Tennessee has approximately 603,310 small businesses in existence. If you own personal or commercial property, you'll want the right protection. Premises liability insurance will cover life's most expensive assets.
An independent insurance agent can help with policy and premium options that won't break the bank. They do the shopping for you at no additional cost. Connect with a local expert and save today.
What Is Premises Liability?
Your Tennessee buildings will need insurance for replacement or repair, but what about your liability? There are many risks when you own and operate a business. Premises liability insurance can help.
- Premises liability insurance: Pays for losses arising out of bodily injury and property damage that occur on your premises. This can be due to hazards or negligence on your end.
What Does Premises Liability Insurance Cover in Tennessee?
It's key to know what your Tennessee premises liability insurance will cover. From your commercial auto to your general liability, each will protect different areas of your operation. Check out what your premises liability policy will insure against.
- Bodily injury coverage due to an accident
- Bodily injury coverage due to the owner's negligence
- Bodily injury coverage for a trespasser
- Bodily injury coverage for a customer
- Bodily injury coverage for a guest or friend
What Does Premises Liability Insurance Not Cover in Tennessee?
All policies will come with exclusions and items they won't cover. What your business owners policy might pick up, your professional liability doesn't. Here are some standard exclusions for premises liability insurance in Tennessee.
- Employee injuries: This would fall under workers' compensation insurance.
- Intentional damage: If you intentionally damage your own business property, there is no coverage under this policy or any other policy for that matter.
- Medical malpractice injuries: If you are a physician and injure a party medically, this would not fall under premises liability. Instead, you would need a medical malpractice policy.
Commercial Premises Liability Insurance
Your Tennessee premises liability coverage is usually included in your package or business owners policy. There are several things your premises liability insurance will cover that you may not know. Some examples of potential lawsuits are as follows.
- Not covering up a hole on your premises
- Leaving dangerous equipment out in the open
- Not securing your property adequately
- Having unrestricted access to the public
- Not displaying cautionary signs and warnings
- Leaving hazardous materials unattended
- No fencing
- No sprinkler system for a fire
- Not mending broken structures or property
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Premises Liability Insurance vs. General Liability
Your Tennessee premises liability coverage is separate from your general liability. While they may seem the same, there are some differences that you should understand. Check out the contrasts below.
General liability: Pays for bodily injury, property damage, and libel or slander claims arising out of the business's operation. These occurrences may not have been preventable. General liability policies include coverage for premises liability, such as slips and falls.
Premises liability: Pays for negligence on the property owner's part. These claims are usually preventable and often just overlooked.
In conclusion, general liability is a more comprehensive policy that includes premises liability coverage. If you get a stand-alone premises liability policy, you could be missing out on other vital insurances. Review your protection with a licensed adviser for accuracy.
Premises Liability Insurance Cost in Tennessee
Similar to your Tennessee umbrella or workers' compensation coverage, your rates will vary. Insurance companies use your specifications to calculate your costs, making each one unique. Take a look at what carriers use to determine your premiums.
- Square footage
- Property updates
- Safety precautions taken
- Age of building
- Prior claims
- Experience in owning a property
- Replacement cost of said property
Premise Liability Settlements in Tennessee
In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. When a loss occurs, the two legal parties will work on a settlement if possible to avoid going to court. Some of the most common premises liability occurrences are listed below.
- Slips and falls
- Snow and ice accidents
- Defective premises conditions
- Poor maintenance of the premises
- Injury or assault due to lack of security
- Elevator and escalator accidents
- Swimming pool accidents
- Dog bites
How to Connect with a Tennessee Independent Agent
Your insurance coverage is essential if you want to avoid financial ruin. There are many risks involved with owning a commercial or personal property, and adequate coverage is necessary. Premises liability insurance can help protect all the what-ifs.
An independent insurance agent has access to multiple markets so that you know you're getting a good deal. They do the price shopping for you for free, saving time and money. Connect with a local expert on TrustedChoice.com for coverage details.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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