If you run a healthcare business, protecting patient data isn’t just important; it’s critical. Healthcare is one of the most targeted industries for cyberattacks, and a single data breach could lead to costly fines, reputational damage and lost patient trust.
That’s why cyber insurance is essential–and getting covered is easier than you think. At CoverHound, we make it simple to get the best cyber insurance for your business.
In this article, we’ll break down cyber insurance costs, what impacts your premium, and how you can get hassle-free coverage. And the best part? You can compare policies and start same-day coverage in just a few clicks.
The current cost of cyber insurance can be anywhere from $500/year to $5000/year for businesses. “It’s hard to make an argument against cyber insurance, considering the $10 million average cost of a breach for healthcare organizations,” Daniel Klein, Chief Business Officer at Cynet, says. Here at CoverHound, we agree.
We understand if the cost of cyber insurance seems like just another expense. However, the reality is that it’s an investment in the long-term security of your business. Cyber attacks can lead to reputational damage, lost customer trust, lawsuits, and a lot of lost income. Cyber insurance is the answer that allows you to keep operating.
When you request a cyber insurance quote, several factors influence your premium. Here’s what insurers consider.
The higher your revenue, the more attractive your business becomes to cybercriminals, increasing risk exposure. Larger businesses often pay higher premiums since they have more to lose in a ransomware attack.
CoverHound Tip: Lower revenue may mean lower premiums, but small businesses aren’t immune to cyber threats. In fact, cybercriminals often target smaller organizations that lack robust security.
More employees mean more potential points of failure due to phishing scams and social engineering. Insurers assess both staff size and the amount of sensitive data your company stores when determining risk.
As a healthcare provider, your business is considered high risk due to the highly sensitive patient data you handle. HIPAA compliance and data protection regulations make cyberattacks even more costly for healthcare organizations. Healthcare businesses experienced an 88% increase in the frequency of cyberattacks in 2024. Additionally, cyberattacks on a healthcare business remain the most costly compared to other industries.
Cost of a breach by industry; IBM Cost of a Data Breach Report 2024.
The better your cybersecurity defenses, the lower your insurance risk. Insurers look for measures like:
CoverHound Tip: Cyber insurance quoting processes automatically disqualify businesses that lack basic security measures. If your quote request gets rejected, consider it a warning sign that your cybersecurity needs improvement.
When it’s time to purchase cyber insurance, here’s how to ensure you get the best coverage for your healthcare business at the right cost.
Don’t settle for a one-size-fits-all policy. Make sure your broker tailors your coverage based on your most significant risks.
Insurance policies can be complex, and small details matter. Before committing, have a trusted insurance professional review your options.
A side-by-side comparison is the best way to ensure fair pricing and comprehensive coverage. Some policies may include extra protections, like coverage for artificial intelligence (AI) risks, while others might have exclusions that leave you vulnerable.
A policy priced significantly lower than others is a red flag. Always ask why a policy is cheaper or look for exclusions and language(either too vague or too specific) that might point to the low price tag.
Comparing multiple quotes helps you ensure you’re getting standard pricing for the coverage you need. If all of your quotes fall within the same price range, you can rest assured that you’re looking at standard pricing for cyber insurance coverage for a business like yours.
We know finding the time to compare quotes can be challenging, so CoverHound simplifies the process. Our platform lets you compare multiple quotes from A+ rated carriers and start same-day coverage in minutes.
The average cost of a healthcare data breach is currently $9.77 million.
We often say that if you can’t afford insurance, you can’t afford an incident. Cyber insurance incidents are unpredictable, difficult to recover from, and highly costly to a healthcare business. There is no question that it’s worth it, and no better way to protect what you’ve worked so hard to build.
Cyber insurance isn’t currently legally mandated, but many professionals find people they work with require proof of insurance. For example, if you take out a small business loan from the bank, your lender may require you to have cyber insurance to reduce the risk on them.
Not all healthcare businesses face the same cyber risks. Your coverage needs depend on factors like revenue, employee count, your industry(healthcare), and existing security measures.
That’s where CoverHound comes in. We make finding cyber insurance fast, easy, and accurate by delivering real-time quotes from top-rated carriers. You can compare your policies online and start coverage within 24 hours with our expert agents ready to help you with any questions.
Cyber threats aren’t slowing down, and neither should you. Get your cyber insurance quote now and protect your business today.
Insurance shopping simplified
Insurance shopping simplified
