In Tennessee, $6,317,565,000 in commercial insurance claims were paid in 2019 alone. Proper coverage for your company is crucial to avoid financial loss. Tennessee business insurance can also include protection for your rental operation.

Fortunately, a Tennessee independent insurance agent can help with policy and premium options that are affordable. Since they work with multiple carriers, you'll get the best coverage out there. Connect with a local expert for custom quotes. 

What Is Rental Business Insurance? 

In Tennessee, if you're in the business of renting out equipment or property to others, it's essential to have proper protection. Check out the policy that can get you there:

• Rental business insurance: This will include liability coverage for bodily injury and property damage. Any business property rented to others can be included for replacement and repair in your insurance policies.

What Does Rental Business Insurance Cover in Tennessee?

When you own a rental company in Tennessee, there are standard coverages you'll want to obtain. Check out the primary policies you can get for your Tennessee rental business:

• 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 your building, equipment, and inventory from a covered loss.
• Equipment or property rented to others: Pays to replace or repair property you have rented to others.
• Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.

How Much Does Rental Business Insurance Cost in Tennessee?

The cost of your business insurance depends on several varying factors. Insurance companies look at personal and outside data when deciding your premium. Here are some factors carriers look at to determine your rental business premium:

• Your business address
• How long you've been in business
• Your gross annual sales
• Business property details
• Prior claims
• Your insurance score

US equipment rental market, 2019 to 2024 (in billion US dollars)

The business of leasing and renting out equipment has a large market. The right coverage is needed when you want to protect your assets.

What Doesn't Rental Business Insurance Cover in Tennessee?

Your business rental policies will not have coverage for everything. Exclusions will apply, and some you'll need to add to have complete protection. Take a look at the common items excluded in your Tennessee equipment policy:

• Spoilage: This coverage refers to food or items that spoiled due to an equipment loss. It can usually be added for a fee but won't be automatic in most cases.
• Vehicles: Some insureds think automobiles or company vehicles fall under business equipment, but they don't.
• Structures: If you want coverage for any structures or similar, it will fall under your business property coverage.

Does General Liability Insurance Cover a Rental Business in Tennessee?

Your Tennessee rental business will need multiple policies to avoid financial ruin from a loss. Every operation will have use for a general liability policy, and it's usually the first one you obtain. Take a look at what general liability covers:

• General liability: This policy will give you liability coverage for bodily injury, property damage, or slander. Anything else will have to be added in a separate policy.

Value of business-to-consumer general liability insurance premiums in the US (in billion US dollars)

The cost of your general liability insurance can vary depending on how big a risk you are. Speak with a qualified professional for exact pricing.

How a Tennessee Independent Insurance Agent Can Help

When you're searching for adequate protection for your operation, consider using a trusted adviser. Your Tennessee rental business will need several policies to have sufficient coverage. There is insurance available for all the what-ifs.

A Tennessee independent insurance agent can help you find coverage that won't break the bank. Since they have a network of carriers, you'll have options on premiums. Connect with a local expert on TrustedChoice in minutes.