What You Should Know About Delaware General Liability
If you run a business in Delaware, you probably have a Delaware general liability policy. In addition to liability coverage, this law requires that you have workers’ compensation insurance. Workers’ compensation insurance covers medical bills and physical rehabilitation, and it can even cover lost wages. Generally, the cost of this policy is about the same as a homeowner’s insurance policy. However, there are some things you should know before buying a Delaware general liability policy.
Just like health insurance and car insurance, Delaware general liability insurance is a necessity for businesses. The policy will protect you in case of a customer injury. Business owners put a lot of effort into creating a great business and should protect it by purchasing general liability insurance. It is also important to note that the average general liability claim is $20,000.
While Delaware doesn’t require businesses to have business insurance, some businesses must have certain coverages. For example, retail stores are not required to carry workers’ compensation coverage, but businesses that employ employees and use company-owned vehicles must have commercial auto insurance. Local Trusted Choice(r) agents can help you determine the specific coverages your business needs. Ultimately, the cost of your business insurance will depend on the risk level of your business and the specific type of coverage you need.
The cost of Delaware general liability insurance premiums varies based on several factors, including the size of your business, industry, and amount of coverage you need. For example, the cost of general liability insurance for an advertising agency with 125 employees will be different from that of a real estate brokerage with three employees. The cost of Delaware general liability premiums will also vary depending on whether or not you use heavy equipment or perform certain risky tasks. Finally, your claims history will also influence the cost of your general liability insurance.
The amount of coverage you need for your Delaware commercial general liability insurance depends on the type of business you have and the products you sell. Generally, small businesses need between $500,000 and $1 million in coverage, though if you’re in a high-risk field, you may want to consider a higher coverage amount. If you run a home-based business, you can also opt for limited coverage. If you’re unsure of your insurance requirements, consult an agent in your area.
When deciding on Delaware general liability options, it’s important to understand the various types of coverage available and what each one covers. There are some differences between basic and broad specific perils, but both cover the same basic types of risks. If you’re unsure of what type of coverage you need, contact a licensed business insurance broker or agent for advice. They can also obtain quotes from many different insurers on your behalf. In Delaware, there are several options for personal property of others, depending on your specific business needs.