Jackson Business Insurance

Your Complete Guide to Jackson, TN Business Insurance

Find the right business insurance policy for you.

There are nearly 550,500 businesses operating in Tennessee. The economy of Jackson is diverse, with over 5,900 local businesses. Health care, hospitality, and construction firms are among the most prominent industries operating in the municipality. Whether you operate a small or large business in Jackson, you need business insurance to protect your assets and your employees. Remember that business insurance is not a single insurance policy. A local independent insurance agent can find and customize a comprehensive set of policies and endorsements tailored to the unique risks that you face. 

Liability Insurance for Small Businesses in Jackson, TN

Commercial general liability (CGL) insurance provides broad liability protection for injuries and property damage that occur on your premises or because of your carelessness. If a customer is involved in an accident on your premises, your CGL coverage will pay for any related medical bills. CGL insurance also pays for repairs or replacement if a customer’s personal property is damaged on your premises.

Most CGL policies exclude coverage for certain kinds of claims, so additional liability coverage is probably necessary for many businesses. An independent insurance agent can walk you through your options and help you decide what other types of liability insurance you need. Your options may include some of the following:

  • Product liability insurance helps you pay for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of your product. 
  • Environmental liability or pollution liability coverage protects companies from the costs associated with damage caused by improperly disposing of hazardous waste or causing environmental harm.
  • Commercial auto liability insurance is necessary if your business owns and operates any vehicles. It covers your vehicle fleet and drivers in the event of an accident or other vehicle damage that occurs as you transport your product from place to place.
  • Excess liability coverage, or commercial umbrella coverage, provides liability protection above and beyond the liability coverage included in a commercial general liability policy or a business auto policy. A commercial umbrella policy would pay when your other liability coverage has been exhausted. 

Cyber Liability Insurance for Jackson Businesses

A discussion of liability protection would not be complete without assessing your need for cyber liability insurance. Cyber liability is fast becoming an essential part of a complete business insurance package for many businesses, no matter their size.  

  • 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

If you are sued because of a data breach or other cybercrime affecting your business partners or customers, your business may be responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You will also need to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your public image. Cyber liability coverage protects your business assets by covering many of these costs. 

Property Insurance for Small Businesses in Jackson, TN

Jackson, Tennessee experiences severe storms and heavy precipitation along with frequent high temperatures. Severe storms and floods can wipe out a business in one fell swoop. And more common events like fires, break-ins, and vandalism can cause serious damage to your physical assets and even place 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

Jackson business owners need commercial property insurance to ensure that they can make repairs, 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 due to a covered event.

Businesses that are located in flood-prone areas should also consider purchasing flood insurance. Commercial flood insurance is only available from the National Flood Insurance Program (NFIP), but an independent insurance agent can help you assess your need for coverage and purchase a suitable policy. 

Business Interruption Insurance for Jackson Businesses

Big storms or catastrophic events—and even not-so-catastrophic ones—can easily damage your building, your suppliers’ buildings, local utilities, and more, leaving you unable to operate for some time. Bad storms can happen at any time in Jackson and often cause businesses to close, sometimes for good. 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 Jackson, 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. And because employees can get hurt in any workplace, workers’ compensation insurance is designed to protect employers and employees from the costs of workplace accidents and injuries. All 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 they are not required to do so. Likewise, employers may choose—but are not required—to provide workers’ compensation for domestic employees. Tennessee workers’ compensation insurance provides the following benefits to employees who suffer compensable, work-related injuries:

  • Full medical benefits, with no time or monetary limits
  • Disability payments for temporary total disability, permanent total disability, and permanent partial disability
  • Death benefits payable to the employee’s surviving spouse, or spouse and children

A local independent insurance agent can help you learn more about the workers’ compensation laws in Tennessee.

Employee Benefits for Small Businesses in Jackson

Employee benefits serve a critical purpose for many employees, which is why a good employee benefits program is a proven way to attract and retain top talent in your organization. Benefits like health insurance, dental insurance, life insurance, and disability insurance are also very expensive and complex. It’s important that you carefully evaluate all of your options and choose wisely to ensure that you are choosing the best programs for your employees. You also need to be sure that you are complying with a myriad of rules and regulations. 

  • 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

Working with a knowledgeable independent insurance agent is the best way to ensure that you are choosing the right plan, complying with the laws, and providing a satisfactory program for your employees. 

Why Work with an Independent Agent? 

There are many business insurance products and options available to protect your Jackson business. You probably have a lot of questions and don’t want to leave any gaps in your protection. A local independent insurance 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. 

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https://www.fema.gov/disasters
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