The $30 insurance that actually saved our startup

Last March we were bootstrapping a small SaaS in Austin and I kept skipping the cyber liability policy because it felt like a money grab. Our dev said we had solid firewalls so I blew off the $30 per month quote from a broker at a networking meetup. Then in June a client in Round Rock got phished through a vendor email that looked like ours, and their lawyers came after us for $12k in damages. That cheap policy covered the legal fees and the forensic review, which would have wiped out our runway otherwise. I still think most insurance is overpriced, but this one proved its worth fast. Anyone else here had a similar near miss that changed their mind on a business expense they used to ignore?

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