Cyber Insurance Cost in Canada
Annual premiums typically range from $1,000 to $10,000+ for Canadian businesses, depending on revenue, employee count, industry, security controls, and coverage limits.
Typical Pricing Bands
Cyber insurance pricing is not one-size-fits-all. These bands represent typical annual premiums for Canadian businesses based on size and risk profile:
$1,000–$3,000
Small businesses
- Under $1M revenue
- 1–10 employees
- Lower-risk industries (services, retail)
- Basic security controls in place
$3,000–$7,500
Mid-sized businesses
- $1M–$10M revenue
- 11–50 employees
- Moderate exposure (healthcare, legal, professional services)
- Stronger security posture
$7,500–$10,000+
Larger or higher-risk businesses
- Over $10M revenue
- 50+ employees
- Higher-risk industries (healthcare, construction, retail with card data)
- Complex tech stack, sensitive data
Factors That Influence Your Premium
Underwriters evaluate these factors to determine pricing and eligibility:
- Annual revenue — Higher revenue means higher potential exposure
- Employee count — More employees = more email accounts and potential breach points
- Industry — Healthcare, legal, and financial services typically pay more than consulting or retail
- Data sensitivity — Handling PHI, payment card data, or personal information increases risk
- Security controls — MFA, backups, EDR, and employee training reduce premiums
- Coverage limits — Higher limits ($1M vs $5M) increase premiums proportionally
- Claims history — Prior cyber claims often result in higher premiums or declination
- AI usage — Heavy AI tool use may prompt additional questions but does not automatically disqualify you
What Coverage Limits Are Typical?
Most Canadian businesses choose between these common limit structures:
- $1M aggregate / $1M per occurrence — Common for small businesses
- $2M aggregate / $2M per occurrence — Mid-sized businesses, many professional services
- $5M aggregate / $5M per occurrence — Larger businesses, healthcare, legal, high-risk industries
Note: Aggregate is the total amount paid across all claims in a policy year. Per occurrence is the maximum for a single breach.
Deductibles and Retention
Deductibles typically range from $1,000 to $10,000. Higher deductibles can reduce premiums but mean you pay more out-of-pocket on a claim. Some carriers offer aggregate deductibles (one amount across all claims) or per-claim deductibles.
How to Get Accurate Pricing
Online cost calculators can provide estimates, but actual premiums depend on underwriting review. The quote intake process asks about revenue, employees, industry, data types, security controls, and AI usage. Underwriting assesses eligibility, pricing, and capacity. Most quotes return in 1 to 3 business days.
Start the intake: Get a cyber insurance quote. If you already have a broker, CyberAgency can work with them.