There are over 550,000 businesses operating in Tennessee. Dyersburg has nearly 2,000 businesses, including many in the service and healthcare industries. Businesses of all sizes need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. 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 Dyersburg, TN
Lawsuits against businesses are common. From simple trips and falls on your premises to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating. A commercial general liability (CGL) policy offers broad protection from lawsuits. It pays for injuries and property damage that you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party.
Not every kind of liability risk is covered by a CGL policy. There are additional commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why you might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits.
Cyber Liability Insurance for Dyersburg 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. 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 Dyersburg, TN
Fires, floods, and severe weather events can cause extensive damage to your Dyersburg commercial property.
- Number of federally declared disasters in Tennessee since 1953: 69
- Most common reasons for declared disasters in Tennessee: Severe Storms and Floods
Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, and office furnishings when physical damage occurs. Your business property policy covers damage due to fires, severe weather, theft, vandalism, and a variety of other causes of loss. An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If you live in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local agent can help you purchase coverage.
Business Interruption Insurance for Dyersburg Businesses
Unexpected events from minor to catastrophic can easily damage your building, your suppliers’ buildings, local utilities and more. A tornado or fire can leave you unable to operate for some time while you repair or rebuild your commercial property. 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. Business interruption insurance is usually part of your 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 Dyersburg, TN Businesses
Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents. All Tennessee employers are required to provide workers’ compensation insurance for their employees, with a few exceptions.
- Employers with fewer than five employees are exempt from Tennessee workers’ compensation laws, except for employers in the construction industry.
- Agricultural employers are not required to provide workers’ compensation insurance for their employees, but they may elect to provide it.
- It is not mandatory to cover domestic employees, but their employers may elect to purchase workers’ compensation insurance for them.
Tennessee workers’ compensation insurance may be purchased through a private insurance carrier, or employers may choose to self-insure with state approval.
Employee Benefits for Small Businesses in Tennessee
An employee benefits plan that includes health insurance, life insurance, vacation and sick time, and other perks help companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce healthy and satisfied.
- Average amount spent per year on healthcare coverage by Tennessee businesses: $808,055
- Ranked 25th for highest health insurance premium spending in the US
- Average annual cost of healthcare coverage in Tennessee: $5,198/person or $15,214/family
There are many different employee benefits plans and group insurance policies available for you to choose from. What’s more, you must be in compliance with a number of federal and state regulations when you provide certain benefits to your employees. A local independent insurance agent can help you learn about your options and find the best employee benefits plans for your budget.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Dyersburg business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
Find an agent in or near Dyersburg to get started.
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