Frequently Asked Questions About Small Business Insurance
Delaware Charity Insurance. Charities are subject to the same level of scrutiny and bureaucracy as commercial businesses. Just like company directors, trustees and charity managers are legally responsible for their charity's activities; from finance to health and safety, volunteers' welfare, to the promises a charity makes.
For this reason, they need insurance to provide cover against various risks. An accident involving a visitor at a fundraising event, or an allegation of wrongdoing against a volunteer injuring themselves while working for the charity could have disastrous consequences. Few charities have the financial strength to pay the costs, damages and any awards made against them in the event of a claim. Delaware charity insurance provides protection against these scenarios, giving you the peace of mind that if something unexpected happens, your organization is covered.
Delaware charity insurance protects your non-profit or social service organization from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
There may be certain types of insurance that your charity is legally required to take out, and there may also be optional Delaware charity insurance policies that you will choose to purchase, to ensure you're comprehensively covered, which is why it's important to do research.
The policies that you include in your DE charity's insurance package may be influenced by a number of factors, including the size and nature of your organization, and the work it carries out. That said, there are likely to be a handful of risks that your charity could be exposed to, no matter what its circumstances. So, you need these basic Delaware charity insurance coverages:
General liability insurance (CGL) covers third party property damage or personal injury claims against you or your charity. With Delaware charity insurance you're covered for:
For example, if a member of the public trips over the cable that's powering your projector and breaks her ankle, your general liability insurance pays any compensation that's due, and your legal defense costs. And if one of your volunteers spills coffee over a visitor's laptop, it's still your general liability policy that pays for its repair or replacement.
This type of Delaware charity insurance protects your buildings, contents and stock against damage from causes including fire, explosion, storm, falling trees, vandalism, escape of water, vehicle impact and theft. Flood and earthquake are not part of a standard business property policy.
Trustees are legally responsible for a charity's activities, in the same way that directors are responsible for a business' activities. This means having oversight of things like fundraising and donations, as well as making sure your people are looked after and that your charity complies with relevant laws.
If someone alleges your charity's done something wrong, as a trustee, it's your responsibility to defend the claim. Delaware charity insurance for trustees' insurance gives you expert legal representation and pays any fines you're liable for. You're covered for:
Professional liability, also known as errors and omissions, protects your charity if it provides services or advice. Perhaps your charity helps people start businesses, designs websites to publicize other people's events, or lists other products and services? Giving advice or services exposes your charity to the risk of negligence claims and could mean it's forced to defend its reputation, whether or not the accusations are just.
With this type of Delaware charity insurance you're covered for:
This Delaware charity insurance policy covers any compensation that your organization has to pay if you accidentally share someone's details with a third party, for example. Lists of wealthy donors are common hacking targets. Plus, it pays for your charity's defense costs, if that person sues you for doing so. You're covered for:
Many charities have employees and also will use the services of volunteers. Many states class volunteers as employees, even if they're unpaid, temporary, part-time, or simply helping out. And because they're classed as employees, their health, safety and welfare is your organization's legal responsibility.
Without DE workers comp, your charity or social services organization would have to pay out of pocket for lawsuits or medical bills if an employee or volunteer experiences a work-related injury or ailment. Plus it is required in most states anyway.
Equipment Delaware charity insurance covers the things your charity takes out and about, from tables and chairs to computers and display screens:
It's an 'all risks' policy which, as the name suggests, means your charity's property is covered in all reasonable circumstances including theft, fire and accidents. If there is a disaster and your charity's forced to move out of its premises, business interruption cover pays for your charity to set up somewhere else.
Charity and social services insurance is designed specifically for the sector to give you peace of mind that all your vital assets and people are covered and safe. It's important to find a competitively priced policy that offers flexibility and sufficient coverage to support the groups, communities and individuals you are involved with.
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.
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:
It is expected that these industries will continue to see growth, but there is a need for more skilled labor in these areas.
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.
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
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