AdvisorSmith Finds the Average Cost of Cyber Insurance

NEW YORK - Feb. 3, 2021 - PRLog -- AdvisorSmith, a leading provider of small business and insurance content, released an updated study on the average costs of cyber liability and data breach insurance in the U.S.

The cost of insuring a business against data breaches and hackers varies upon a business's nature and size. The price also goes by the state in which the company is located.

The company collected data from estimated quotes and rate filings from over 43 insurance companies in all 50 states and Washington D.C to determine the costs of cyber insurance.

Through their research, AdvisorSmith found the average cost of cyber liability insurance in the United States was $1,485 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.

In 2019, the average cost of cyber insurance was $1,501 and dropped one percent in 2020. AdvisorSmith found that some of the highest-priced insurers lowered their premiums or exited the market, leading to slightly lower average premiums.

The study lists the average cost of cyber insurance in each state, along with the difference between the state average and the national average. With the states, AdvisorSmith also listed the year over year change in premiums by state.

The largest cost jump was in Arizona, with annual premiums increasing 39 percent from $1,139 in 2019 to $1,581 in 2020. North Carolina saw the largest drop in average cost, with annual premiums decreasing 12 percent from $1,611 in 2019 to $1,421 in 2020.

To view the full report and see the full list with all 50 states, visit: https://advisorsmith.com/cyber-liability-insurance/cost/.

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, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.