Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Collectibles Memorabilia Store Insurance Delaware
Collectibles Memorabilia Store Insurance Delaware An autographed Mickey Mantle baseball, or that rare Michael Jordan signed rookie card can easily sell for thousands of dollars. Not only these, but other collectibles and rare memorabilia you sell in your shop, are valued at hundreds of thousands of dollars.
For the business owner who is selling these high valued items, which are rare, collectibles, and possibly only exist in very limited quantities, you need to have the right collectibles memorabilia store insurance Delaware policy in place
Collectibles memorabilia store insurance Delaware protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Types Of Collectibles Memorabilia Store Insurance Do I Need??
In choosing the insurance provider for your shop, it is important to know what coverage they provide. Consider some of these collectibles memorabilia store insurance Delaware coverage options and terms when choosing your policy:
- Damage (by fire, flood/water, or other natural disasters).
- Loss (due to burglary or theft).
- Accidental breakage, for items which are fragile or extremely old.
- Loss in the mail (if customers order items online of high value, which are lost or stolen in transit).
It is imperative that the insurance provider you choose for the collectibles memorabilia store insurance Delaware coverage not only protects against all possible complications, loss, or damage, but also provides higher than average deductibles for such items as well. Since you are dealing with rare, hard to find, limited collector's items, it is extremely likely that some of these items are valued at $10,000, or higher. You want to know you are fully protected, and will salvage the funds, in the event something goes wrong.
Optional Coverage Options
When choosing the collectibles memorabilia store insurance Delaware policy, business owners also have to consider other problems which can arise. For example, if you are attending a trade show to promote or try to sell collector items, does the insurance provider offer travel insurance? This not only covers the value of items which are lost during transport, but ensures that when they are temporarily away from the store or online site, they are fully protected.
In addition to travel coverage, exhibition coverage is another optional policy coverage addition to consider adding to protect collectibles. This covers for the cost of shipping and the value of items, up to the date/time of the exhibition show or event, in the event items are lost, stolen, or otherwise damaged. Again, if you aren't personally transporting these high valued items, if things go wrong, this will shield you from a huge financial loss/burden.
Storage facility coverage is another optional policy term to consider adding when choosing collectibles and memorability store insurance protection. If collectibles are kept in a public storage facility, they are also protected to a certain value (depending on how much you choose to purchase when adding this policy term to your insurance). Depending on the value of collectibles, what is being stored, and the security of the facility, ever store owner is going to choose varying levels of coverage to shield their high priced, rare collectibles while they aren't in the store.
It is also important to consider the possibility of cyber crime or theft. If you sell items online as a business owner, then you might want to consider investing in online/cyber policy coverage as well. If a customer's credit card information is stolen, if your site is hacked and issues arise with the sale/transaction, or if anything else goes awry, you and your customers are going to be protected from such breaches.
For this reason it is important to understand coverage options, how much you are protected (value) online, and what protections are afforded to your customers who choose to purchase collectibles from your online store, as opposed to the store front where you sell items.
Compare DE Insurers Before Purchasing
When purchasing collectibles memorabilia store insurance Delaware, business owners should go through insurers which specialize in rare, collectible, or limited coverage policies. Not only will they offer more optional coverage terms from which you can choose, but also understand the industry, so will provide you far better protections for your business.
DE Collectibles Memorabilia Store Insurance
Before you buy, it is important to ensure you understand policy terms and coverage options. These are a few of the basics to understand, and some of the different optional coverage options to consider, when the time comes to choose an insurer and levels of coverage, for your business needs.
Delaware Economic Data & Commercial Insurance Regulations
For entrepreneurs who are thinking about starting up a business in Delaware, it is important to have an understanding of the state's economic outlook, as well as the regulations and limits regarding commercial insurance. With this information, you can determine if DE is, in fact, a wise location to start your business.
Below, we offer a brief overview of Delaware's economic status and the rules relating to commercial insurance.
Economic Trends For Businesses In The State Of Delaware
Delaware is home to more than 1 million businesses. This includes over half of all of the publicly traded companies in the United States, and 64 percent of the country's Fortune 500 companies. Delaware is such an appealing place for entrepreneurs because the state offers flexible corporate laws and a government that is very friendly to business owners.
The economic outlook of DE has become softer. As such, Delaware has moved down eight spots on the Forbes' Best States for Business list. The costs of operating a business are about 21 percent lower in Delaware than the national average. It is also one of the lowest ranking states in regard to labor costs. With that said, job growth is expected to reach .8 percent by the end of the 2019 calendar year. The unemployment rate is expected to remain lower than the national average, at an estimate 4.7 percent.
The industries that contribute the most to Delaware's economy include:
- Hotel & Hospitality
It is expected that these industries will continue to see growth, but there is a need for more skilled labor in these areas.
DE Commercial Insurance Regulations
The Delaware Department of Insurance regulates the insurance industry in DE. Commercial liability insurance, commonly referred to as general liability insurance, is the most common type of coverage that business owners carry. In the state of Delaware, business owners are not required to carry this type of coverage in order to operate. This state is considered a modified comparative fault state that has a negligence standard of 51 percent. The government does not put any caps on awards that are offered to those who file personal injury lawsuits against businesses in Delaware. As such, it is wise for business owners in this state to invest in commercial liability insurance, even though it isn't required.
Business owners are required to carry workers compensation in Delaware. This includes businesses that employee one or more hourly or salaried W2 employees.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Request a free Collectibles Memorabilia Store Insurance Delaware quote in Arden, Ardencroft, Ardentown, Bellefonte, Bethany Beach, Bethel, Blades, Bowers, Bridgeville, Camden, Cheswold, Clayton, Dagsboro, Delaware City, Delmar, Dewey Beach, Dover, Ellendale, Elsmere, Farmington, Felton, Fenwick Island, Frankford, Frederica, Georgetown, Greenwood, Harrington, Hartly, Henlopen Acres, Houston, Kenton, Laurel, Leipsic, Lewes, Little Creek, Magnolia, Middletown, Milford, Millsboro, Millville, Milton, New Castle, Newark, Newport, Ocean View, Odessa, Rehoboth Beach, Seaford, Selbyville, Slaughter Beach, Smyrna, South Bethany, Townsend, Viola, Wilmington, Woodside, Wyoming and all other cities in DE - The First State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.