For beauty care businesses that we typically insure, the average prices we see for cyber incident coverage are as follows:
| Limit | Average Approximate Price* |
|---|---|
| $250,000 | $800 to $1,000/year |
| $500,000 | $1,100 to $1,300/year |
| $1,000,000 | $1,500 to $1,700/year |
| $2,000,000 | $2,000 to $2,200/year |
Why does it cost so much?
Because the claims are becoming more and more common and the costs for a business to recover after a cyber incident are growing significantly each year. This also is a good indicator your business will likely need this coverage to survive a cyber incident.
Is there a less expensive option?
Yes, you can opt to only have privacy breach coverage added to an existing PROfur Masterplan policy for around $100/year. This provides more limited privacy breach coverage, with lower limits. You will also need to comply with strict computer security protocols to be eligible for the coverage. It will not pay for any lawsuit settlement or judgement against you, and does not cover ransomware, cyber extorsion, data recovery, reputational harm, funds transfer fraud, or liability for online multimedia content like a more robust cyber incident policy can do.
*All coverages are subject to the limits and sub-limits included in the actual policy, and the usual terms, conditions, exclusions, and warranties of the insurance company. Prices listed are ballpark price ranges for coverage provided by Coalition Insurance and are subject to change without notice. More detailed coverage information and a firm price will be provided with a quote.
