The Expert Podcast

So how much does Cyber insurance cost or cyber liability insurance cost? Well, this isn't designed to be an exact quote, but what we've been seeing for most types of professional companies that have revenues, let's say, a million dollars or less, you know, small independent contractor type companies, is that cyber policies are in the range of $7 to $800 a year. That's going to cover things like if you get hacked, if you have ransomware; it may even cover third party claims. We've seen some as low as $3 or $400.

Depending on the industry you're in, they're going to want to make sure that you're not having unsafe practices in your business. They'll probably run a scan on your network, which is probably worth its value in itself to make sure you don't have anything obvious that will keep you from being a safe company. But cyber liability insurance is an important add-on. Now, you may have something on your general liability policy which covers some cyber, but it may be a very low limit and have a lot of exclusions. So you want to look and see what those covers are compared to an actual standalone cyber liability policy.

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