Cyber Insurance Cost

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Cyber Insurance

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How much is cyber insurance?

On average, cyber insurance costs $1,500 per year for small businesses. Cyber insurance coverage arranged by Thimble starts at just $100, and you can choose between a coverage limit of $50,000 or $100,000.

Factors that influence cyber insurance cost

Your business is unique and has its own set of risks. Your cyber insurance cost (or premium) reflects that and is usually determined by a number of factors including:

Business industry

Some businesses rely on more data than others, putting them at a higher risk if they incur a data breach.

Annual revenue

Small businesses with high revenues are the most attractive targets for cybercriminals.

Number of employees

The more employees you have, the higher your risk for a data breach simply due to the volume of online interactions.

Coverage details

Your coverage amount will also affect the cost of cyber insurance. For example, a higher coverage limit may increase premium costs.

Tips for minimizing cyber insurance costs

Although cyber insurance costs depend on a variety of factors, there are some steps you can take to reduce your costs over time. These include, but aren’t limited to:

Bundle policies

You can usually lower your premium costs by bundling your general, professional and cyber coverages together and purchasing from the same carrier.

Minimize risks

Cyber security measures and employee training can help reduce the likelihood that you’ll ever have to make a cyber claim. Fewer claims can lead to fewer premium increases over time.

Is cyber insurance worth the cost?

Small businesses can spend an average of $20,000 to recover from a cyberattack. Can you afford to take that hit? Starting at $100, cyber insurance through Thimble could save you from possibly having to pay thousands of dollars resulting from a data breach.

What other kinds of business insurance do I need?

While cyber insurance is designed to protect your business from the financial and legal fallout associated with cybercrimes, you may want to consider a few other essential types of insurance to prepare for everything the workday could throw your way.

General liability Insurance

General liability insurance protects your business against claims of third-party bodily injury, property damage, and personal and advertising injury.

Learn more

Professional liability insurance

Professional liability insurance (also called errors and omissions or E&O insurance) protects against claims that you’ve failed to provide your services properly, causing monetary or reputational damage.

Learn more

Business Owners Policy (BOP)

A business owners policy or “BOP” combines coverages most small businesses need in one easy package with two main areas: commercial property insurance and general liability insurance.

Learn more

Business Equipment Protection

Business Equipment Protection (also known as inland marine insurance) covers tools and equipment that you own, rent or borrow and regularly take with you on the job.

Learn more

Workers’ compensation

Workers’ compensation covers the costs related to your crew’s work-related injuries and illnesses. Your team is your most valuable asset, so it’s crucial that you get your business protected.

Learn more

Cyber insurance FAQs

What other coverage do I need?

In addition to cyber insurance, your business may also need general liability insurance and professional liability insurance. Cyber insurance through Thimble comes bundled with our general liability insurance, making combining insurance coverages into a single policy easy!

Why is cyber insurance worth the cost?

Cyberattacks cost small businesses an average of $20,000 in losses. That can be a significant hit if your business is left unprotected. Stay covered from financial risks with an affordable premium on cyber insurance through Thimble.

How do I show proof of cyber insurance?

Clients may not want to sign on with your small business unless they know you have measures in place to protect them from losses associated with hacks and data leaks. A Certificate of Insurance (COI) shows people who require proof of insurance what kind of coverage you have. With Thimble, you can request as many COIs as you need at no additional charge.

Who needs cyber insurance?

The short answer is any business that conducts any portion of its operations online can benefit from cyber insurance. While the insurance itself is not usually a legal requirement, it does help companies comply with state regulations around customer data breach notifications when personally identifiable information (PII) is involved.

Is cyber insurance the same as data breach insurance?

Although the two coverages include some overlapping coverage, data breach insurance only provides first-party coverage for losses stemming from a data breach, hack, cyber theft, or a similar security incident. It does not include the third-party coverages that are included in cyber insurance.

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    This app is beautiful and super easy to use! It's super easy to get insurance for the weddings I shoot where the venues require insurance. I can just buy it on the app with 3 clicks and I'm done.

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  • Awesome Product

    I love this idea ????!! I needed to have proof of liability to present my proposal; got it on the spot. I didn't win the bid but I didn't get stuck with costly insurance, either!!

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