If your Bay Area business uses a computer to store or process personal and/or commercial information, you’ll want to seriously consider purchasing a cyber insurance policy. Thousands of hacks occur each day, and even a single breach could cost your business tens of thousands of dollars. Learn more from the professionals at Wai Cheng Insurance Inc., serving the Bay Area, CA.
First-Party Cyber Insurance
First-party cyber insurance covers your business after a cyberattack. It provides business interruption insurance if you need to shut down operations to deal with the aftermath of a breach. It covers the cost of paying a ransom in the event of a ransomware attack. It also covers the cost of data recovery, assessing how the breach occurred, and taking preventative measures to prevent future attacks.
Third-Party Cyber Insurance
Third-party cyber insurance covers legal costs and liability if a third party affected by the breach takes you to court to claim compensation. It covers the cost of paying fines for lack of compliance with GDPR, HIPAA, and CCPA regulations.
What Type of Cyber Insurance Does a CA-Based Business Need?
It’s a good idea to carry both first-party and third-party cyber insurance. You can also purchase umbrella insurance to add additional liability coverage to your third-party cyber insurance policy. Not all businesses need umbrella coverage, but companies that could be held liable for huge sums of money in the event of a breach will want the additional coverage.
Call Wai Cheng Insurance Inc. for More Information
Wai Cheng Insurance Inc. is a Bay Area, CA-based insurance agency that specializes in providing multiple commercial insurance policy options to meet the needs of Bay Area businesses of all sizes and in all industries. Give us a call, and we’ll provide you with policy quotes and expert help in reviewing policy options to pick the best forms of coverage.
