Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | AdvisorSmith Releases the 'Average Cost of Cyber Insurance' StudyBy: AdvisorSmith The study was based upon data collected from estimated quotes and rate filings from over 50 insurance companies in all 50 states and Washington, DC. Key Findings • The average cost of cyber liability insurance in the United States was $1,501 per year for $1,000,000 in liability coverage, with a $10,000 deductible, for a sample business rated as a moderate risk with $1,000,000 in company revenue. Premiums nationwide ranged from as low as $544, to as high as $2,642 for comparable insurance coverage. • Primary drivers of cost for cyber insurance included the type of business, the number of credit/debit card transactions, and the storage of sensitive personal information such as date of birth and social security numbers. Business size, level of liability coverage, choice of deductible, and level of security measures implemented at a company. • Arizona, Michigan, and Minnesota had the lowest average premiums for cyber insurance, while California, North Carolina, and Delaware had the highest 10 States with the Lowest Average Cyber Insurance Premiums 1. Arizona Average Cost: $1,139.00 2. Michigan Average Cost: $1,232.67 3. Minnesota Average Cost: $1,253.67 4. Hawaii Average Cost: $1,277.50 5. Massachusetts Average Cost: $1,277.50 6. Ohio Average Cost: $1,277.50 7. Arkansas Average Cost: $1,288.00 8. South Dakota Average Cost: $1,308.00 9. Missouri Average Cost: $1,340.65 10. Wyoming Average Cost: $1,341.11 To view the original report and see the full list with all 50 states, visit: https://advisorsmith.com/ About AdvisorSmith AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc. Media Contact press@advisorsmith.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|