What's the Cost of Cyber Liability Insurance? - Cyber Liability Insurance NJ

What’s the Cost of Cyber Liability Insurance?

As the owner of a business or a professional within the services industry, you may be worried about becoming the victim of a cyber attack. After all, nine million Americans are the victims of identity theft every year, resulting in losses of more than $15 billion. When those hacks and breaches affect businesses, the fallout can be even more disastrous. But not if you have a cyber liability insurance policy in place beforehand for peace of mind.

Cyber attacks come in many forms, from human error to lightning strikes to intentional hacking. You may wonder how you will 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 will protect you in the event the unthinkable happens, but can you afford it along with all your other professional liability lines?

Yes! In fact, those payments may be even more affordable than you may think, thanks to low deductibles and premiums. The Kerr Agency can custom tailor a policy to your specific needs and get the best rate for you. Let us connect you with 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. It’s important to have a strong policy in place BEFORE you are hacked.

When you choose an agency such as The Kerr Agency, you can rest assured that we understand cyber risks and have underwriters with knowledge and experience regarding cyber losses. This isn’t the case with all agencies. It’s difficult to price out this type of insurance without sitting down with the client one on one. Prices vary widely by insurance carrier, sometimes by as much as 25 percent. This is why you need to get a personalized quote when doing all you can to protect yourself from the unknown.

Depending on your risk level and what’s included in your policy (i.e., crisis management, credit monitoring, media liability, forensic investigation, extortion and computer data loss), final costs vary by client. National averages for cyber insurance premiums can range from $10,000 to $35,000 for $1 million in coverage. Particularly in the services business, the number of companies purchasing cyber insurance has increased big-time in the last few years. Business, legal, accounting and personal services firms are the biggest proponents of cyber liability insurance, with the average policy limits ranging between $1 million and $5 million. However, clients can stack “towers” of insurance up to $350 million.

If you are a small or midsize business, you are great candidates in particular for cyber liability insurance. That’s because you’re more vulnerable to attack, less prepared for a data breach and unable to pay for the costs associated with a breach. Large corporations, on the other hand, have substantial risk management and legal departments in place as well as big bank accounts that make them better equipped to handle the financial fallout that may result. That said, though, even large companies would be wise to have cyber liability insurance simply because the losses can be so much greater than that of small businesses.

It’s time you got an affordable cyber liability insurance policy for your business. Call The Kerr Agency today so we can match you with a policy that meets your needs and fits your budget.

Cyber Liability Insurance NJ