How much is cyber liability insurance?
How much does cyber insurance cost?
The cost of cyber cover varies and is different for every business. We’ll run through what these factors are and why paying for cyber insurance is more cost beneficial than operating without it.
If you’re not sure about this type of cover, we have a guide on what cyber insurance is. But, briefly, cyber insurance is designed to cover any business which operates online or is exposed to the internet, as well as the risks that come with storing and handling data when running a business.
If you know you need it, you’ll not only want to factor the cost into your business, but you’ll also want to make sure you have the right amount of cover.
Be quote confident. We'll beat the price of any like-for-like quote. T&Cs apply.
How do I find out the cost of cyber insurance?
Every insurer offers different prices for their cover. You can view how much cyber insurance is by starting a quote. Building a quote only takes a few minutes and it will be based on your business needs, and therefore unique to you.
The excess on this policy starts from £500, but this will depend on the size of your business and activities you carry out.
What factors does the price of cyber insurance rely on?
When building a quote, the insurer will ask a bunch of questions to determine the risk level of your business and the level of cover you need.
For example, you will likely be asked about the type of work you do and your business turnover. These are two key factors in determining how much your policy will cost.
How much cyber insurance do I need?
The limit you select should take into consideration your turnover.
Having said that, one of the great things about our cover is that it pays for breach response services based on the number of people affected, rather than a set monetary amount — and these costs will be covered in addition to the limit you select.
The cost of operating without cyber insurance
It’s also worth factoring in the cost of operating without cyber cover. The cyber landscape is constantly changing, and as such, the threats and risks you may face are also evolving.
There have been a large number of high profile hacking cases in recent years, including the BBC, Boots, British Airways, Santander and DNA profiling company 23andMe, which shows that even household names can be at risk.
Cyber insurance covers your business's liability for a data breach involving sensitive customer information, such as credit card numbers, passwords and personally identifiable information (PII).
All of this data can be hacked and held to ransom by organised crime gangs, so if your business operates online — especially if it handles sensitive information — cyber insurance may be worth considering.
Once you've completed a quote, you'll be able to view a summary of cover. Please always refer to your policy documents for full details around exclusions, terms and limits of your customised cover. Read our guide to understanding your policy documents.
Be quote confident
We're big on fairness. So if you find a lower price for a comparable quote, we won't just match it — we'll go one better and beat it.
So even better than apples to apples, apples to better apples. We're talking Galas to Braeburns.
As you'd expect, T&Cs apply.