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.
Delaware Assisted Living Facilities Insurance
Delaware Assisted Living Facilities Insurance. Did you know that millions of Americans live in senior homes? This is according to the National Center for Assisted Living. Consider the following numbers if you own or operate a senior care facility:
- 8,000 baby boomers a day will turn 65 over the next 15 years
- When this spike levels out, over 20% of the U.S. population will be 65 years or older
- The total number of seniors is expected to double in the period between 2012 (43 million) and 2050 according to World Report.
For the residents and families that rely on these services, senior care centers provide relief from the many worries associated with elderly care including personal injury. For the owners of these institutions, Delaware assisted living facilities insurance provides coverage in situations where residents suffer injury (such as slips and falls) while in the care of the facility.
Delaware assisted living facilities insurance protects your facility from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
What Coverages Does Assisted Living Facilities Insurance Provide?
The risk of falls, abuse from caregivers, negligence, and erroneous dispensing of medication cannot be ignored especially in a larger institution where there's high traffic. To protect your facility from a lawsuit learn more about how you can benefit from Delaware assisted living facilities insurance.
Your insurer will offer several types of policies. These include:
General Liability Insurance: From an insurance standpoint, a number of evolving aspects have to be addressed. For instance, today's assisted living care facility treats residents who are 10 or more years older than previous generations of residents. And also, ageing baby boomers are not making the same decisions their parents made, and staff at these facilities are constantly presented with residents who are sicker and older.
While these recent changes have brought new risks to the industry, facilities are not all properly staffed and equipped to handle new demands placed on them. By purchasing general liability, you can shield your DE facility from claims related to the following:
- Bodily Injury claims
- Property Damage
- Medical expenses
- Advertising injury
- Low quality of service, etc.
Malpractice Insurance: This will cover the costs arising from a lawsuit in case you are sued for your services. If a resident is harmed in any way from a service or advice that you provided, you will be held legally liable. The main reason for purchasing malpractice insurance is that a typical general liability insurance policy usually only applies to cases of personal injury, property damage, bodily injury, and advertising injury. Keep in mind that some professional services and products can give rise to legal claims even without causing any specific harm covered by such Delaware assisted living facilities insurance policies.
The types of claims covered by your malpractice policy may include:
- Fair dealing
- Violation of good faith
- Inaccurate advice
- Failure to meet industry standards
DE Commercial Property Insurance: All businesses need coverage for expensive equipment, office space, supplies, etc., in case it is damaged by a fire or natural disaster, stolen, or vandalized. Office furniture, medical equipment, and other contents may be included in the Delaware assisted living facilities insurance policy.
Bear in mind that Property Insurance is a "first-party" coverage, meaning it provides for losses related to the policyholder's own person or property. On the other hand, casualty / liability insurance is a third party coverage, meaning it offers protection for the policy holder against claims made by others.
Cyber Liability Insurance: Because a lot of your facility data is saved on computers and cloud storage services, there is a risk of cybercrime and data loss. Cyber liability is a type of Delaware assisted living facilities insurance coverage that covers your liability in case of a data breach in which the facility's residents' personal information such as credit card numbers or social security numbers are exposed or stolen by hackers or other criminals.
To mitigate the risk of civil litigation and other penalties due to a data loss or a deliberate intrusion into your facility's electronic network, invest in cyber liability. This Delaware assisted living facilities insurance policy may cover losses caused by:
- Cyber extortion
- Stolen personal health information
- Stolen personally identifiable information
- Intellectual property, etc.
Worker's Compensation Insurance: This is a state-mandated coverage in most states for any non-owner or partner employees. DE workers comp covers medical treatment and lost wages resulting from an employee's work-related injury. The policy provides a mandatory relinquishment of the employee's right to sue his or her employer for negligence.
Workers compensation covers claims such as:
- Medical fees
- Lost wages
- Attorney fees
DE Assisted Living Facilities Insurance
DE assisted living facilities need insurance coverage as a risk management solution for the cost of claims over time. If for example, residents experience falls quite frequently in your facility, you can establish a loss control service that addresses existing needs and offers tools and resources.
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 Health & Beauty Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Dental Lab
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Request a free Delaware Assisted living facilities insurance 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.