Business Insurance in Delaware

Companies in Delaware can protect their livelihood by seeking business insurance to preserve their earnings from work-related incidents like a customer tripping or an employee sustaining an injury at work. The Diamond State is home to more than 80,000 small businesses that provide the financial backbone for the state's companies. You'll need the right business insurance coverage to keep your business successful in Delaware.

Federal laws determine what businesses are required to acquire general liability protection anywhere in Delaware, from Wilmington to Dover.

Workers' compensation insurance

Delaware law requires you to carry workers' compensation insurance if you have one or more employees, whether full-time or part-time. Employers cannot charge an employee for the costs of coverage.

This plan covers wages for work-related injuries regardless of their severity. The plan may also extend to payments if disability benefits are enabled while the worker is still recuperating.

Commercial auto insurance

Delaware law mandates that all business vehicles be insured by commercial motor vehicle insurance. This policy pertains to accidental death and injury associated with work vehicles.

Delaware's auto insurance requirements are:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability per accident
• $15,000 personal injury protection for any one person
• $30,000 personal injury protection for all persons injured in any one accident

Trucking companies may need to follow more maintenance regulations. Although not required, when driving a personal vehicle for work reasons, it should be covered by hired and non-owned automobile liability insurance (HNA) and personal automobile policies. It can be added to general liability insurance or a business owner's policy (BOP).

Professions in Delaware that get insured:

• Architecture & Engineering
• Beauty
• Commercial Maintenance
• Consulting
• Fitness
• Health
• Home Services
• Marketing
• Property
• Retail
• Therapy

Types of Commercial Business Insurance Offered in Delaware

Depending on your company's specific circumstances, you will most likely need to carry some or all of the following types of coverage:

General liability insurance

General business liability insurance covers common dangers like customer injury, customer property damage, and public liability. It helps protect your business from the high cost of litigation and helps you obtain leases and contracts.

Business liability insurance coverage offers compensation payments for injuries or damage to a client at your business or if you cause damage to another individual's property caused by negligence on your part. This insurance policy also covers personal injuries and court-awarded settlements.

This policy is essential for all Delaware businesses. Its best for:

• Customer injuries at your business
• Damaged customer property
• Libel and other advertising injuries

Professional liability insurance

Professional liability insurance is also called errors and omissions insurance, and it's designed to protect small businesses from the expenses of lawsuits related to unsatisfactory work.

Professional liability insurance is designed specifically for businesses making income off their specialized knowledge. Even the most experienced and meticulous service provider makes mistakes. Unfortunately, prospective clients might need to be more understanding when your mistake loses them time or revenue. Professional liability insurance protects your company from losses if you must go to court due to an unsatisfied customer. Its best for:

• Work mistakes and oversights
• Professional negligence lawsuits
• Late or incomplete work

Cyber liability insurance

Cyber security insurance, also called cyber liability insurance, safeguards small businesses from the financial consequences of a data breach or malicious software attack. It covers the costs of customer notification, credit monitoring, legal expenses, and fines. Cyberattacks and data breaches are costly and increasingly common for small businesses. With their limited IT security, small businesses are frequently a weak target for cybercriminals.

A cyberattack doesn't just cause disruption; it can also cause businesses to close their doors permanently. In fact, 60% of small companies drop within six months of being hit by a cyberattack. Cyber insurance helps you recover from the financial consequences of losses caused by cyberattacks and data breaches. Its best for:

• Data breach lawsuits
• Client notification expenses
• Fraud monitoring costs

Business owner’s policy

A business owner's policy (BOP) package comprises general liability insurance with a commercial property insurance policy. It is usually cheaper than buying the policies separately. If you own a business or rent a workspace, you may need a business owner's policy (BOP). In addition, client contracts typically include general liability coverage.

A BOP is an intelligent selection for small service providers who serve the general public and own valuable business property even when no liability is needed. This option protects against monetary losses because of customer accidents and incidents, like fires and burglaries. Its best for:

• Customer injuries
• Damaged customer property
• Damaged business property

Workers’ compensation insurance

Workers' compensation insurance covers the costs of medical treatment and lost wages incurred by employees who are injured on the job. The expenses associated with medical care can escalate quickly.

Workers’ comp is required in almost every state for businesses that have employees. Small businesses require an HR policy as soon as they hire their first staff member. Even if not required by law, this policy can provide significant protection against medical and surgical expenses and employer liability for workplace injuries, such as a slip and fall in the office, an injury from tools or machinery, or an occupational injury.

You can count on workers' compensation to cover medical treatment and missed wages if you've injured yourself while working or if an injured employee files a lawsuit against you for neglecting to prevent an accident.

If you have no workers' compensation insurance, your business will bear the cost of medical treatments not covered by that insurance. And several states mandate costly penalties for noncompliance.

Commercial auto insurance

Commercial auto insurance covers legal costs, medical expenses, and property damage when a company vehicle is involved in a collision.

If your organization owns cars, you will likely need commercial auto insurance. Each state mandates commercial auto insurance coverage for corporate vehicles. New Hampshire and Virginia are the only places in the United States where car insurance is not mandatory. Drivers are still liable for damages they cause, though.

You can depend on commercial vehicle insurance whenever you or an employee require medical care or becomes involved in legal proceedings due to an auto accident. If you do not buy commercial vehicle insurance, your company will be responsible for all medical and legal expenses, which can become quite expensive.

Delaware Small Business Insurance Requirements

Most businesses in the state of Delaware must acquire workers' comp insurance. If your firm does not carry this coverage, employees who are injured or sick on the clock may sue your business. You may also find yourself fined by the state Department of Labor.

In Delaware, all privately owned vehicles must be covered by commercial auto insurance. Such an insurance policy covers the costs associated with work-related traffic accidents. Trucking companies may need additional coverage to ensure that they abide by regulations.

Cost of Business Insurance in Delaware

A median of $49 per month is the typical business insurance cost in Delaware across all industries our business engages in. Commercial insurance may be very affordable for Delaware small business owners. Factors that influence insurance rates to include:

• Type of business and its risks
• Business revenue and location
• Number of employees
• Type of insurance purchased
• Policy limits and other coverage options

Get a Quote For Delaware Business Insurance

Visit us at InsuranceAdvisor.com if you need a price for your Delaware business. It’s easy, just choose your state, then pick your coverage options from General Liability, Commercial Property, Business Auto, Umbrella, and Workers’ Compensation insurance, and answer the application questions. Once we receive your request, we will provide you with a quote as quickly as possible.

Why Choose Insurance Advisor for Commercial Insurance in Delaware?

We can provide quotes with many different insurance carriers, and you can request quotes from the comfort of your home, office, or anywhere by visiting us at InsuranceAdvisor.com. Once you create an account, your business information is stored, and you can come back at any time to request other lines of insurance, get a certificate of insurance, and update your information.

Frequently Asked Questions (FAQ) about Delaware Business Insurance