Nashville Business Insurance

Your Complete Guide to Nashville, TN Business Insurance

Find the right business insurance policy for you.

There are over 550,000 businesses operating in Tennessee, with nearly 69,000 in Nashville. While Nashville is the center of the US country music industry, a diverse group of other industries also make their mark on the city, including health care, professional services, and transportation. Whether you are a small music publisher or a large healthcare system, you need comprehensive business insurance to protect your assets and your employees when something goes wrong. 

Every business has unique risks. That’s why it’s so 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 Nashville, TN

Lawsuits against businesses are common. Retailers and other businesses that invite the general public onto their premises often face trip and fall claims. Restaurants and any businesses that serve or sell food can be held responsible for illnesses caused by tainted food. Any store or business can be sued for manufacturing or selling a faulty product. No matter what type of business you are in, any type of lawsuit will be costly to defend against. And if you are required to pay settlements to injured parties, your company may never recover.  

A commercial general liability (CGL) policy offers broad protection from lawsuits. 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 types of commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why your Nashville business might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits. 

Cyber Liability Insurance for Nashville Businesses

You may need additional or supplementary liability insurance if your business is impacted by cybercrime or some other type of data breach. In many of these cases, your business liability insurance may not cover the costs of informing customers about the breach, shoring up your security systems, and managing the public relations fallout. 

  • 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

Almost every business has at least some cyber risk exposure that needs to be addressed. 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 Nashville business. 

Property Insurance for Small Businesses in Nashville, TN

Severe storms and floods are the biggest property threats in Tennessee. And in Nashville, occasional heavy snowfall can catch business owners unprepared for the resulting property damage. 

  • 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 when they sustain damage. It is necessary to help you repair, rebuild, or replace buildings, office space, merchandise, inventory, tools, machinery, computers, and office furnishings when physical damage occurs. Commercial property insurance typically 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. While commercial property insurance covers most of your business property, you might still require some special policies or endorsements. Ask an independent insurance agent whether you need inland marine coverage, equipment breakdown coverage, or special flood, windstorm, or earthquake coverage.

Business Interruption Insurance for Nashville Businesses

A variety of unforeseen events such as fires, severe weather, or even vandalism can leave you unable to operate for some time while you repair or rebuild your commercial property. Business interruption coverage, or business income coverage, replaces lost income if your business is unable to operate after a covered loss. 

If you are forced to close or relocate for an extended period in order to make repairs or rebuild, this coverage pays rent, employee salaries, lost income, relocation fees, and more. 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 help you get the coverage you need. 

Workers’ Compensation Insurance for Nashville, 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. 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 a compensable, work-related injury:

  • 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 Tennessee

Health insurance, life insurance, wellness programs, and vacation time are just a few employee benefits options that play an important role in ensuring that you have a healthy, satisfied, and top-quality workforce.

  • 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 programs for you to choose from, and what’s right for your employee population will not be the same as other businesses. Balancing the needs of your employees with the impact that these programs have on your bottom line is a difficult task. What’s more, employee benefits programs come with numerous compliance concerns that you must be aware of. A local independent insurance agent can help you navigate the difficult employee benefits market, and find suitable coverage that you can afford. 

Why Work with an Independent Agent? 

A local independent insurance agent can answer your questions about insuring your Nashville business. There are many business insurance products and options available, and with the help of a knowledgeable agent, you can choose the insurance companies and policy options that fit your unique needs and budget. Independent agents can help you assess your risks and find insurance companies that specialize in the type of work you do. 

Find an agent in or near Nashville to get started. 

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