There are over 8,800 businesses operating in Murfreesboro. Hospitality, health care, and construction firms dominate the local economy. If you’re a Murfreesboro business owner, you’ll want to protect your investment with a comprehensive business insurance plan. A local independent insurance agent can help you identify the unique risks your company faces and can recommend the commercial insurance products you need to cover them.
Liability Insurance for Small Businesses in Murfreesboro, TN
One of the most important components of any business insurance plan is commercial liability insurance. When you purchase a commercial general liability (CGL) policy, you gain protection from lawsuits and claims of negligence. These types of lawsuits happen when your business is responsible for damages or injuries to third parties. Even if the claims against you are unfounded, you still have to defend yourself. Any legal defense can be extremely expensive. But with a CGL policy, you can recover. It will reimburse you for court costs, attorney fees, and even any settlements or judgments that you are required to pay to an injured party.
CGL policies cover a lot, but not everything. Certain types of liability claims are specifically excluded from general liability coverage. Fortunately, there are several additional types of commercial liability policies available. And in some cases, the additional coverage you need can be added on to your CGL policy with an endorsement. You can customize your overall business liability insurance coverage to include the following, as needed:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Liquor liability insurance: Covers businesses that sell or furnish alcohol in the event that an intoxicated person causes injury or property damage to others.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
An independent insurance agent can help you determine which commercial liability products are right for your Murfreesboro business.
Cyber Liability Insurance for Murfreesboro Businesses
Any business that handles electronic data—especially personally identifiable information about its customers—is susceptible to cyber threats. Electronic data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more.
- 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 your business is sued because of a data breach or other cybercrime, you'll be responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You’ll 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 insurance protects your business assets by helping you pay many of these expenses. Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a stand-alone solution.
Property Insurance for Small Businesses in Murfreesboro, TN
Commercial property insurance is another basic building block of a comprehensive commercial insurance program. It 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 fires, severe weather, theft, vandalism, and so on.
- Number of federally declared disasters in Tennessee since 1953: 69
- Most common reasons for declared disasters in Tennessee: Severe Storms and Floods
Major disasters like structure fires, severe storms, and floods can cause extensive damage to your business property. Talk to your insurance agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit. Be sure to talk to your agent about whether you also need flood insurance for your Murfreesboro business. Flood insurance is only available through the National Flood Insurance Program (NFIP), but your local independent agent can help you purchase the coverage you need for your unique circumstances.
Business Interruption Insurance for Murfreesboro Businesses
Heavy rains can cause flooding, and catastrophic events like tornadoes can easily damage your building, your suppliers’ buildings, local utilities and more, leaving you unable to operate for some time. Fires can destroy your entire operation, and even a small fire can create widespread damage and force you to close in order to rebuild. If you couldn't afford ongoing expenses during the time you needed to make repairs, would you be forced to close for good?
Business interruption insurance, or business income insurance, reimburses you for lost revenue when your business is unable to operate after a disaster. It pays certain ongoing expenses and allows your company to stay afloat until you are able to reopen. A local independent insurance agent can help you assess your risks and get the coverage you need.
Workers’ Compensation Insurance for Murfreesboro, TN Businesses
No matter what kind of business you own, your employees can be injured or become ill on the job. Regardless of fault, your company is responsible for covering the costs of work-related injuries and illnesses. Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for injured employees. 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 Murfreesboro
While offering employee benefits is optional for small employers, they can have a big impact on the workforce. Employee benefits like health insurance and life insurance serve a critical purpose for many employees. The positive impact of offering employee benefits tends to far outweigh the costs. Employee benefits are linked to decreased absenteeism and improved morale. What’s more, a good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees.
- 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
There are many different health and life insurance policy types and options available for you to choose from. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners allow you to cover your assets against the unique risks you face. Independent insurance agents can help you find the right policy for your needs and budget. Independent agents can work with multiple insurance companies, so you can compare competitive quotes and make an informed choice.
Contact a local agent to get started.
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