Tennessee Business Umbrella Insurance

Your Guide to Tennessee Business Umbrella Insurance

How to connect with a local adviser

Tennessee Business Umbrella Insurance

In Tennessee, there are approximately 603,310 small businesses in existence. If you own a company, you know that proper protection is necessary to avoid paying out of pocket or worse. Commercial umbrella insurance can be a useful policy for any operation.

An independent insurance agent can help you find coverage at an affordable price. They work with multiple carriers so that you don't have to. Connect with a local expert to get started.

What Does Commercial Umbrella Insurance Cover?

Would your Tennessee business be able to sustain a million-dollar loss or more? Most companies are not equipped with the reserves to pay for a claim of that magnitude. Fortunately, an umbrella policy can help. Take a look at some things commercial umbrella insurance can provide coverage for.

  • A lawsuit arising out of slander
  • A lawsuit arising out of libel
  • A lawsuit arising out of defamation of character
  • A lawsuit arising out of bodily injury

How commercial umbrella insurance works is it applies after your underlying limits have been exhausted. If your business has a substantial claim, your commercial umbrella can provide additional liability coverage. Limits start at $1,000,000 and go up depending on your needs.

Commercial Umbrella Insurance Quotes and Average Cost

In Tennessee, the average cost of insurance varies from policy type to industry and more. Carriers look at a slew of data to determine how much you should pay to be insured. Check out the following items companies use to rate.

  • Your insurance score
  • Your claims history
  • Your address
  • Your assets
  • Your gross business income
  • Local weather patterns
  • The industry you are in
  • Your experience level

The average cost of commercial umbrella insurance

  • Commercial umbrella insurance average: $1,000 annually with a $1,000,000 limit of protection

Like any other business insurance, your commercial umbrella pricing will range. Your premium could fall above or below the national average, depending on your risk factors. For exact costs, get quotes from a licensed professional. 


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Commercial General Liability Insurance vs. Umbrella Policy

Your Tennessee business will need a general liability policy as well as a commercial umbrella policy. Both are separate coverages and equally necessary. They will work in conjunction with one another to handle a more substantial loss. 

How they work together

  • General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, and libel or slander.
  • Commercial umbrella insurance: Pays for a lawsuit arising out of bodily injury, property damage, and libel or slander. This is a continuation of liability coverage when a larger claim occurs.

Commercial Umbrella Insurance for Rental Properties

When you own a rental property in Tennessee, you'll have a lot riding on the line. From third-party renters to maintenance, this investment can turn sour without the right protection. To insure your rental home, you'll first need landlord insurance.

Once you have obtained a landlord policy with sufficient limits, you can look at a commercial umbrella policy. Your liability is high when you are dealing with other participants. Additional liability protection is always essential for those larger losses that can get out of control fast.

Stand-Alone Commercial Umbrella Insurance

In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. When you're trying to protect your assets and finances, liability coverage can help. It will pay for lengthy legal battles and more. 

Every business should consider commercial umbrella insurance. Stand-alone policies are highly unlikely due to the fact that carriers don't usually dole them out. Insurance companies typically require that they write all other insurance lines before offering a commercial umbrella option.

How to Connect with an Independent Agent in Tennessee

When you own a business in Tennessee, you'll have a lot you're responsible for handling. Your insurance can be delegated to a trained professional to help. Commercial umbrella insurance is a necessary coverage among many others that your operation will need.

Fortunately, an independent insurance agent will have access to multiple markets so that you get the best coverage in town. They do the shopping on your behalf for absolutely nothing, which saves you time and money. Connect with a local expert on TrustedChoice.com for custom quotes today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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