What types of insurance do I need for my small business?

When operating a small business in Delaware, it is important to understand what types of insurance coverage are necessary to protect your business and its assets. Generally, there are four types of insurance that most small business owners in Delaware should consider: General Liability, Property, Business Interruption, and Workers’ Compensation. General liability insurance helps protect your business from financial losses related to injuries on your property or non-employee persons, as well as any damage or loss to the property of a third party. Property insurance covers physical property owned by the business, including furniture and equipment, as well as any income you may lose due to damage or destruction of the property. Business interruption insurance provides financial support in the event that normal business operations are interrupted due to a covered peril, including natural disasters or other unexpected disruptions. Finally, Workers’ Compensation insurance is required by law for small businesses with more than one employee, and covers employee injuries or illnesses sustained in the course of their employment. In addition, depending on the type of industry you are in, it may be wise to purchase additional specialized insurance coverage. Many small business owners in Delaware purchase malpractice insurance for professionals, or product liability insurance if they manufacture or sell products. Ultimately, the best way to determine what type and amount of insurance coverage is necessary for your small business is to consult with an experienced accountant or insurance broker.

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What types of insurance do I need for my small business?

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