How much cyber coverage do I need?
Coverage is usually quoted in $500K, $1M, $2M, $3M, $5M, and $10M limits. Driver questions: (1) How many records do you store? (Notification costs run roughly $200–$300 per record in healthcare for forensics + notification + credit monitoring.) (2) Are you HIPAA-regulated? (Add $50K–$500K reserve for OCR investigation defense.) (3) Could a ransomware attack shut you down? (BI losses for a 2-week shutdown for a typical small healthcare practice run $50K–$300K.) (4) Do you have third-party data exposures? (Vendor management requirements, business associate liability.) Most small healthcare practices end up at $1M–$3M; mid-size practices and multi-location groups at $3M–$10M.
- Category
- Business Insurance
- Audience
- Pre-purchase guidance
- Topic
- Cyber & Privacy
Related FAQs
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Almost never — both are standard exclusions in commercial property policies. Flood requires a separate NFIP policy or a private flood policy; earthquake requires either an endorsement (where available) or a standalone policy. NY is not in a high earthquake risk zone, but flood is genuinely material — much of NYC, Long Island, and the Hudson Valley sits in mapped FEMA flood zones, and a single flooded basement can run $100K+ in property and inventory losses. If your premises are…
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