There are over 550,000 businesses operating in Tennessee. The economy of Clarksville is diverse, with nearly 8,100 local businesses representing industries like health care, hospitality, and construction. No matter their size, Clarksville business owners need business insurance to protect their assets and their employees. Business insurance is not a single insurance policy. It is a set of tailored policies designed to cover the unique risks of your business. It’s important for every Clarksville business owner to understand their exposures and find the right coverage. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Clarksville, TN
It’s not uncommon for lawsuits alleging negligence to be filed against all kinds of businesses. If your business were sued for some kind of error, negligence, or a faulty product, how would you pay for attorney fees, court costs, and any judgments levied against you? The best way to be sure you’re covered is to purchase liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It can mean the difference between staying in business and declaring bankruptcy should you be faced with serious allegations.
CGL is not enough coverage for many businesses. In fact, commercial general liability insurance excludes coverage for certain types of lawsuits, such as those related to employment disputes and claims of professional errors or negligence. In these and other cases, you might need additional policies or endorsements to ensure you are fully protected. An independent insurance agent can help you assess your need for additional liability coverage, such as professional liability insurance, commercial auto liability insurance, and employment practices liability insurance.
Cyber Liability Insurance for Clarksville Businesses
Almost every business has at least some cyber risk exposure that needs to be addressed. Any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them.
- Number of identity theft complaints in Tennessee per year: 4,993
- Ranked 24th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber liability insurance protects your business assets by paying many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies. Be sure to ask an independent insurance agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Clarksville, TN
Clarksville is no stranger to disasters. The area has a history of tornadoes and severe flooding:
- On January 22, 1999, Clarksville’s downtown was devastated by an F3 tornado that wreaked havoc on many buildings, including the county courthouse.
- Recently, Clarksville was struck by a strong EF2 tornado that caused significant property damage and several injuries.
- Recently, Clarksville and much of central Tennessee suffered devastating floods. In Clarksville, many businesses along the Cumberland River were lost.
Severe weather can wipe out your business in one fell swoop. And even everyday occurrences like fires, break-ins, or vandalism can cause serious damage and put your ability to operate in jeopardy.
- Number of federally declared disasters in Tennessee since 1953: 69
- Most common reasons for declared disasters in Tennessee: Severe Storms and Floods
Clarksville business owners need commercial property insurance to ensure that they can repair, rebuild, or even relocate if disaster strikes. Property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs.
Remember that commercial property insurance doesn’t cover your physical assets in every situation. You might need special coverage for specialized equipment and machines, or for materials, inventory, or tools that are in transit. Ask your insurance agent about equipment breakdown coverage or inland marine coverage to supplement your commercial property insurance policy.
Business Interruption Insurance for Clarksville Businesses
A major disaster could force you to close your business while you make repairs or rebuild your commercial property. For small businesses especially, the lost income and ongoing expenses during the rebuilding process can be impossible to overcome. Business interruption insurance can be your financial lifeline during this critical period.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
Workers’ Compensation Insurance for Clarksville, TN Businesses
Keeping your employees safe from work-related injuries and illnesses is important for their long-term health and satisfaction, as well as your company’s financial viability. Excessive employee injuries and illnesses can be financially devastating for your business. Workers’ compensation insurance provides coverage when accidents happen in the workplace. It ensures that the injured worker gets medical care and income protection while unable to work.
Each state has different rules for the amount of benefits injured employees are entitled to, what impairments or injuries are covered, how impairments are evaluated, and how medical care is delivered. Workers’ compensation insurance is compulsory in Tennessee; employers are required to provide workers’ compensation insurance for their employees. It may be provided through a private insurance carrier, or employers may self-insure.
Employers with fewer than five employees are exempt from Tennessee workers’ compensation laws, except for employers in the construction industry. Agricultural employers in Tennessee may elect to provide workers’ compensation coverage for their workers, but the statutes do not require them to do so. Likewise, employers may choose—but are not required—to provide workers’ compensation for domestic employees. A local agent can work closely with you to help you understand how the laws affect you and to help you find an appropriate Tennessee workers’ compensation policy.
Employee Benefits for Small Businesses in Clarksville
Employee benefits are an important component of your comprehensive business insurance plan. A good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees. What’s more, employee benefits are linked to a decrease in absenteeism and improved employee morale.
- Average amount spent per year on healthcare coverage by Tennessee businesses: $808,055
- Ranked 25th for highest medical insurance costs in the US
- Average annual cost of health care in Tennessee: $5,198/person or $15,214/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
Working with an independent insurance agent is the best way to shop around for the best coverage for your business. An independent agent can work with multiple insurance companies, so you can find the right coverage, even if your business has unique or hard-to-place risk exposures.
Find an independent agent with an office in or near Clarksville to learn more.
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