Tennessee commercial coverage can be confusing if you're not a trained professional. There are multiple policy options you'll have as a business owner. Retail store insurance has many coverages to choose from and should be reviewed for sufficiency.
Fortunately, an independent insurance agent can help find a policy at a fair price. They will review your coverage for accuracy and quote through their network of carriers. Connect with a local expert for tailored protection.
What Is Retail Store Insurance?
In Tennessee, there are roughly 603,310 small businesses in operation. When you own a company, proper protection is necessary. Check out some common coverage choices for retail stores below.
- General liability
- Business property
- Business inventory
- Business equipment breakdown
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
What Does Retail Store Insurance Cover in Tennessee?
In Tennessee, there are several policies you may be required to get to have adequate protection for your business. It's important to know what's exactly covered. Take a look at the most used policy options for your retail store below.
- Natural disasters
- Water damage (not from a direct flood loss)
The most common occurrences at your Tennessee retail store are listed below. The majority will be protected under your policies obtained by a professional.
- Coverage for bodily injury or property damage claim
- Coverage for your business property that is damaged due to a covered loss
- Coverage for your business inventory such as products
- Coverage for business equipment that breaks down due to a covered loss
- Coverage for employees who are injured or ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees that sue due to discrimination or harassment
How Much Is Retail Store Insurance in Tennessee?
The cost of your insurance policies is based on several factors. From your commercial auto to your general liability, every policy will be priced separately. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Local crime rate
- Local weather patterns
Another way to cut costs is by bundling your coverage. When you bundle your insurance policies with the same carrier, you'll save big. Usually, a discount of 30% or more is typical.
Will My Location Impact My Rates in Tennessee?
In 2019, Tennessee had $631,7565,000 in commercial insurance claims paid alone. Where your retail store is located has a lot to do with your premiums. Take a look at what could affect your rates based on your territory.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
If you are in a flood zone A or V, you're usually required to carry insurance. Flood insurance is a separate policy that you can obtain through your adviser. FEMA-approved quotes are available.
How a Tennessee Independent Insurance Agent Can Help
Your Tennessee commercial insurance coverage is essential to avoid financial loss. With all the policies on the market today, obtaining protection is best found through a trusted adviser. When it comes to your retail store insurance, there is a lot to be had.
Fortunately, an independent insurance agent can help with coverage and premium options that fit your needs. They do the shopping for you at zero cost to your business. Connect with a local expert on TrustedChoice.com to start saving.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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