It’s no secret that we love insurance here at Talage, and odds are you don’t (that’s ok - we can still be friends). But, we do know you love your business and want to protect it, so we’ve provided information about insurance in Delaware. Our advice: protect what you’ve built and carry both workers’ comp and liability insurance.
What kind of business insurance do I need in Delaware?
Workers’ Compensation Insurance in DelawareEvery employer in Delaware is required by law to carry Workers’ Compensation insurance if they have at least one employee (full time or part time). This applies to almost all industries (private, public, non-profit) and employees (full time, part time, minors) - there are some exemptions noted below. The bottom line - if you have employees, you should get a Workers’ Compensation insurance policy to protect your investment.
Workers' compensation insurance helps protect your business from the costs associated with an employee injured at work. Typically, it would pay for medical bills and recovery costs, as well as some of the missed wages. In the event of a death, workers’ compensation insurance can help with the costs of the funeral or death benefits to the employee’s family. Workers’ comp can also help cover legal expenses if an employee sues the business over an injury that isn’t covered by the policy.
General Liability Insurance in DelawareGeneral liability insurance isn’t required by law, but we believe every business should protect itself with liability insurance. It pairs nicely with workers’ compensation insurance because it can cover expenses for non-employee injuries that occur at your business. What’s more, it covers product liability, libel/slander, and even damage you may cause to somebody else’s property. If your business is sued your liability insurance policy may cover you for legal expenses (both legal fees and settlements). If you like tightrope walking without a net, you’re probably not the type that would want liability insurance. For everybody else, this policy (sold together as a business owner’s policy - BOP) helps protect the business you’ve built.
Property Insurance in DelawareProperty insurance isn’t required by law either, but if you have a landlord, they’ll likely require that you carry property insurance. It typically comes bundled with liability insurance as a business owner’s policy (BOP). This portion of the bundle protects your building and its contents from terrifying things like fire, explosions, burst water pipes, storms, and theft. Coverage against other natural disasters typically need to be added on to the policy.
What do I need to know about Workers’ Comp Insurance in Delaware?All states have unique exemptions to their Workers’ Compensation insurance laws. We’ve outlined a few of the unique aspects of the state of Delaware, but for a complete and updated listing, be sure to visit the Delaware's Office of Workers' Compensation website.
- It is mandatory for Delaware employers to carry workers’ compensation insurance. This must be purchased through an insurance carrier unless the business is approved to self-insure.
- Hundreds of licensed insurance carriers are currently authorized to provide Workers’ Compensation insurance to employers in Delaware. You can shop with Talage to get quotes from our network of licensed insurance carriers.
- Sole proprietors may opt out of Workers’ Comp coverage if they have zero employees.