Factors that Influence the Cost of Your Insurance

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Cyber ​​risk insurance policies can cost from $500 a year to $5,000 or more.

The cost of cyber liability insurance policies again depends largely on the individual needs of your company. If your company handles payments or sensitive information for large corporations, you will need much higher policy limits than a web designer who creates websites for small businesses.

If you store or process any sensitive data electronically, you are technically liable for any resulting damage. That's why even small e-commerce businesses may need a policy like this.

The big differentiator here is the policy size or policy limit, based on the projected damages that could occur in the event of a data breach, hack, or extended downtime .

Average Costs and Cost Range
As this is a rather niche policy, and policy sizes and premiums differ considerably, there is little information.

According to Progressive Commercial , a cyber liability policy for a startup could cost between $500 and $5,000. According to HowMuch.net , the range of quotes they received was between $750 and $8,000.

Other sources showed ranges between $1,100 and $22,000 per year.

If your company directly stores credit card information or handles payments, this significantly impacts the potential costs of breaches . In these situations, costs amount to a whopping $150 per lost record . This means that a policy is virtually worthless unless you opt for a policy large enough to cover most potential losses.

Which, in the end, means that the average or median numbers here probably bosnia and herzegovina phone number data don't tell you much about what you'll end up paying.

A company that does not directly handle important customer information will likely receive premiums toward the lower end of the range, between $500 and $1,000.

A new company that directly handles many client records will pay annual policies of at least $3,000-$5,000.

The cost of your business insurance depends on many factors. The first factor is the policies you decide to use for your business. But it is not the only one by any means.

Company Size and Payroll
If you run a small startup and only work with freelancers, you can probably get away with not having general liability insurance. It costs an average of $500 per year for startups and small businesses.

But if you hire full-time employees, you're likely required by state law to provide workers' compensation. This typically costs hundreds – if not several thousand – euros per employee per year. The actual amount depends on local laws and other factors.