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 Malpractice Insurance
Delaware Malpractice Insurance. A type of insurance purchased by health care professionals (and sometimes by other types of professionals, such as lawyers). It protects such professionals against potential negligence claims made by their patients and/or employers.
Delaware malpractice insurance covers bodily injury or property damage as well as liability for personal injury such as mental anguish. This includes the costs of defense and cost containment expenses.
Delaware malpractice insurance protects your company from negligence claims with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Malpractice Insurance Policy Basics
Delaware malpractice insurance comes in several basic forms:
- An occurrence policy provides coverage for alleged incidents (injuries) that happened during the policy year regardless of when the claim gets reported to the carrier. The claim can be reported at any time in the future, even if the policy has cancelled. The occurrence policy provides a separate coverage limit for each year the policy is effective. Occurrence policies offer a steady base premium that does not increase as the policy matures.
- With a claims-made policy, an incident must happen and be reported to the insurance company while the policy is effective. As can be seen, this requires that coverage must extend for a significant period of time to provide adequate protection since a considerable amount of time may elapse between when an incident may have occurred and when a claim is made.
- Tail insurance refers to a policy that the insured can purchase when he discontinues his claims-made policy. Tail coverage requires that the policy holder pay an additional premium. The issue, however, is that the additional premium coverage can be extremely expensive - sometimes 150 or even 200 percent of the price of a mature claims-made policy, depending on the medical specialty and the location.
Is DE Malpractice Insurance Mandatory?
There is no legal requirement to have medical malpractice insurance but it's important to protect yourself and your business against events you cannot foresee. Also, in today's society, people are increasingly ready to bring a claim against you if they feel dissatisfied - whether or not you are actually at fault. Claims can run into many thousands if not millions of dollars and having Delaware malpractice insurance could be the difference between a business being able to survive a claim or not.
Buying Medical Malpractice Insurance
When shopping for a DE medical malpractice liability insurance policy, most physicians focus on premium costs. But physicians shopping for a malpractice policy should also focus on getting the right coverage limits. A coverage limit is a provision in a policy under which the insurance company says that it will only pay for losses sustained by the policyholder up to a certain dollar amount. If limits are too low, the physician is needlessly exposed to personal liability. Too high, and the physician is paying for more coverage than needed.
Malpractice Insurance: Costs and Components
Claims-made policies tend to be less costlier than occurrence policies because of the smaller insurance company time exposure to claims. Some other factors that determine how much the policy costs include:
- Physician or provider specialty (costs vary based upon exposure to risk).
- Type of coverage, occurrence or claims made.
- Limits of liability (aggregate amounts, deductibles and managed care requirements).
- Location of practice (costs vary widely by state, county and city).
- Loss history.
What Does Malpractice Insurance Cover?
DE malpractice insurance covers several expenses involved in defending and settling the malpractice suit; it also pays the damages if you are found liable. The covered costs include: court costs, attorneys' fees, settlement costs, arbitration costs, and compensatory damages and medical damages.
Medical malpractice will usually not cover liability arising from criminal acts, sexual misconduct or alteration of medical records. Other typical exclusions are for: punitive damages and specialized procedures (e.g., radial keratotomy) for which coverage may be "bought back" in return for additional premium.
Handling Malpractice Claims
In most cases, in order for your insurance policy to provide you with coverage, you should notify the insurance company as soon as reasonably possible of the problem. If you do actually become involved in a claim or lawsuit, for example, you receive a summons and complaint, before coverage is activated, you must notify the insurance company right away. Always follow up an oral notice in writing.
Why You Need Malpractice Insurance
Even the most competent professional can make a mistake and should protect against that possibility. Defending a malpractice lawsuit is often expensive even when the defendant wins. Health care professionals win most malpractice lawsuits, but the legal system rarely allows for the recovery of expenses by the winner. Since the cost of defense is high and a loss can be devastating, this insurance product is essential to every practice.
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 Medical 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 Malpractice 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.