Wilmington Business Insurance

The Complete Wilmington Business Insurance Guide

As the midway point between Washington, DC and New York, Wilmington, DE is an important hub for business travelers. This city is known as the “Corporate Capital of the World,” with a culture that really centers on helping businesses succeed. With an excellent tax climate and strategic transportation systems, Wilmington is really the perfect place to start your own small business. 

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 are running a small business in Wilmington, make sure you’re protected with the best business insurance. The Trusted Choice® Independent Insurance Agents specialize in finding the best commercial coverage options at affordable prices. Whether you’re looking for Wilmington business insurance for liability, property damage or employee coverages, our agents can make the process simple from start to finish. 

Every small business in Wilmington needs comprehensive liability insurance. There are three layers of liability coverage you will need to consider as you work with Trusted Choice agents to create your custom policy. 

  • General Liability: General liability insurance covers you against most typical accidents that can lead to liability lawsuits. If one of your patrons trips and gets hurts on your business property because of your negligence, you are liable and responsible for covering that 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. Don't feel unprepared – invest in 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. This kind of financial burden can be insurmountable for many small businesses. That’s why it’s wise to invest in product liability coverage in advance. Then if a defective product leads to a lawsuit, you know you have the resources to pay for damages.
  • Professional Liability: One of the most common myths among small-business owners is that you only need liability insurance if you sell products. But what if someone slips and falls in your office? What if your advice causes a client harm? Professional liability coverage is what protects lawyers, doctors, contractors and other business owners who focus their companies on offering services rather than physical products.

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

Business interruption insurance is another smart coverage option, especially for new companies. If you had to suspend your businesses operations to repair your building because of terrible weather, would your company be able to keep going? If not, business interruption insurance would offer a way to recover lost income at the end of the year.

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

Wilmington is a hot spot for tornadoes, which could spell disaster for your business property. Since 1950, there have been 103 tornadoes to touch down in the city. If one of these storms hits your business property, would you have the money on hand to make repairs? With property insurance, you’re always covered in case of natural disasters like tornadoes, hurricanes, flooding or even fires.

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

Providing employees with the best health care can get expensive, but it’s important if you want to build up a loyal team that will stick with your company through thick and thin. The Trusted Choice Independent Insurance Agents can help you find affordable health care options for your employees.

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.

Identity theft is something we all have to take precautions against, especially in today’s world of ATMs, debit cards and online banking. But did you know that identity theft is also a threat for Wilmington businesses? Only 22 percent of small businesses have a response plan in place for cyber breaches; and these breaches happen almost every single day. Make sure you are prepared by adding cyber crime coverage to your Wilmington commercial insurance policy.

Shopping for business insurance might seem complicated, but our friendly Independent Insurance Agents at Trusted Choice make it simple. They will work with you to create a customized policy with the coverage options that interest you most. Best of all, our agents can quote from multiple policies, allowing you to compare all the options and find the most affordable coverage for your company. Contact a Trusted Choice agent today to get your customized quote on Wilmington business insurance.

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