In Tennessee, $6,317,565,000 in commercial insurance claims were paid in 2019 alone. The proper coverage for your operation is crucial if you want to avoid financial loss. Tennessee business insurance can help protect your real estate firm.

Fortunately, a Tennessee independent insurance agent works with a variety of carriers so that you have options. They'll help you obtain the right policies that fit your budget. Get connected with a local expert for tailored quotes in minutes. 

What Is Real Estate Firm Insurance?

Tennessee real estate firm insurance will protect your liability, property, and agent exposures. There will be numerous policies for you to review with a trusted adviser. Check out what real estate firm insurance can cover:

• Bodily injury
• Errors and omissions 
• Property damage
• Employment practices
• Cybercrime
• Theft and vandalism

Projected number of firms in the real estate, rental, and leasing industry in the US from 2019 to 2026

The number of real estate firms in your area will help you see the demand in the industry. You'll want adequate protection for your day-to-day operation and need to understand how it applies.

What Does Real Estate Firm Insurance Cover in Tennessee?

In Tennessee, there are  603,310 small businesses in existence. If you own a real estate firm here, you'll be required to carry errors and omissions insurance by law. All other policies will not typically be mandated by state law, but will be necessary to avoid financial ruin or worse. 

Real estate firm insurance options:

• Errors and omissions insurance: Pays for lawsuits by clients related to negligence, personal injury, and consulting.
• General liability insurance: Pays for claims of bodily injury or property damage where you and your employees are responsible.
• Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
• Commercial property insurance: Pays for damage to buildings, equipment, and inventory from a covered loss.
• Crime insurance: Pays for claims involving forgery, fraud, or theft to your company.
• Workers' compensation insurance: Pays for an employee's medical expenses resulting from an injury or illness on the job.

How Much Is Real Estate Firm Insurance in Tennessee?

Tennessee real estate firm insurance premiums will vary from entity to entity. There are multiple factors that carriers use to determine pricing. Some will be outside of your control, and others are based on your history. The top risk factors companies look at when it comes to your real estate firm are:

• Prior claims reported
• Business practices as a firm
• If you have employees
• The value of property owned
• Financial practices as a firm
• Location

Will My Property Location Impact My Rates?

Carriers use your Tennessee location to help determine insurance pricing for your real estate firm. They look at several risk exposures when calculating costs. Check out what territory factors insurance companies use when rating your policies:

• Local crime rate
• Local natural disasters reported
• Local claims reported by other insureds
• Flood zone assigned

Reported property crime rate in the US from 1990 to 2019 (per 100,000 population) 

Crimes reported in your area will affect your insurance premiums. The safer your location, the lower your insurance costs are with most carriers. 

How an Independent Insurance Agent Can Help in Tennessee

Protection for your Tennessee real estate firm can be obtained through a licensed professional. You'll have several options to choose from when deciding which coverage is right for your operation. Fortunately, you don't have to handle it on your own because a trusted adviser can review your policies for free.

A Tennessee independent insurance agent will have access to multiple markets, giving you the best coverage for an affordable price. Since they do the shopping at no additional cost, you'll save time and money. Connect with a local expert on TrustedChoice to get started today.