Tennessee Non-Profit Insurance

Your Guide to Tennessee Non-Profit Insurance

How you can connect with a local expert

Tennessee Non Profit Insurance

In Tennessee, $6,317,565,000 in commercial insurance claims were paid in 2019. It doesn't matter what type of entity your operation is, it will still need coverage for a loss. Non-profit insurance can be confusing if you're not a trained professional. 

Fortunately, an independent insurance agent has access to several carriers so that you get the best deal on rates. They do the shopping all at no cost to you. Connect with a local expert for coverage details. 

What Is Non-Profit Insurance?

Non-profit insurance in Tennessee is like any other commercial policy you obtain. There are specific coverages that can apply, but for the most part, it's comparable. Check out how it works:

  • Non-profit insurance: Coverage for losses arising out of bodily injury, property damage, slander, commercial auto, and more. 

What Does Non-Profit Insurance Cover in Tennessee?

In Tennessee, your non-profit insurance can still have some of the same coverages as a typical business policy. Every insurance type will be tailored to your operation. Some key items that non-profit insurance will cover in Tennessee are as follows:

  • General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
  • Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
  • Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
  • Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.
  • Directors and officers insurance: This protects the board of directors of the non-profit against negligence, slander, and misconduct.

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How Much Is Non-Profit Insurance in Tennessee?

In Tennessee, there are 603,310 small businesses that are in operation. If you're a local non-profit, your premiums will vary just like other commercial insurance policies. Carriers look for the following items when rating your non-profit policy:

  • Years in existence
  • Policies and procedures in place
  • Safety procedures in place
  • If you have any employees
  • If you have any volunteers
  • If you deal with minors
  • Your experience level
  • Prior claims 
  • Backgrounds of all board members
  • How money and securities are handled

Non-profit insurance pricing will be different for everyone. If you're looking for a way to lower costs, consider bundling. When you bundle all of your policies with the same carrier, you'll qualify for a discount of 30% or more. 

Will My Location Impact My Rates in Tennessee?

Carriers will look at everything when it comes to rating your non-profit insurance. Location is included, and will affect your costs. Anything from local crime rates to flood zones can impact your premiums. 

Your Tennessee property will be assigned a flood zone. Where you fall in that zoning will tell you how at-risk you are for a flood loss. Flood insurance is necessary on every policy, but is required if you're in an A or V zone.

How an Independent Insurance Agent Can Help

Your Tennessee commercial insurance will cover your risk exposures. The right coverage can mean the difference between you paying for a loss or your carrier. Non-profit insurance can be obtained through a trusted adviser. 

An independent insurance agent will be able to review your policies for free so that you get the best rates. They do the shopping for you at no additional cost. Connect with a local expert on TrustedChoice to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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