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Business insurance is designed to shield your company from financial losses caused by hazards such as severe weather, property crimes and liability lawsuits. This insurance can prove very beneficial, as is evidenced by the fact that last year alone, businesses in Tennessee collected more than $3 billion in insurance claims.
A local independent agent can help you build a business insurance plan that is customized to meet the specific needs of your business.
Statistics predict that 40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
In Tennessee, commercial insurance will pay for losses, damage, and other expenses associated with covered events so that your business doesn’t have to. If your inventory is damaged, a client files a liability lawsuit, or one of your employees is severely injured on the job, you won't have to worry about how this will affect your business’s bottom line.
Here’s what you can expect a standard business insurance policy to do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
A commercial insurance policy in and of itself is not required by law. However, some aspects of coverage may be.
Businesses that have company-owned vehicles are required to carry commercial auto insurance. And all Tennessee construction and coal-mining businesses, and all other businesses with five or more employees, must have workers’ compensation insurance. And contracting businesses will nearly always be required to have contractors insurance when they are hired to do a job.
To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.
Business insurance rates are calculated using a number of factors such as the type and size of your business, the number of employees you have, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business. These agents can help you make sure that you are getting coverage for all of your company’s potential exposures while not paying for coverage you do not need.
Also, because independent agents can work with multiple insurers, they can search for the best price for each type of coverage you need. Sometimes this means building a business insurance portfolio that includes policies from several different insurance companies. Don’t worry. You will still only have one point-of-contact with your independent insurance agent.
Yes! There are currently 366 Trusted Choice agents in Tennessee who are ready to help. Did you know that independent insurance agents can work with several different insurance providers to help you build a comprehensive and competitively priced business insurance portfolio? Work with an agent near you to ensure that your business is fully covered against all of its potential risks.
Independent agents compare policies and rates from a variety of highly rated insurance companies in order to find you the coverage you need at a price you can afford.
When building your business insurance portfolio, your local agent may find that it is in your best interest to work with more than one insurance company. While one company may offer the best workers’ compensation coverage, another may have the best commercial vehicle policy. Independent agents enable you to get coverage from multiple companies while still having a single point of contact.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
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