Insurance for Small Business Owners in Delaware

Commercial Auto Insurance.

Delaware small businesses that own vehicles are required to purchase commercial auto insurance. The Delaware requirement includes minimum coverage requirements for business-owned vehicles of $25,000 in bodily injury per person, $50,000 in bodily injury per accident, and $10,000 in property damage liability. Personal injury protection minimums of $15,000 per person and $30,000 per accident are also required.

Workers’ Compensation Insurance.

Delaware small businesses with one or more employees are required to carry workers’ compensation coverage, regardless if they are full- or part-time. Farm workers are exempt from this requirement. A workers’ compensation policy covers medical bills for work-related injuries and illnesses and provides temporary disability payments and compensation for permanent impairment. In exchange, employers cannot be sued for medical costs. 

Small Business Owner’s Insurance.

Bundle property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP) for your Delaware small business. You get all of the convenience plus lower costs! A BOP typically covers losses and damages related to business property, customer or client medical expenses for onsite third-party accidents like a slip and fall, and advertising damage claims like copyright infringement.

General Liability Insurance.

You can obtain General Liability insurance for your Delaware small business as a separate minimum coverage if your business doesn’t need property coverage. If you lease space for your Delaware business, the property contract may require General Liability Insurance. It helps ease the financial burden of customer injury and typically covers third-party property damage, slander and libel lawsuits, and other third-party risks. 

Professional Liability Insurance.

Professional Liability (errors and omissions/E&O) insurance is recommended for small businesses in Delaware that provide expertise as a service, like technical services, finance, and design, as it can protect them from related damage claims. Professional liability insurance helps protect your small business from claims related to work mistakes and errors, missed deadlines, incomplete work, and negligence lawsuits. 

Cyber Liability Insurance.

Cybercrime is an increasing concern for small businesses, including in Delaware. Cyber Liability insurance is recommended for Delaware small businesses to help manage the results of a cyberattack, including help paying for customer notification and fraud monitoring costs and associated legal fees. Cyber insurance helps companies recover from malware, data breaches, phishing, and other common cyberattacks.