Tennessee Business Insurance

Find the Best Business Insurance Options in Tennessee 

In a recent year, Tennessee had 620,125 registered small businesses. Professionals are drawn to start businesses in Tennessee for many reasons, including the state's extreme tourism draw due to Nashville's music scene, the famous food culture, and more. However, every business needs to be protected by the right business insurance because, without it, a company could have to pay for potentially large losses on its own. Also, the more than 1.1 million workers in Tennessee should be protected by workers' compensation insurance.

Fortunately, a local Tennessee independent insurance agent can help you get the right business insurance. They'll get your company matched to all the coverage it needs. But first, here's a breakdown of Tennessee business insurance.

Best Business Insurance Companies in Tennessee

Business insurance in Tennessee is sold by many different carriers. However, not all insurance companies deliver the same quality or reliability. To help you get started on your coverage journey, we've put together a short list of only the best business insurance companies in Tennessee. When you're ready to get a policy, start by checking into these top-rated carriers.

• Travelers: A longstanding carrier with outstanding customer service ratings, Travelers is a great place to find business insurance in Tennessee. The insurance company offers tons of discount options to help further reduce policy costs. Business insurance options in Tennessee include general liability, inland marine, workers' comp., and more. 
• Nationwide: Nationwide is also a longstanding carrier with a great reputation thanks to its excellent Better Business Bureau (BBB) and AM Best ratings. The carrier also offers 24/7 claims support. Nationwide offers business insurance in Tennessee for many different niches, including farm & ranch, as well as general business insurance options like general liability, workers' comp., commercial auto, and more.
• The Hanover: The Hanover dates all the way back to 1852 and also has excellent AM Best and BBB ratings. The insurance company also offers 24/7 claims reporting. The Hanover provides many different business insurance options in Tennessee, including cyber liability coverage, general liability, workers' comp., and more.

A Tennessee independent insurance agent can help you find all the business insurance you need from one of these top-rated carriers.

Tennessee Business Insurance Requirements

Tennessee's state law requires businesses with five or more employees to carry workers' compensation insurance. This coverage can help pay for the cost of medical treatments, lost wages, and more for employees who get injured or ill due to the work environment or their job duties. In turn, the business is exempt from lawsuits filed by these employees or their families.

This is the only mandatory form of business insurance in Tennessee, but some optional types of coverage to consider for your business include:

• Commercial general liability insurance
• Commercial property insurance
• Commercial auto insurance
• Cyber liability insurance

A Tennessee independent insurance agent can also recommend the right types of business insurance for your company.

What Business Insurance Covers in Tennessee 

Every coverage you choose to put into your Tennessee business insurance policy affects what it will cover. Policies are customizable to fit your business's needs and niche. However, many businesses in Tennessee choose to at least add commercial general liability coverage, commercial auto coverage, and workers' compensation coverage if they have at least five employees. There may be certain instances in which you're required to have certain types of coverage. If you have business vehicles, for example, you'll need to have at least the state's mandated minimum commercial auto insurance coverage for each of them. Further, if your business rents its office building or storefront, you may be required by the lender to have commercial property insurance.

Liability Coverage Options for Small Businesses in Tennessee

A commercial general liability (CGL) insurance policy can protect your Tennessee business against the cost of lawsuits related to third-party claims of bodily injury or personal property damage. If, for example, a customer had a slip-and-fall accident on your business's floor, they could file a lawsuit against your business. A CGL policy could help pay for the costs of your legal defense and other related expenses. Without this coverage, your business might have to endure hefty lawsuit costs that may even lead to bankruptcy.

Property Coverage Options for Small Businesses in Tennessee

Commercial property insurance can help protect your Tennessee business's buildings against damage caused by a number of possible disasters ranging from vandalism to fire damage and beyond. This coverage can also help pay to repair or replace most of your business's property stored inside, including inventory and equipment. Without this coverage, your business could have to pay to repair or replace stolen or damaged property on its own dime.

Other Insurance Options for Small Business Owners in Tennessee

If you have five or more employees, your Tennessee business is required by law to have workers' compensation insurance. This coverage can help pay expenses related to incidents of employee injuries or illnesses caused by job duties or the work environment. Also, it exempts these employees and their families from filing lawsuits against your business for such incidents.

If your business uses company vehicles for deliveries or other business purposes, you may also need commercial auto insurance. This coverage can help pay for expenses related to repairs or to replace these vehicles after incidents of vandalism or theft. It can also help pay for legal expenses and other costs if one of your employees gets into an accident.

Also, a cyber liability insurance policy can help protect your business against costs related to incidents of data breaches and other cybercrimes. If sensitive or private data like employee records get stolen, exposed, or distributed by hackers, your business could face lawsuits or worse. This coverage can help pay for the numerous possible costs associated with these expensive incidents.

Average Cost of Business Insurance in Tennessee

The average cost of business insurance in Tennessee is difficult to quote without more details about your specific business. Business insurance rates in Tennessee, as in the rest of the country, vary due to many different factors, including the type of business you run and its unique risks and exposures. Also, your business's operations and its exact location also impact business insurance premiums, along with the number of employees it has. The types and amounts of insurance purchased, including policy limits and other coverage options, also greatly impact the cost of Tennessee business insurance. But a Tennessee independent insurance agent can help find exact quotes for business insurance in your town.

National Business Insurance Stats

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

City	No. of businesses	Burglaries / 1,000 people	Auto thefts / 1,000 cars
Brentwood	6,236	0.88	0.42
Chattanooga	16,348	6.04	7.23
Clarksville	8,100	3.39	2.92
Cleveland	3,771	8.16	4.11
Collierville	4,201	0.96	0.57
Columbia	2,561	3.1	2.45
Franklin	10,003	0.69	0.65
Jackson	5,957	5.59	2.91
Kingsport	4,441	5.98	5.04
Knoxville	19,158	6.13	5.21
Memphis	70,891	12.04	6.22
Murfreesboro	8,870	3.49	1.81

How Does Your Tennessee City Measure Up?

Chattanooga, TN Common Coverage Options

1. Commercial property insurance: In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you don't have the right kind of business property insurance. The crime rate in Chattanooga can affect the cost of your coverage.
2. Commercial auto insurance: Whether you insure one delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your liability risks and property damage. Your Tennessee independent insurance agent can help you get enough coverage for your business vehicles.
3. Workers’ compensation: Workers’ compensation insurance is required if your Chattanooga business employs at least five workers. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries and illnesses. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Knoxville, TN Common Coverage Options

1. Commercial property insurance: In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you don't have the right kind of business property insurance. The crime rate in Knoxville can affect the cost of your coverage.
2. Commercial auto insurance: Whether you insure one delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your liability risks and property damage. Your Tennessee independent insurance agent can help you get enough coverage for your business vehicles.
3. Workers’ compensation: Workers’ compensation insurance is required if your Knoxville business employs at least five workers. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries and illnesses. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Memphis, TN Common Coverage Options

1. Commercial property insurance: In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you don't have the right kind of business property insurance. The high crime rate in Memphis can affect the cost of your coverage.
2. Commercial auto insurance: Whether you insure one delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your liability risks and property damage. Your Tennessee independent insurance agent can help you get enough coverage for your business vehicles.
3. Workers’ compensation: Workers’ compensation insurance is required if your Memphis business employs at least five workers. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries and illnesses. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Murfreesboro, TN Common Coverage Options

1. Commercial property insurance: In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you don't have the right kind of business property insurance. The crime rate in Murfreesboro can affect the cost of your coverage.
2. Commercial auto insurance: Whether you insure one delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your liability risks and property damage. Your Tennessee independent insurance agent can help you get enough coverage for your business vehicles.
3. Workers’ compensation: Workers’ compensation insurance is required if your Murfreesboro business employs at least five workers. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries and illnesses. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Nashville, TN Common Coverage Options

1. Commercial property insurance: The property crime rate in Nashville is lower than the state average, which can mean cheaper rates for business owners looking to insure their property. In addition to coverage against crime, your policy can also cover loss and damage due to hazards like certain types of inclement weather and accidental fires.
2. Commercial auto insurance: Whether your business owns a vehicle or a fleet of vehicles, you most likely need to cover them with commercial auto insurance. Your rates are based on several factors, including the number and types of vehicles you cover and the risk of collisions and vehicle theft in your city.
3. Workers’ compensation: Workers’ compensation insurance can pay for medical bills and lost wages for workers who get injured or ill due to their job environment or work duties. Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications.

Tennessee Business Insurance FAQs