What it covers
- Breach response: IT forensics, legal advice and notifying affected customers.
- Ransomware and extortion costs, and restoring lost data.
- Lost income while your systems are down.
- Claims and regulatory fines from people whose data was exposed, where the law allows them to be insured.
Who needs it
Any business that holds client records, takes card payments or relies on email and cloud systems to operate. General liability and a business owner’s policy usually exclude data breaches, so this is the policy that fills that gap.
What it costs
Price depends on how many records you hold, your revenue, the limit you choose and the security you have in place. Multi-factor authentication, regular backups and staff training can all bring the premium down. Among Insureon’s small business customers, 41% pay under $100 a month; IT businesses pay a median of about $179 and finance businesses about $59.
Disclaimer: Informational only, not insurance advice or a substitute for a licensed agent. Coverage descriptions are summaries; policy terms govern. Availability and pricing vary by state and business; all figures shown are illustrative benchmarks, not quotes or offers.