Cleveland Business Insurance

Your Complete Guide to Cleveland, TN Business Insurance

Find the right business insurance policy for you.

There are more than 550,000 businesses operating in Tennessee, with over 3,700 in the city of Cleveland. The business community in Cleveland is diverse, with health care, hospitality, and construction firms playing a big role in the city’s economy. All Cleveland business owners need business insurance to protect their assets and employees. 

A comprehensive business insurance program can help you repair and rebuild damaged property after a fire or storm, and it can help you stay in business and pay for your defense if you are faced with a lawsuit. Because every business is different, every business owner needs an independent insurance agent who can help them understand the unique risks they face and find the right policies and coverage to shield them from financial harm when the worst happens.

Liability Insurance for Small Businesses in Cleveland, TN

If you are sued for causing injury or harm to a third party, you could be sued for extensive damages above and beyond simply paying for the injured party’s medical expenses. Many liability lawsuits reach settlements of over $1 million. How would you pay for your legal defense? Could you afford to pay if a million-dollar judgment were levied against you? 

Your Cleveland business needs liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits, covering your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you must pay. A CGL policy has two major coverage components:

  • Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
  • Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes.

Most CGL policies have very specific exclusions for certain types of lawsuits. Depending on the unique risks you face, you are likely to need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your liability protection. Ask your agent about your need for employment practices liability insurance, professional liability insurance, or any other tailored business liability policies designed for your unique exposures.

Cyber Liability Insurance for Cleveland Businesses

If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll likely have to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your image. What’s more, you’ll likely be sued for additional damages. 

  • 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

While policy specifics are evolving and vary among insurance companies, cyber liability insurance typically pays for legal defense, financial damages to injured parties, and even PR and other expenses related to the incident. Be sure to ask an independent insurance agent about how cyber liability insurance can help you protect your Cleveland business. 

Property Insurance for Small Businesses in Cleveland, TN

Commercial property insurance is essential to protect any business from damage or destruction of physical assets. It covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and other covered perils.

  • Number of federally declared disasters in Tennessee since 1953: 69
  • Most common reasons for declared disasters in Tennessee: Severe Storms and Floods

It doesn’t take a major disaster to damage your commercial property. Damage from hailstorms, windstorms, and even small, contained fires can cost thousands of dollars to repair and can interrupt your ability to operate. Commercial property insurance is the coverage you need when these types of incidents happen. An independent insurance agent can help you assess and evaluate your property insurance needs. Purchasing appropriate coverage limits is important; if your limits are too low, you could be prevented from making a full recovery after a disaster. 

Business Interruption Insurance for Cleveland Businesses

If you experience some type of covered property damage, you could be unable to operate for some time while you make repairs or rebuild. How can you stay in business during this time, pay your employees, and recover lost income? Business interruption insurance, or business income insurance, pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to a covered loss. 

It helps you pay certain ongoing expenses, such as employee salaries, and it reimburses you for lost income while you make repairs and stay in business. Business interruption insurance is usually part of a commercial property policy or business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need. 

Workers’ Compensation Insurance for Cleveland, TN Businesses

Workers’ compensation insurance provides coverage when accidents happen at work, ensuring medical care and income protection for injured workers. Good workers’ compensation insurance is more than just another expense—it's an affordable means of protecting both you and your employees. Employees receive the peace of mind of knowing that they can recover from an injury without the additional emotional and financial stress of fighting their employer for help with medical bills and lost wages. And business owners can significantly reduce the likelihood that an injured employee will sue for damages. Employers in Tennessee 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 insurance 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 Tennessee

Employee benefits can help you attract and retain top employees, and they are a huge but essential expense for any business. In order to make the best decisions about what kind of health insurance, life insurance, and other benefits are best for your unique employee population, it’s best to work with a knowledgeable independent insurance agent. 

  • Average amount spent per year on healthcare coverage by Tennessee businesses: $808,055
  • Ranked 25th for highest health insurance spending in the US
  • Average annual cost of healthcare coverage in Tennessee: $5,198/person or $15,214/family

A local independent agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent? 

Cleveland business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent insurance agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies that specialize in your line of work. 

Contact a local agent to get started. 

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https://www.census.gov/quickfacts
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