DelawareBusiness Insurance

Find the Best Business Insurance Options in Delaware

Delaware attracts many business owners thanks to the state's unique location. But no matter what type of business you run or are thinking of starting, you'll need to ensure it's protected by business insurance. Having business insurance can help your company get reimbursed after a huge disaster like a fire. Without this crucial coverage, you'd be stuck paying for hefty financial losses out of pocket, which could lead to bankruptcy.

Delaware is home to 82,121 small businesses currently, and its 187,556 small business employees also need their own protection. An independent insurance agent in Delaware can help your business get set up with all the coverage it needs, including for its employees. But for starters, here's a breakdown of business insurance requirements and more in Delaware.

Best Business Insurance Companies in Delaware

You could find business insurance from a ton of different carriers in Delaware, but some insurance companies offer better quality coverage and rates than others. That's why we put together this list of the best business insurance companies in Delaware for you. Start off by checking out these outstanding carriers.

• Travelers: Travelers sells business insurance and many types of personal insurance. The carrier is also known for providing excellent customer service and tons of discount options.
• The Hanover: The Hanover offers many different business insurance and personal insurance products. The carrier is known for its outstanding ratings from both AM Best and the Better Business Bureau (BBB) and for offering 24/7 claims reporting. 
• Progressive: Progressive offers business insurance along with personal insurance products. The carrier is known for having excellent financial strength, offering tons of discounts, and providing 24/7/365 customer service. 
• Nationwide: Nationwide also offers business insurance and many types of personal insurance products. The carrier is known for its outstanding ratings by both AM Best and the BBB and for offering 24/7 claims reporting.

A Delaware independent insurance agent can help you find the business insurance policy you need from one of these top-rated carriers.

Delaware Business Insurance Requirements

All businesses in Delaware with employees must carry workers' compensation by state law. Regardless of the industry or full or part-time status of the employees, all businesses must provide this coverage for their workers. But though this is the only type of mandatory business insurance coverage by law in Delaware, you'll likely want to add several other protections to your policy. Having commercial general liability insurance, for example, can help your business get reimbursed for lawsuit costs if it gets sued. Also, if your business uses company vehicles, you'll want to get them protected by commercial auto insurance. Further, having business income insurance can help provide continued revenue and employee payroll during covered temporary closures. 

Some Common Types of Business Insurance Coverage to Consider in Delaware:

• Commercial general liability insurance
• Commercial auto insurance
• Business income insurance
• Cyber liability insurance
• Professional liability insurance
• Commercial property insurance

A Delaware independent insurance agent can help recommend each type of coverage your specific business may need in its policy. 

What Business Insurance Covers in Delaware

A business insurance policy in Delaware is customizable, which means you can choose the types of coverage your company needs most when you purchase it. So you may choose to add commercial auto insurance, workers' compensation, commercial general liability insurance, and business income insurance to start off with. But depending on the needs of your business, you may also require additional types of protection, such as commercial property insurance, to protect against damage or destruction to company property like inventory or buildings. A Delaware independent insurance agent can advise on each type of coverage your business may need.

Liability Coverage Options for Small Businesses in Delaware

Without liability coverage, your business is vulnerable to potentially huge financial losses in case of a third-party lawsuit. However, having this coverage can help your business financially recover in extreme incidents like huge lawsuits. Here are three essential types of liability coverage to consider for your Delaware business.

• Commercial general liability insurance: Reimburses costs for lawsuits related to claims of third-party personal property damage or bodily injury caused by your business.
• Cyber liability insurance: Reimburses costs for lawsuits related to data breaches and other cyber incidents that can expose, sell, or distribute private data like credit card numbers.
• Professional liability insurance: Reimburses costs for lawsuits related to your business's professional services, such as improper advice given to clients that caused harm.

Your Delaware independent insurance agent can help your business get equipped with the right types and amounts of liability coverage.

Property Coverage Options for Small Businesses in Delaware

If your Delaware business has physical property like inventory or buildings like stores or offices, you'll likely want to consider adding the following coverage to your business insurance policy.

• Commercial property insurance: Reimburses costs of property repair or replacement if company property gets damaged, stolen, or destroyed by a covered disaster like vandalism or fire.

Your Delaware independent insurance agent can help your business get adequately covered by all the commercial property insurance it needs.

Other Insurance Options for Small Business Owners in Delaware

Your business insurance policy may not yet be complete. Depending on your specific company, you may still require other forms of coverage. A couple of other commonly added types of business insurance are:

• Business income insurance: Provides a continued revenue stream as well as continued employee payroll during temporary covered closures of your business, such as due to incidents of fire.
• Commercial auto insurance: Reimburses costs related to disasters involving company vehicles, like accidents, lawsuits, vandalism, and more.

A Delaware independent insurance agent will recommend each type of additional business insurance coverage your company may need in its policy. 

Average Cost of Business Insurance in Delaware

The cost of business insurance in Delaware can be tough to estimate, since policies are so customizable and highly individual based on the company. In general, larger businesses with more employees and greater annual revenue will require more coverage, and can therefore expect to pay higher premiums than smaller businesses. Likewise, the more company vehicles your business has, the more commercial auto insurance it'll require, which will increase its business insurance premiums. But your business's industry and operations, as well as its exact location also impact the cost of your business insurance. The more risky your business is by nature, the higher the cost of your business insurance policy.

How does your city measure up to the national average?

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

City	No. of businesses	Burglaries / 100,000 people	Auto thefts / 100,000 cars
Middletown	-	303.3	60.7
Milford	832	372	100.1
New Castle	-	341.8	179.9
Newark	-	223.8	106
Smyrna	-	331.4	51
Wilmington	-	805.7	651.3

How Does Your Delaware City Measure Up?

Middletown, DE Common Coverage Options

Commercial property insurance: All businesses in Middletown that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in Middletown that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in Middletown, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party like a customer claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

Milford, DE Common Coverage Options

Commercial property insurance: All businesses in Milford that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in Milford that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in Milford, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party like a customer claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

New Castle, DE Common Coverage Options

Commercial property insurance: All businesses in New Castle that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in New Castle that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in New Castle, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party, like a customer, claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

Newark, DE Common Coverage Options

Commercial property insurance: All businesses in Newark that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in Newark that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in Newark, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party like a customer claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

Smyrna, DE Common Coverage Options

Commercial property insurance: All businesses in Smyrna that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in Smyrna that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in Smyrna, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party like a customer claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

Wilmington, DE Common Coverage Options

Commercial property insurance: All businesses in Wilmington that have property like physical inventory or buildings like office spaces or storefronts need the protection of commercial property insurance. This coverage can help pay to repair, rebuild, or replace company property if it gets damaged, destroyed, or stolen.

Commercial auto insurance: Any business in Wilmington that relies on company vehicles for business purposes like making deliveries will need the protection of commercial auto insurance. You may need to purchase this coverage for just one vehicle or up to a whole fleet. It covers incidents such as lawsuits related to accidents, acts of vandalism, theft, fire damage, and more.

Commercial general liability insurance: Every business in Wilmington, regardless of industry, likely needs the protection of a general liability insurance policy. Having this coverage can help reimburse your business for lawsuit costs if a third party like a customer claims your business caused them bodily injury or personal property damage. Your coverage can reimburse you for attorney, court, and settlement fees.

Delaware Business Insurance FAQ