a claim? No.
Do you have encryption on your computers and other devices? Yes.
Do you store or transmit credit card information other than employees' information? Yes.
Do you have PHI (Protected Health Information)? None.
What is the annual volume of payment card transactions? Let's say we take credit cards and put in $500,000 to $1,000,000.

Now, for the effective date, let's put in today's date. The system is preparing some quotes—let's see what they are.

There you go. You have a couple of options:

Essential, which is basic coverage.
Most Popular, which is more comprehensive coverage.
The cost is about $100 a month for a one-million-dollar limit with a $2,500 deductible. Again, this may not represent your exact company, but at least it gives you a rough idea of what coverage might cost. It's relatively inexpensive, especially compared to other types of products.

Keep in mind that you'll have to abide by certain rules of the insurance company. This is just one provider—there are many different carriers. Sometimes, we can shop different carriers, but the requirements remain the same. You must follow best practices. You can't just hand out passwords to people. If software patches are available, you have to install them. Prevention is the best way to avoid:

Paying your $2,500 deductible.
Facing premium increases due to future claims.
Remember, this video is not designed to place or change coverage for your company. It is simply meant to give you a rough idea of what your cyber insurance cost might be as a potential insured.

You may find that your cost is much lower if your risk factors are better. Some larger manufacturing firms might have higher costs. However, as you can see, it took less than three minutes to get a quote for a specific company based on the information entered.

If you want an exact quote, go to our website: riskcoverage.com. If you prefer to talk to someone, you can call us. We even have a voice-enabled system where you can enter all this information verbally—even through the website—to get a quote for your business.