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Recommended insurance policies for small businesses in Tennessee
These insurance policies defend small business owners in Tennessee against common lawsuits and other top risks.
General liability insurance
Commercial general liability insurance covers common third-party risks for small businesses in Tennessee, including customer property damage and injuries.
- Customer injuries at your company
- Damaged customer property
- Slander and other advertising injuries
Errors and omissions insurance
This policy is also called professional liability insurance or E&O insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
This type of coverage protects Tennessee businesses against lawsuits related to the quality of their professional services or advice. It's sometimes referred to as E&O insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage at a discount. It covers common third-party lawsuits and business property damage.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers' comp insurance
Tennessee requires all small businesses with five or more employees to purchase workers’ compensation. This policy covers medical costs for work injuries.
- Employee medical expenses
- Disability benefits
- Legal costs from employee injuries
Cyber insurance
This policy protects Tennessee small businesses against financial losses from data breaches and cyberattacks. It’s also called cybersecurity insurance.
- Data breach investigations
- Customer notification costs
- Fraud monitoring services
Commercial auto insurance
This policy is required for vehicles owned by Tennessee small businesses. It helps cover the cost of an accident involving your commercial vehicle, including lawsuits from other drivers.
- Injuries caused by your vehicle
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Illegal electronic funds transfer
- Forged signatures
- Theft of cash or property
Commercial umbrella insurance
An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business comply with requests for higher liability limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Looking for different coverage? Check out our other policies.
What are the small business insurance requirements in Tennessee?
Workers' compensation insurance
The state of Tennessee requires businesses that have five or more employees, full-time or part-time, to carry workers’ compensation insurance. However, coal mining and construction businesses must carry this coverage even if they only have one employee. Owners of construction companies must also have coverage for themselves or get listed as exempt.
Sole proprietors sometimes choose to carry this coverage, as personal health insurance won't cover injuries that are related to your job.
Workers' comp covers medical bills for workplace injuries and provides disability benefits for injured Tennessee workers. Most insurance carriers include employer's liability insurance with this coverage, which pays for legal fees related to employee injuries.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Tennessee must be covered by commercial auto insurance. This policy covers costs if your company car or other business vehicle gets into an accident.
Tennessee law requires auto liability coverage in the amount of:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $15,000 per accident
Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Tennessee?
Commercial insurance can be affordable for small businesses with low risks. Average premiums for TechInsurance customers in Tennessee are:
General liability: $42 per month
Professional liability / E&O: $63 per month
Workers' compensation: $50 per month
Factors that influence the cost of business insurance include:
- Your profession
- Business operations
- Number of employees
- Types of business insurance purchased
- Policy limits and deductibles
- Coverage options
- Claims history
Why Tennessee business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Tennessee
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right business insurance policies. Our insurance agents are licensed in Tennessee and can help you find affordable policies from top-rated insurance companies.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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