Category: Commercial Insurance

When you are starting a brand-new business in Bay Area, CA, you probably have a lot on your plate. However, the one thing that you don’t want to forget about is business insurance. Having the right coverage for your business is just as important as having the lights on in your building and having a sign-up outside that will attract customers.

Of course, there are numerous types of commercial insurance options available, potentially leaving you incredibly overwhelmed. For this reason, the team at Wai Cheng Insurance Inc. wants to share some of the basic types of insurance that your startup needs.

General Liability

When a legal claim is made against your company, a general liability policy helps to cover any medical or legal fees associated with said claim. This type of commercial insurance coverage pertains to property damage, physical injuries, libel, or slander. In the event your business handles any kind of personal information or data, it may be a good idea to consider adding a rider in the event of a data breach.

Professional Liability

If your business offers services, you will also need to invest in professional liability insurance coverage. This type of insurance policy is also referred to as Errors and Omissions (E&O). This coverage will provide protection for you and your business when a customer makes a claim against you for unsatisfactory, incomplete, or late work that has potentially negatively impacted them. In the event that you are taken to court, E&O coverage covers the legal fees and assists your business in keeping its doors open.

Commercial Property

Commercial property insurance coverage will insure your business property and assets in the event they are damaged or lost as a result of a covered event, such as theft, fire, or natural disaster. However, some events, such as a flood, will require separate insurance coverage.

Workers’ Compensation

If you employ individuals, you will need to invest in workers’ compensation coverage. This type of commercial insurance will protect you in the event that an employee suffers an illness or injury while at work. The coverage will pay for the medical care for the employee as well as their lost wages if they’re unable to work. If a fatal accident occurs, workers’ compensation will provide the family with financial benefits.

If you are thinking about starting a business or have a startup in Bay Area, CA, make sure to invest in commercial insurance with a company like Wai Cheng Insurance Inc. Contact our team today to learn more about the commercial insurance options available to you.

Cyberattacks are on the rise for small businesses. According to recent reporting, over the past year, 47% of small businesses experienced a cyber-attack over the past year alone. Of those, 44% were hit more than once.

If you are a small business, you must be just as concerned about your online security as you are your physical and financial security. If you don’t, you will not only potentially lose the trust of customers, but you could also end up spending as much as $200,000 to recover.

One way you can protect yourself is to invest in the right commercial insurance. Small business insurance options often include cyber liability insurance.

This option covers costs associated with a breach involved intangible assets, such as customer data. It will also cover the cost of legal fees, technical investigations, loss of revenue and damage to electronic damage should your business be the business of a cyberattack.

In addition, when you have this insurance, you may also receive help with notifying clients of the attack and hiring a public relations firm to help you manage communication-related to the problem. This policy may even help with you the cost of legal fees and regulatory penalties.

Cyber liability is not the only insurance option that could be key in the event of an online attack. You should also consider business interruption insurance. This type of small business insurance will cover the income you lose should you need to close your business to help manage the ramifications of a cyberattack.

If you are a small business owner, having the proper cyberattack coverage could make the difference between staying in business and going bankrupt.

Are you interested in cyberattack coverage for your Bay Area, CA small business?

The team at Wai Cheng Insurance Inc. in Bay Area, CA can help build the perfect plan to protect your dream.

At Wai Cheng Insurance Inc., we usually receive many questions from our Bay Area, CA clients: Do I need commercial insurance? What does it cover? Is it mandatory? Business insurance can be a confusing topic, especially for startup business owners. As such, we have prepared a comprehensive FAQs section to answer most of the questions you might have. 

Please take a few minutes to browse through our FAQs section. The chances are that you might find an answer to a question that has been bothering you.

Is commercial insurance mandatory?

Commercial insurance is broad. It carries various options to ensure that businesses are well-covered. However, California law requires businesses to maintain the below mandatory commercial insurance.

• Workers’ comp insurance: If you have an employee in your business, you must carry workers’ comp insurance to protect your employees against work-related injuries. Failure to carry this insurance may lead to civil and criminal charges.
• Commercial auto insurance: It protects vehicles that carry out business operations. It covers vehicle damage and protects the drivers as well.

What does commercial insurance cover?

Business insurance protects businesses against various perils. Here are some examples.

• Liability protection
• Assets protection
• Business income protection
• Professional negligence protection
• Cybercrimes protection

As you can see, commercial insurance is designed to protect businesses from various risks. Whether you are a startup or seasoned business owner, you need commercial insurance to protect your business.

Is there comprehensive commercial insurance that can take care of all my risks?

Not really. If commercial insurance were to be compressed into one policy, most organizations’ budgets would be out of reach. In light of this, commercial insurance is broken down into various categories to enable businesses to choose those that fit their needs.

Where can I buy commercial insurance?

Shopping for commercial insurance for your Bay Area, CA business shouldn’t be an arduous task. When you partner with Wai Cheng Insurance Inc., we shall ensure we protect your business from various risks at an affordable rate. Contact us today.