Collierville Business Insurance

Your Complete Guide to Collierville, TN Business Insurance

(How to build a comprehensive business insurance plan.)

There are more than 4,000 businesses of various sizes located in the city of Collierville, TN. From construction companies to stores at the Avenue at Carriage Crossing, each of these businesses plays an important role in the local economy. Business insurance helps these companies stay profitable when disaster strikes.

Local independent insurance agents make shopping for coverage easy. They can help you build a commercial insurance plan that will provide suitable coverage against all of your company’s potential risks.  Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.

Why Do Businesses in Collierville Need Liability Insurance?

Liability lawsuits brought against companies can often result in judgments of $1 million or more. That's why business liability insurance is a crucial part of every commercial insurance policy. This insurance is designed to cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (CGL). It has two main coverage components: premises liability insurance, which covers third-party injuries, injuries, and damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.

Most businesses will need additional liability policies in order to be fully covered against all of their liability risks. An independent insurance agent in Collierville can make recommendations about any other insurance products that may be right for your particular business. Examples of commercial liability products you may want to consider include:

  • Cyber liability insurance: This covers your liability expenses if hackers install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer data like credit card information, Social Security numbers, or personal data.
  • Employment practices liability insurance: This covers your business against lawsuits related to accusations of illegal practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Environmental liability insurance: This covers clean-up costs and damages if an accident leads to the pollution of the land, air, or water by toxic substances your company uses or produces.
  • Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident.

Talk to a local independent insurance agent to learn more about these and many other commercial liability insurance products that are available to you. Your agent can help you determine which are appropriate for your particular business.

How Does Property Insurance Protect Collierville Businesses?

Commercial property insurance is another major part of every business insurance policy package. It is designed to cover loss or damage to your company-owned assets, including office furniture, merchandise, inventory, supplies, outdoor signs, tools, machinery, and more. Businesses in Collierville are most at risk for damage caused by severe storms, high winds, hail, and tornadoes.

You may also want to consider adding supplemental policies such as inland marine insurance and boiler & machinery insurance to your coverage portfolio. Inland marine insurance covers your portable business property when it is in transit or at a worksite, and boiler & machinery insurance covers business losses related to equipment failure.

Talk to your local insurance agent to learn more about your business property coverage options.

A Word about Flood Damage in Collierville

Be aware that even though damage caused by severe weather events, fires, and property crimes is typically covered by your commercial property insurance, damage caused by floods is not. Floods pose a serious risk in Collierville, particularly for businesses located near waterways like the Wolf River.

Of course, when heavy rains fall, the ground can become saturated, sewage lines can be overwhelmed, and flash flooding can occur just about anywhere. That's why a commercial flood insurance policy is a good idea for many businesses in Collierville.

An independent insurance agent can help you add a commercial flood insurance policy to your business insurance policy package. These policies are guaranteed by the federal government and can provide you with up to $500,000 in structural coverage and $500,000 in property coverage to protect your business against this expensive threat.

Is Business Interruption Insurance a Good Idea in Collierville, TN?

A major disaster like a structure fire, or like the F3 tornado that touched down in Collierville in 1970, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times of disaster.

Disasters in Tennessee

  • Number of federally declared disasters in TN since 1953: 72
  • Most common reasons for declared disasters: severe storms, floods, and fire
  • Average number of tornadoes in TN per year: 29.1

This optional insurance enables you to have the income you need to continue to pay monthly bills, loan installments, employee salaries, and other regular business expenses until you're able to resume normal operations. Most policies will provide this coverage for up to twelve months.

Business interruption insurance isn’t a good fit for all businesses.  A local independent insurance agent can help you evaluate whether  it is right for your Collierville-based business.

Do Businesses in Collierville Need Workers’ Compensation Insurance?

If an employee suffers an occupational illness or is injured on the job, workers’ compensation insurance can cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other related expenses. Rates for this coverage are based on how dangerous the work your employees do is. A construction worker would cost far more to insure than a financial analyst.

The state of Tennessee requires that all businesses with at least five regular employees carry workers’ compensation insurance. There are a few exceptions. Sole proprietors, partners, and corporate officers don't need to be covered by workers’ comp, but they do count toward the number of employees, whether or not they choose to cover themselves.

If your business operates in the construction or coal mining industry, you are required to carry this insurance regardless of the number of employees you have.

A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours. Or, with approval, your business may opt to self-insure.

What about Employee Benefits for Businesses in Collierville?

As a business owner in Collierville, you may want to offer your employees subsidized health insurance and life insurance as part of their employee benefits package.

  • Annual amount spent on healthcare coverage by TN businesses: $808 million
  • Average annual cost of health care in TN: $5,198/person or $15,214/family

While it’s true that purchasing health insurance coverage for your employees is expensive, doing so can have money-saving benefits for your company.

Many small businesses that subsidize healthcare coverage qualify for tax deductions. Additionally, studies done by human resources professionals have shown that when businesses offer attractive benefits packages, they can more easily recruit and retain ideal employees. Also, it has been demonstrated that workers who have access to healthcare use fewer sick days than those who do not.

If you're interested in purchasing health or life insurance for your employees, an independent insurance agent can help you find good coverage at a competitive price. There are several different healthcare policy types for you to choose from, so you may find it beneficial to receive guidance from one of these local insurance professionals when you're looking for the best plan.

Why Work with an Independent Insurance Agent in Collierville, TN?

Every business has specific insurance coverage needs that can vary significantly from one industry to the next. That's why when it comes to business insurance, there's no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners in Collierville enables you to fully customize your commercial coverage.

A local independent insurance agent can help you navigate through the many choices you will have to make while you're building your business insurance policy package. That way, you can be sure you're making selections that are appropriate for your particular business. Contact an insurance agent in or near Collierville to start comparing customized quotes for business insurance.

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
http://www.city-data.com