How this estimate works
Cyber insurance helps pay for data breach response, customer notification, credit monitoring, ransomware and business interruption costs, and lawsuits that follow a cyber incident. Insureon reports that small businesses pay a median of $129 a month, or $1,552 a year, with annual premiums from around $400 to over $8,000. Insureon's figures are medians of policies its small business customers bought from leading insurers; most of those customers have fewer than five employees, revenue from under $50,000 to over $200,000 and five years or less in business.
The calculator multiplies the annual median by your industry's median relative to $129. Insureon notes that IT businesses pay a median of $179 a month and finance businesses $59; other industry figures come from its industry cost pages.
What drives the price
- The amount and sensitivity of data you hold, such as payment cards, Social Security numbers or medical records
- Limits, which typically range from $1 million to $5 million, and the deductible
- Security controls such as multi-factor authentication, backups and employee training
- Revenue, number of employees and claims history
Limitations
Cyber underwriting depends heavily on security questionnaires, so two similar businesses can receive very different offers or exclusions. Tech companies that provide services to clients often need technology E&O as well. No published state or insurer breakdown was available, so none is used.
This is an indicative estimate, not an offer of insurance. Policies are issued by licensed insurers and placed through licensed producers in your state. Compare real offers by requesting a quote.