National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Brentwood | 6,236 | 0.88 | 0.42 |
| Chattanooga | 16,348 | 6.04 | 7.23 |
| Clarksville | 8,100 | 3.39 | 2.92 |
| Cleveland | 3,771 | 8.16 | 4.11 |
| Collierville | 4,201 | 0.96 | 0.57 |
| Columbia | 2,561 | 3.1 | 2.45 |
| Franklin | 10,003 | 0.69 | 0.65 |
| Jackson | 5,957 | 5.59 | 2.91 |
| Kingsport | 4,441 | 5.98 | 5.04 |
| Knoxville | 19,158 | 6.13 | 5.21 |
| Memphis | 70,891 | 12.04 | 6.22 |
| Murfreesboro | 8,870 | 3.49 | 1.81 |
Business Insurance in Tennessee FAQ - Quick Answers
While you won't know your exact premiums for business insurance in Tennessee without quotes from a licensed professional, you can understand what carriers use to rate them below:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Safety practices in place
- Past claims reported
- Number of years in operation
There are two policies out of all your business insurance coverage that are state-mandated in Tennessee, and they are as follows:
- Workers' compensation insurance: Required when you have 5 or more employees
- Commercial auto insurance: Required at the state minimum limits when you have company-owned vehicles
In Tennessee, business insurance comes in many different forms, and some of the foundational policies you'll want for your operation are below:
- General liability insurance: Pays for a bodily injury or property damage liability lawsuit brought against your operation
- Workers' compensation insurance: Pays for the injuries of an employee hurt on the job. Mandatory when you have 5 or more employees.
- Property insurance: Covers damage to your business property due to a covered claim
- Business income insurance: Pays for regular business expenses when a covered loss closes your operation for a period of time
- Business auto insurance: Pays for a loss resulting from an auto accident with a company-owned vehicle. Must abide by state car insurance laws.
- Professional liability insurance: Pays for a lawsuit against your business due to negligent or harmful advice
- Commercial umbrella insurance: Provides an additional limit of liability coverage over your underlying business policies
General liability insurance is typically your primary policy for your Tennessee business and it protects your operation in the following ways:
- General liability insurance: Pays for a bodily injury or property damage liability lawsuit brought against your operation
Tennessee health plans for small businesses are mandatory when you have 50 employees or more. If you still want to provide health insurance to your staff, then an independent insurance agent can quote through private carriers for free.
In Tennessee, Nationwide, Hanover, Hiscox, and Travelers are highly rated among peers. This is due to their exceptional customer service and robust coverage offerings.
Do You Know What Your Business Insurance Covers in Tennessee?
Find the Best Business Insurance in Your City
- Nashville, TN
- Business Insurance Common Coverage Options
- Property: The property crime rate in Nashville is lower than the state average, and that is good news for business owners looking to insure their property. In addition to coverage against crime, your policy can also cover loss and damage due to hazards like inclement weather and accidental fires.
- Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need to cover them with commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
- Workers’ compensation: Workers’ compensation insurance can pay for medical bills and lost wages for workers who are injured or become ill on the job. Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications.
- Memphis, TN
- Business Insurance Common Coverage Options
- Property: In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you do not have sufficient business insurance. The high crime rate in Memphis can affect your coverage rates.
- Commercial auto: Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your liability risks and property damage.
- Workers’ compensation: Workers’ compensation insurance is required if your Memphis business employs at least five workers. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.
- Knoxville, TN
- Business Insurance Common Coverage Options
- Property: Theft, vandalism, and accidental fires can lead to large, costly business property losses. So can damage caused by Knoxville’s severe weather events like hailstorms and tornadoes. Fortunately, when you have the right business insurance in place, your company will be able to repair damage and continue to function without experiencing a large financial loss.
- Commercial auto: You are required to have commercial auto insurance if your business owns a vehicle or a fleet of vehicles. Rates are based on a number of factors like the types of vehicles you are covering. It costs far more to insure a 12-passenger van than a cargo van since your liability risks are greater when you have passengers. Large trucks and construction vehicles will also need to meet certain coverage requirements mandated by the state.
- Workers’ compensation: Workers’ compensation insurance covers the cost of medical treatment, lost wages, and other expenses related to injuries or illnesses employees suffer while doing their jobs. It is required for all Tennessee construction and coal-mining businesses and all other companies that have at least five employees. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.
- Chattanooga, TN
- Business Insurance Common Coverage Options
- Property: A sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like high winds and hailstorms.
- Commercial auto: You can't control other drivers, let alone criminals who decide to break into your company car. If your Chattanooga business owns a vehicle or fleet of vehicles, you will need to carry commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the risk of collisions and vehicle theft where your employees will be driving.
- Workers’ compensation: Workers’ compensation insurance covers medical expenses and paid time off for employees who are injured or become ill on the job. If your Chattanooga business is in the construction or coal-mining business or has at least five employees, you are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.
- Murfreesboro, TN
- Business Insurance Common Coverage Options
- Property: Your business has invested a lot in its assets such as computers, furniture, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event.
- Commercial auto: Many businesses in Murfreesboro have company-owned vehicles. If yours is among them, you will need to cover these cars, vans, or trucks with a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements.
- Workers’ compensation: Workers’ compensation insurance covers medical bills and lost wages for workers who are injured while doing their jobs. It is required for Tennessee businesses that have at least five employees. If you have a construction or coal-mining business, you must have this insurance even if you have fewer than five workers. Rates are assigned according to your company’s payroll and the types of jobs your workers do.