If you are going to store, access, process and/or transmit any critical or sensitive information on behalf of your organization or a third party then cyber insurance may be recommended.
There are many factors to take into consideration and to review when purchasing cyber insurance including liability, first party sections and expenses/service sections. These factors will ultimately affect the cost, which may range between $20K to $50K depending on type of services you may include, i.e. forensics and investigations, data recovery and regulatory fines.
Like with any purchase, make sure you do thorough research with your Cyber, Legal, Risk, Insurance and Compliance teams and make sure you are getting ROI in the event that you need to utilize it.