CSIS Insurance Services, Inc.
  • Home
  • Quotes
    • Cyber Insurance Quote
    • Contractors Insurance Quote
    • Workers' Compensation Quote
    • Business Insurance Quote
    • Commercial Auto Insurance Quote
    • Business Owners Package (BOP) Insurance Quote
    • Course of Construction Quote
    • Inland Marine/Tools/Equipment Coverage Quote
    • Commercial Umbrella Insurance Quote
    • Commercial General Liability Quotes
    • Commercial Property Insurance Quote
    • Surety Bond Quote
    • General Liability Insurance Quote
    • Trucking Insurance Quote
    • Commercial Building Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Certificate of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Cyber Insurance
    • Contractors Insurance
    • Workers' Compensation
    • Business Insurance
    • Commercial Auto Insurance
    • Business Owners Package (BOP) Insurance
    • Commercial General Liability Insurance
    • Commercial Property Insurance
    • Surety Bond
    • General Liability Insurance
    • Trucking Insurance
    • Commercial Building Insurance
  • About
    • Why Choose CSIS
    • CSIS Brochure
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Helpful Links
    • Accessibility Statement
    • Blog
  • Contact
  • Home
  • Quotes
    • Cyber Insurance Quote
    • Contractors Insurance Quote
    • Workers' Compensation Quote
    • Business Insurance Quote
    • Commercial Auto Insurance Quote
    • Business Owners Package (BOP) Insurance Quote
    • Course of Construction Quote
    • Inland Marine/Tools/Equipment Coverage Quote
    • Commercial Umbrella Insurance Quote
    • Commercial General Liability Quotes
    • Commercial Property Insurance Quote
    • Surety Bond Quote
    • General Liability Insurance Quote
    • Trucking Insurance Quote
    • Commercial Building Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Certificate of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Cyber Insurance
    • Contractors Insurance
    • Workers' Compensation
    • Business Insurance
    • Commercial Auto Insurance
    • Business Owners Package (BOP) Insurance
    • Commercial General Liability Insurance
    • Commercial Property Insurance
    • Surety Bond
    • General Liability Insurance
    • Trucking Insurance
    • Commercial Building Insurance
  • About
    • Why Choose CSIS
    • CSIS Brochure
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Helpful Links
    • Accessibility Statement
    • Blog
  • Contact

CSIS Insurance Services, Inc. Blog

Differences Between First-Party And Third-Party Coverage

9/6/2022

0 Comments

 
Picture
​You're looking for insurance. There are many options out there, so it can be tough to know where to start. First-party coverage and third-party coverage are two different types of insurance. Here's a look at the differences.
First-Party vs. Third-Party Coverage 
First-party coverage refers to insurance covering losses that policyholders directly incur. The insured incurs losses beyond their control. Third-party coverage refers to insurance covering losses that external parties cause but for which the insured may be liable. 

First-Party Coverage: An In-Depth Look 
Suffering cyber attacks may entail the insured for first-party coverage. The following are the steps that companies take when they believe they have been victims of cyberattacks. 

An Investigation is the First Thing Done 
The attorneys from the cyber insurance handlers conduct initial investigations. Investigations are necessary to determine whether or not a violation of the state and federal laws has been committed. 

IT Forensics Check 
The information technology data’s security is checked to determine whether or not the companies’ data has been accessed in an unauthorized manner. If there has been unauthorized access, advisers advise the company’s management to change their business passwords and other login details. 

Notifications are Sent Out 
Additional actions that the companies need to take and the outcomes of the cases are sent in the form of notification letters and calls. 

Request for Credit Monitoring Services 
Companies may request accredited organizations to monitor their credit information post-investigation. Monitoring credit information adds an extra layer of security in protecting companies’ data and other details. 

Hire Media Relations Companies 
Businesses may give off the impression that they may be negligent in protecting their assets and properties. So, hiring media relations companies may be necessary to protect the businesses’ reputations. 

Third-Party Coverage: The Process 
Third-party coverage is simpler than first-party ones. But third-party coverage does follow a process, too. 

An Investigation on Action That the Insured May Have Initiated 
An example of a third-party coverage incident is when the insured’s money is hacked due to the absence or lack of online security. CPA firms servicing the companies transfer the funds, unaware that the supposedly ‘necessary’ services and products they pay for involve fraudulent transactions. CPA firms may be held liable for stopping fraudulent transactions. 

The CPA firms are external entities outside the relationships between the insurance handlers and the insured. So, the firms may be accountable for third-party coverages. 

Conclusion 
Don’t take daily situations for granted. Even if untoward incidents beyond your control happen, you may still be liable for the damages. If in doubt, consult your trusted insurance expert or advisor. 

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.
0 Comments



Leave a Reply.

    Contact Us

    (888) 501-2747​
    3315 Old Conejo Road
    Thousand Oaks, CA 91320​
    Click Here to Email Us

    Archives

    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All
    Auto Insurance
    Business Insurance
    Business Owner Insurance
    Business Owner's Package (BOP) Insurance
    Commercial Auto Insurance
    Commercial General Liability Insurance
    Commercial Property Insurance
    Contractors Insurance
    Cyber Insurance
    FAQs
    Financial
    Insurance
    Local
    Safety
    Workers' Compensation Insurance

    RSS Feed

California License Number: ​0D80851

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

CSIS Insurance Services, Inc.​
3315 Old Conejo Road
Thousand Oaks, CA 91320
(888) 501-2747​
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash