Dover Business Insurance

The Complete Dover Business Insurance Guide

Dover is the capital of Delaware and the state’s second largest city. With a low cost of living and booming economic opportunities, Dover has become one of the fastest growing areas in the state and a haven for small businesses. In 2014, there were 73,934 small businesses in Delaware, providing jobs to 168,335 people. During the same year, these businesses were paid $1,394,543 for losses.

If you’re a small-business owner in Dover, DE, make sure you’re protected with comprehensive commercial insurance. Shopping for Dover business insurance can seem overwhelming, but the experienced Independent Insurance Agents at Trusted Choice® can help you compare your options and create a customized policy that is right for your company.

The best commercial insurance starts with liability coverage. As you shop for your new business policy, there are three kinds of liability insurance you can choose from to build your custom insurance plan.

  • General Liability: If a customer slips and falls on your premises, general liability insurance has you covered. The insurance company will pay the legal bills and medical costs associated with the incident. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Set your Dover business up for success with general liability insurance.
  • Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. It takes only a single defective product to put your company in jeopardy, so make sure you’re prepared with product liability coverage.
  • Professional Liability: If your company centers on offering services rather than physical products, you will need professional liability coverage. If your advice or opinion causes injury or harm to a customer or employee, professional liability will protect you against expensive lawsuits. 

Business Interruption Insurance for Small Business

  • Gross domestic product in 2014: 2.2%
  • Delaware gross state product in 2014: 1.6%
  • The 2014 GSP was 0.6% lower than the 2014 GDP

When life’s interruptions make it impossible to keep your business running, business interruption insurance offers peace of mind. If you have to shut down temporarily due to an eligible interrupting event, this coverage option will compensate you for lost income at the end of the year. Business interruption insurance is a must-have policy for small companies that rely heavily on the owner for daily operations.

Property Insurance for Small Business

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

When Hurricane Sandy swept through Dover in 2012, it caused major damage to many homes and businesses. If a natural disaster strikes again in your area, would you be prepared to make repairs? Business property insurance covers the cost of repairs after natural disasters like flooding, tornadoes, wildfires or hail.

Employee Coverages for Small Business

  • Total 2013 spending on premiums in Delaware: $240,313
  • Ranked 8th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $6,833/person or $16,102/family
  • Average national cost of workers' compensation per employee: $612

Delaware’s high premiums for health insurance hit small businesses particularly hard. If you are looking for affordable employee coverage options, the Trusted Choice agents can help. Our Independent Insurance Agents offer quotes from multiple policies so you can weigh the options and select a coverage plan for your staff that doesn’t break the bank.

Cyber Crime Insurance for Small Business

  • 731 Identity theft complaints in Delaware in 2014
  • Ranked 21st highest for identify theft complaints in the U.S.

In today’s fast-paced world of online banking, debit cards and ATM machines, cyber crimes are a serious threat. Yet only 22 percent of small businesses have a response plan in place for cyber and data breaches. How would you respond if your company’s sensitive information fell into the wrong hands? Make sure you’re prepared with cyber crime coverage as part of your Dover commercial insurance policy.

Finding business insurance in Dover starts with a call to the friendly Independent Insurance Agents at Trusted Choice. Our agents can walk you through your coverage options and help you find the policy that is right for your unique challenges as a small business. Call a Trusted Choice agent today to learn more about Dover business insurance and get a quote on your new policy.

Now, who's ready to get their insurance problems solved?