Finding the Right Business Insurance in Newark, DE

Running a business comes with a lot of uncertainty, some of which include accidents, natural disasters, and lawsuits. If you are not prepared, any or all of these could threaten your livelihood at a moment’s notice. While there are protections awarded to companies that choose to incorporate, these protections are limited. For everything in between, the right business insurance in Newark, DE, can help fill the gaps.

State and Federal Requirements

Federal requirements dictate that all businesses that have one or more employees must have workers’ compensation, unemployment, and disability insurance. Depending on the state in which you do business, there are specific requirements regarding the insurance policies you must have. In Delaware, any vehicle that is designated only for company use must be covered by a commercial auto insurance policy. Furthermore, Delaware state law forbids any employer for charging employees for costs associated with their workers’ compensation policies.

Recommended Insurance Policies

Depending on your business vertical, there are several different types of business insurance in Newark, DE, that are recommended for your business. These include:

• General Liability Insurance — Covering common risks such as damage to the belongings of and injuries sustained by non-employee persons as well as libel or slander lawsuits, most commercial leases will require your business has this coverage.
• Professional Liability Insurance — Also known as errors and omissions insurance, this coverage is recommended for professionals whose line of work is dependent on their expertise in the field. If an oversight is made or a deadline is missed, this policy will cover you in the event you are sued for negligence.
• Cyber Liability Insurance — If your business has a strong online presence or handles sensitive data, this type of insurance will cover costs associated with notifying customers in the event of a data breach or cyberattack. In addition, this policy will supply affected customers with fraud monitoring and cover you in the event of a data breach lawsuit.
• A Business Owner’s Policy — This policy will combine property insurance and general lability insurance into one plan, often at a lower cost. As general liability insurance will not cover damage to your business’s property, this policy is a highly recommended form of business insurance for all businesses in Newark, DE.