Memphis Business Insurance

Your Complete Guide to Memphis, TN Business Insurance

Find the right business insurance policy for you.

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There are nearly 560,000 businesses operating in Tennessee, with over 70,000 in Memphis. The economy in Memphis is diverse, with education, health care, and air transportation companies playing a prominent role. Memphis business owners face a variety of risks, from severe weather, fires, and other kinds of property damage to the financial devastation that a single lawsuit can bring. 

A comprehensive business insurance program can help you repair or rebuild damaged property after a disaster, and it can help you stay in business and pay for your defense if you are faced with a lawsuit. An independent insurance agent is the best place to turn to understand the unique risks you face. Independent agents can help you review policy options from multiple insurance companies so you can make an informed and affordable choice.  

Liability Insurance for Small Businesses in Memphis, TN

Many small businesses would have a hard time recovering if they were faced with a lawsuit. Commercial general liability (CGL) insurance offers protection from many types of negligence claims, from simple trips and falls on your premises to major product liability cases. It covers your legal costs, medical expenses, and other damages for the injured party, as well as any settlements or judgments that you are required to pay.

Be aware that CGL policies do not protect you from every type of lawsuit. You are likely to need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection. An independent insurance agent can help you assess your need for additional liability coverage, such as employment practices liability insurance, environmental liability insurance, or professional liability insurance


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Cyber Liability Insurance for Memphis Businesses

Most businesses today are susceptible to cybercrime and electronic security breaches. If you are a victim, the related costs can be surprising—and insurmountable. 

  • 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

It’s best to be prepared for a cyber breach instead of being responsible for excessive costs that you can’t afford when it’s too late. If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you are likely to have costs related to notifying your customers of the breach, providing credit monitoring services, and extensive public relations costs to help repair your corporate image. 

And you can probably expect to be sued for additional damages by business partners and customers who experienced a financial loss because of a breach of your systems. Cyber liability insurance is an essential part of any comprehensive business insurance program. It can help you pay for your legal defense, financial damages to injured parties, and even PR and other related expenses. Talk to a local independent insurance agent about whether you need cyber liability insurance. 

Property Insurance for Small Businesses in Memphis, TN

Commercial property insurance covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to a covered event (fire, severe weather, theft, vandalism, and so on). Memphis businesses face a variety of commercial property threats. 

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

While commercial property insurance covers most of your business property, you might still require some special policies or endorsements. Ask an independent insurance agent about whether you need inland marine coverage, equipment breakdown coverage, or special flood, windstorm, or earthquake coverage.

Business Interruption Insurance for Memphis Businesses

Business interruption insurance can mean the difference between recovering after a disaster and closing your doors for good after sustaining serious damage to your commercial property. It pays certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to physical damage. It helps you pay employee salaries and reimburses you for lost income, enabling you to make repairs and reopen with confidence. Business interruption insurance is usually a part of your commercial property policy or business owners policy (BOP). An independent insurance agent can help you assess your risks and get the coverage you need. 


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Workers’ Compensation Insurance for Memphis Businesses

Excessive workplace injuries can be costly for everyone involved. That’s where workers’ compensation insurance comes in. It is designed to cover medical treatment, lost wages, and other miscellaneous expenses for injured employees. Workers’ compensation insurance is required for all Tennesse employers. You can purchase it through a private insurance carrier, or you may self-insure with approval from the state. There are 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 in Tennessee may elect to provide workers’ compensation coverage for their workers, but the statutes do not require them to do so. 
  • Employers may choose—but are not required—to provide workers’ compensation for domestic employees. 

Your independent insurance agent can help you learn more about the workers’ compensation laws in Tennessee and find a policy that fits your needs. 

Employee Benefits for Small Businesses in Tennessee

Employee benefits are an important component of your comprehensive business insurance plan—and one of the most complex and expensive. 

  • 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

Employee benefits play a major role in employee satisfaction, retention, and loyalty. There are many different health insurance 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. It’s important to get expert advice and to shop around for quality, affordable coverage. 

Why Work with an Independent Agent? 

There is a wide variety of insurance products and options available to Memphis business owners. The best way to be sure you are getting the appropriate coverage for all of the risks you face is to work with a helpful and knowledgeable independent insurance agent. 

Get started by contacting an agent in or near Memphis today.

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