On the banks of the Mispillion River, you’ll find the beautiful little city of Milford, DE. This river front community offers a peaceful small town vibe and active downtown community life. It’s also a perfect setting to chase your business dreams. 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 Milford, make sure you’re covered with comprehensive business insurance. Trusted Choice® Independent Insurance Agents specialize in helping small-business owners build personalized Milford business insurance policies. Our friendly agents can help you find all the coverage you need at a price you can afford.
Whether you’re a sole proprietor, a small LLC or a growing corporation, liability insurance is something you just can’t do without. It only takes one defective product, one simple slip and fall accident or one piece of bad advice and you could be faced with a devastating lawsuit. These three types of liability coverage offer peace of mind that you can handle a lawsuit without going under if your business is sued.
- General Liability: If a customer is injured on your business property, you could be liable to pay for medical bills. 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. Be prepared and talk with an Independent Insurance Agent about how general liability insurance can protect you and your Milford business.
- 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. Quality control is never flawless, and if even a single defective product causes physical or property damage, you would be liable to pay for damages or medical bills.
- Professional Liability: Whether you are an interior decorator, a landscaper or an accountant, you still need the coverage of professional liability. If your services ever cause physical or property damage, you would be at serious risk for a lawsuit. Professional liability coverage gives you peace of mind that you’re covered if it happens to you.
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
As a small-business owner, you’ve probably invested countless hours and financial resources into helping your business succeed. But what happens if an uncontrollable circumstance prevents you from doing business? Maybe a storm hits your building and you have to temporarily shut down while repairs are being conducted. Whatever the circumstance might be, business interruption insurance protects your business income from unexpected situations that hurt your bottom line.
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
As a lake front community, Milford has a higher risk for flooding and storm damage. Make sure your business property is covered with the best property insurance so you can afford to make repairs quickly if a natural disaster strikes in your neighborhood. Don't risk having to pay repair costs out of your own pocket.
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
One of the biggest challenges for Milford small businesses is finding affordable employee coverage options. While you want to provide your staff with the best benefits, Delaware’s high health care rates can put a serious strain on your business budget. Thankfully, Trusted Choice Independent Insurance Agents specialize in matching employers with the right kind of health care, life insurance and workers' compensation benefits so that you can treat your staff right and provide the benefits they need and deserve.
Cyber Crime Insurance for Small Business
- 731 Identity theft complaints in Delaware in 2014
- Ranked 21st highest for identity theft complaints in the U.S.
No one expects a major cyber crime to happen in a small town like Milford, but even this friendly community is at risk. Identity theft and data breaches can be devastating for any company, but only 22 percent of small businesses are prepared with a response plan in place. Cyber crime insurance is a smart way to be sure your business assets are always secure even if sensitive information falls into the wrong hands.
If you are shopping for Milford commercial insurance, there’s no need to spend hours calling one agent after another to get multiple quotes and policy options. Instead, place a single call to the experienced agents at Trusted Choice. Our Independent Insurance Agents can offer you quotes from our wide network of policies so you can compare all of your options in one convenient place. Contact a Trusted Choice agent today to learn more about how you can get comprehensive Milford business insurance at the most affordable price.