What Kind of Insurance Does Your Startup Need?

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.

Home Insurance Exclusions

You have purchased home insurance from Wai Cheng Insurance Inc. for your Bay Area, CA, so it should cover everything? Wrong! While home insurance covers numerous risks, including fire, theft, vandalism, and natural disasters, it has exclusions. And taking note of these exclusions and exceptions is crucial to know what supplementary coverages you need.

Let’s take a look at common exclusions for typical home insurance.


Home insurance covers flooding if a covered event causes it. For instance, home insurance will cover the damage if water damage results from leaky pipes or a faulty roof. However, for overland flooding, you must purchase flood insurance to protect your dwelling and its contents.

Earth movement

Your home insurance won’t cover you when earthquakes, sinkholes, and mudslides knock on your doors. However, you can buy additional coverage to get protection from these risks. 

Intentional / preventable loss

You can’t break your glass door intentionally and run to your insurer for compensation. Similarly, your insurer won’t come to your aid for damage that’s preventable. For instance, damage from pest infestation can be prevented by extermination and proper upkeep of your home. 

Business-related claims

When you start a home-based business, your home insurance won’t cover business-related claims. For instance, if a customer falls or slips in your home while attending a meeting, your home insurance won’t cover medical costs for their treatment. Home insurance only covers the aspects of your home — the building and its contents.

If you need coverage for your home-based business, consider commercial insurance for optimal coverage.

Luxury items

Home insurance provides limited coverage for high-value items like cash, silverware, art, and jewelry. However, you can obtain separate coverage for items with a high price tag.

Get home insurance today!

Are you looking for affordable home insurance in Bay Area, CA, and its environs? Don’t hesitate to get in touch with Wai Cheng Insurance Inc. 

Do I need auto insurance if my vehicle is paid off?

Owning a motor vehicle comes with a lot of responsibility. Not only do you need to lease or purchase it, but you need to maintain it. In addition, you need to have insurance on it. Some auto insurance is optional and some are mandated by the state. Your independent insurance agent will be able to inform you about the types and amount of insurance you are required to have. At Wai Cheng Insurance Inc. in Bay Area, CA, we have more than 20 years of experience that we share with our customers. We work for you and getting you the best insurance at the best price is our goal. 

When your auto loan is paid off, it feels like you are finally free. You can’t be free however from basic liability insurance which is mandated by the state of California. The mandated amount is15/30/5. This is a very basic amount of coverage. It will only be enough if you have a very old car and no assets. For everyone else, you need to seriously think about what coverage you need to have. 

With only a max of $30,000 for all bodily injuries in an accident, you could come up very short of what you need. You could be responsible to pay the excess out of pocket. $5,000 for property damage is even less coverage when you consider the average value of a motor vehicle. 

If you need your vehicle to maintain your everyday lifestyle you also need to make sure you have collision and comprehensive coverage which will repair your vehicle if it is damaged. Most people will find it a hardship to pay for repairs out of pocket. 

If you have questions about your auto insurance coverage Wai Cheng Insurance Inc. in Bay Area, CA has a knowledgeable team who can provide you with the answers you need. 

How commercial insurance can protect you in the event of a cyberattack

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.

What Are the Most Common Home Insurance Claims?

The professionals at Wai Cheng Insurance Inc, serving the Bay Area, CA have vast experience with home insurance and are well versed in all of the different types of claims associated with home insurance policies.

Homeowner’s insurance is not required by the government to be carried by homeowners, but most mortgage lenders do require their borrowers to carry coverage in order to secure a mortgage. 

There are a wide variety of reasons why policyholders will file insurance claims. There are a handful of claims that are made much more frequently than all others. These are:

  • Exterior Wind Damage (accounts for approximately 24% of all insurance claims) – this could be from storms such as hurricanes and tornadoes.
  • Water Damage (not weather related) (accounts for approximately 20% of all claims) – these are often incidents such as leaks, pipes bursting and other related issues that happen in the home.
  • Hail (accounts for approximately 16% of all claims) – this is related to hurricanes, thunderstorms and tornadoes
  • Weather related water damage (accounts for approximately 11% of all claims) – this encompasses flooding and other water damage from storms and adverse weather
  • Theft (accounts for approximately 6% of all claims) – this includes break-ins and items being removed from the home by burglars

These five claims make up nearly 80% of all home insurance claims.  Although it is not one of the most common claims, fire is the most costly claim made to home insurance agencies. It was responsible for about 25% of all insurance claims paid out to insured policyholders who made claims.

To find out more about home insurance in the Bay Area, CA, contact Wai Cheng Insurance Inc. today!

Does my auto insurance cover me or my vehicle?

The Bay Area of California is one of the most beautiful in the country. Just a short drive takes you to Muir Woods or south to Monterey. Driving is scenic and like everywhere else in the county means dealing with lots of other drivers. More drivers mean more risk. Having a good auto insurance policy can give you the confidence you need to face heavy traffic. At Wai Cheng Insurance Inc. in Bay Area, CA, we have more than 20 years of experience, and we work with our clients to find the best policy to fit their needs. 

Whether your auto insurance covers you or your vehicle is an important question. Does anyone else ever drive your car? Would you turn down a friend who asked to borrow your car because you are not sure about the insurance liability? Chances are you wouldn’t. You on the other hand may drive a vehicle that is not your own, and where does that leave you? 

Typically, the auto insurance coverage is on the vehicle. This is good news for you if you have good coverage on your vehicle and are likely to let someone else drive it. Being in control is always good, and you know you won’t end up holding the bag. If however, you are driving someone’s car whose coverage you have doubts about, it may make you less likely to actually do it. Just be aware that if you do cause an accident in someone else’s car, you should still be responsible to pay the deductible amount they have on their policy. 

If you are in the market for auto insurance, at Wai Cheng Insurance Inc. in Bay Area, CA we have a tool on our website to get a quote, or you can give us a call. 

Commercial Insurance FAQs

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.

4 Things You Should Know About Home Insurance

Whether it’s a new house or you have already settled your mortgage, you need home insurance from Wai Cheng Insurance Inc. of Bay Area, CA for optimal protection. While most homeowners recognize that home insurance is vital, most don’t understand what it covers and its exclusions. Thankfully, when you partner with a knowledgeable insurance agent, understanding home insurance becomes a simple topic to digest.

Before purchasing home insurance for your home, here are four things you should have in mind to make an informed decision.

Home insurance covers more than one area.

Home insurance is designed to cover homeowners against various risks. Home insurance protects your home from damage or loss against:

  • Theft
  • Vandalism
  • Lightning
  • Hail
  • Windstorms
  • Fire or smoke

Besides perils, home insurance offers coverage in the below areas:

  • Liability protection
  • Medical payments
  • Additional living expenses (ALE) coverage
  • Personal contents coverage

As you can see, home insurance deploys a multi-dimensional approach to protect homeowners.

Not everything is covered.

While home insurance covers most perils, it won’t protect you against damage from floods and earthquakes. Additionally, home insurance provides limited coverage to high-value items like fur, cash, jewelry, and guns. If you have unique considerations, talk to your agent for separate insurance policies.

Update your home insurance often.

How often should you update your home insurance policy? As a rule of thumb, you might want to relook at your home insurance policy every year. However, you need to update your plan for optimal coverage in case of significant renovations and additions.

Deductibles apply in home insurance.

Just like most insurance plans, deductibles apply to home insurance. These are amounts that you pay in advance before your insurer starts paying. The amount of deductibles could be a fixed dollar amount or a percentage of the home insured value.

Are you looking for home insurance to protect your Bay Area, CA home? Please contact Wai Cheng Insurance Inc. today for an affordable quote.