What to Know about Business Insurance

in Tennessee

Facts about Business Insurance in Tennessee 

Business insurance is designed to cover your company against losses caused by hazards like severe weather, fires, theft, and liability lawsuits. In Tennessee, business insurance is not required by law, but some aspects of it may be. If you have at least five employees or are in the construction or coal mining field, you will be required to have workers’ compensation insurance. If you have business-owned vehicles, you will need commercial auto insurance.

More Tennessee business insurance facts

  • Tennessee business owners collect about $3.05 billion in claims every year.
  • In 2016, the Gatlinburg Fire caused roughly $500 million in damage.
  • Annually, TN officials respond to more than 1,600 collisions involving commercial trucks.
  • On average, 29 tornadoes touch down in Tennessee each year.

Average Cost of Business Insurance in Tennessee

You can expect the cost of business insurance to vary significantly from one company to the next. Your rates will be influenced by factors such as your business's annual revenue, the value of your commercial assets, your liability risks, and the number of people you employ. There are several different insurance types and options that you can choose from as you customize your commercial coverage. A local independent agent can help you find the best price for the coverage you need while making sure that you are not wasting money on coverage that is not appropriate for your particular business.

Average Cost for the Top Business Insurance Claims

tennessee business insurance graph

Why Choose an Independent Insurance Agent?

  • Independent agents make it easy to compare rates and find the best price.
  • These agents live and work in your community.
  • Your agent can provide one-stop shopping for all of your insurance needs.

Find an independent agent in Tennessee

We needed to find someone who would cover our business insurance, and TrustedChoice.com was one of the first sites to show up on Google. Their website was simple and easy to use,  and they had better rates than our previous insurance. They were able to help us get what we needed, and the process was easy.

five star review Dane of Antioch, TN Consumer Affairs

What Does Your Business Insurance Policy Cover?

Because every business is different, commercial insurance providers allow business owners to customize their business insurance coverage. An independent insurance agent can work with you to ensure that you understand your various coverage options and that your policy does not leave you exposed by any unintentional coverage gaps. A typical business insurance policy in Tennessee will include the following:

  1. Property insurance: Covers loss and damage to your business assets, from merchandise and furniture to tools and machinery. Expensive equipment used by your landscaping business is damaged during a hailstorm.
  2. Liability insurance: Covers legal fees, court costs, and damages if your business is sued for a covered claim. Be sure to ask about the types of liability coverage available. A customer at your music shop is injured in a slip-and-fall accident. 
  3. Business income insurance: Provides a continuation of income if a covered loss forces your business to close for an extended period while repairs are made. A tornado levels your cotton manufacturing plant and you must completely rebuild.
  4. Commercial vehicle insurance: Covers property damage and bodily injury liability costs if an employee is responsible for a collision. One of your workers causes an accident while driving a loaded semi-truck to your company’s warehouse.
  5. Workers’ compensation insurance: Covers medical costs, lost wages, and related expenses if an employee is injured on the job. A chef at your restaurant sustains third-degree burns to his hands in a kitchen accident.

Be aware that flood damage is rarely covered by business insurance. If your business is located in a flood zone or is otherwise at risk for damage caused by flash flooding, your independent insurance agent can also help you secure a commercial flood insurance policy through the National Flood Insurance Program (NFIP). Talk to your local agent to learn more.

Top Insurance Companies That Support Independent Agents in Tennessee

There are currently 366 independent insurance agents in Tennessee available to help you build a solid business insurance portfolio. These agents can save you time and money by helping you find competitively priced coverage that is custom-built to meet the specific coverage needs of your Tennessee business. Contact an insurance agent near you to get more information and to start comparing commercial insurance quotes from some of these highly rated companies.

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Why go Independent

Why Go Independent When Looking for Business Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money

Find an Independent Insurance Agent