How much does cyber liability insurance cost for a Georgia small business?

Most small Georgia businesses pay between $700 and $3,500 per year for a typical $1 million cyber liability insurance limit. That range covers a wide span of business types, and where a specific business lands within it depends on a handful of factors an underwriter evaluates during quoting.

Industry is one factor. A business that stores large volumes of sensitive data, such as a medical billing office or a law firm handling financial records, typically sits higher in the range than a business with minimal customer data, such as a landscaping company that mostly invoices by mailing address. Data volume matters independently of industry too: a retailer processing thousands of credit card transactions a month carries more exposure than one handling a few dozen.

Existing security controls also factor into pricing. Multi-factor authentication on email and financial accounts, encrypted backups, and a documented incident response plan are the kinds of controls underwriters ask about on a cyber application, and their presence or absence affects the quoted premium. Revenue size plays a role as well, since a larger revenue base generally means a larger potential loss if systems go down or data is exposed.

For example, a 12-person Athens accounting firm that handles client Social Security numbers and bank account details for tax preparation is likely to be quoted toward the higher end of the range, since the firm handles regulated financial data at volume. A 5-person Athens landscaping company that keeps only customer names, addresses, and invoice history is more likely to be quoted toward the lower end, since it holds less sensitive data and a breach would expose less.

Businesses in regulated industries, such as healthcare, financial services, and legal services, and businesses handling higher data volumes generally pay more than this baseline range, since their potential claim severity is higher. How fast must a Georgia insurer respond to a cyber claim? covers what happens once a claim is filed, and does cyber insurance cover ransomware and business interruption in Georgia? explains two of the coverages that affect where a quote lands within this range. The Georgia cyber liability insurance page has more on policy structure, and a coverage review is the way to get an actual quote based on a specific business's data, revenue, and controls rather than a range. Carriers available through Olive Cover offer cyber coverage with different underwriting approaches, which is part of why quotes can vary between them for the same business.