Newark Business Insurance

The Complete Newark Business Insurance Guide

Newark, DE is a growing city that offers incredible opportunities for small businesses. With a steady flow of students coming and going from the University of Delaware and tourists coming to watch international figure skating competitions, this city is a perfect place 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 own a business in this city, make sure you are covered for losses with Newark business insurance.

Choosing the right commercial insurance policy can be overwhelming. There are so many coverage options to consider, and it can be difficult to determine what you really need to protect your company from losses. Trusted Choice® Independent Insurance Agents provide one-on-one support to small-business owners and can help you determine which coverage options are right for you.

The bedrock of small-business insurance is liability coverage. Lawsuits can be a nightmare for startups and companies that are still too small to afford pricy settlements. Choose from three types of liability insurance to make sure your business is covered.

  • General Liability: If you are looking for a blanket coverage policy to protect against the most common types of liability lawsuits, general liability will do the job. If someone is hurt on your business property, you could be liable and responsible for paying the person's medical costs. 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.
  • 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. If you are worried that you couldn’t shoulder this heavy burden, make sure you invest in product liability insurance before you sell your first product.
  • Professional Liability: If your Newark business provides a service rather than physical products, consider investing in professional liability insurance. This coverage offers protection in case you give bad advice, make a judgment error or inadvertently cause physical or property damage to a customer.

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

Small-business owners work hard to get their companies off the ground. And after the grand opening, the long hours are still far from over. Think about what would happen if your business property were hit by a natural disaster and you had to suspend operations until repairs were completed. Would your business survive? Business interruption insurance offers a backup plan to repay lost income after interrupting events, giving you peace of mind that your Newark small business can keep the doors open even when life’s interruptions intervene.

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

Newark has a high risk for natural disasters, with an average of two tornadoes per year leaving a trail of devastation across the city. In 2012, Hurricane Sandy swept through Newark, causing major destruction and property damage for the city’s businesses. Make sure your company is covered in case of natural disasters by investing in the best property insurance.

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

There’s no denying that employee health care is expensive. In fact, Delaware’s employee coverage rates are among the highest in the nation. If you are searching for affordable health care, life insurance and workers' compensation for your staff, the experienced agents at Trusted Choice can help. Our Independent Insurance agents can provide quotes from multiple policies, allowing you to compare your options and find a plan that is affordable and reliable.

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.

How much of your daily operations rely on technology? If you are like the average business in Newark, you probably use computers for practically everything. From processing orders to taking payments to handling bank deposits, technology is really the cornerstone of most Newark businesses. How would your business react if there were a data breach? According to a recent study, only 22 percent of small businesses have a response plan prepared for cyber breaches. Make sure you are prepared in advance with the best commercial insurance policy that includes coverage for cyber crimes.

Choosing your new commercial insurance policy starts with a call to the Trusted Choice Independent Insurance Agents. Whether you’re worried about liability, concerned about cyber threats or just looking for the most affordable employee coverage, our experienced agents can help. Contact a Trusted Choice agent today to learn more about Newark business insurance and start shopping for a policy for your small business.

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