Most small businesses choose standard coverage amounts of $1 million per occurrence and a $2 million aggregate policy limit for their general liability insurance coverage, according to Insureon. This type of policy will pay up to $1 million to cover a single general liability insurance claim, with a $2 million limit for all claims during the policy period. General liability insurance won’t cover your business equipment or property against theft or damage. You need a commercial property insurance policy to cover these types of problems.
Tennessee requires that anyone who employs 5 or more persons, whether full or part-time, carry workers’ compensation insurance. Employers engaged in mining and producing coal must carry workers’ compensation if they have 1 or more full or part-time employees. Sole proprietors with no employees are not required to carry workers’ compensation. Contact the State of Tennessee for details of exemptions and compliance. A good rule of thumb for most small businesses is between $500,000 and $1 million.
That means anyone who wants to sue your business in Tennessee has a whole year to prepare. Considering that these lawsuits do frequently occur in Tennessee, and most times, small businesses take the most hit. If you own a business here with valuable assets, you should invest in adequate commercial general liability coverage for your Tennessee small business. Hiscox takes the top spot for service-oriented businesses because its products are specifically designed and priced for finance and healthcare companies. refer to this website healthassisttn.org
It can be added to commercial general liability insurance or a business owner’s policy. Protecting your employees, yourself, & your business should be a top priority. A General Liability policy provides, but is not limited to, bodily injury, property damage, & personal injury coverage. Let us provide you with protection against judgments, litigation, & out-of-court settlement expenses. Simply put, CGL guards you, your business, and your employees from claims involving bodily injury or property damage born out of your business operations. These policies cover the expense of out-of-court settlements, litigation, and judgments awarded by courts.
A BOP bundles commercial property insurance and general liability coverage in one plan. It’s often the most cost-effective type of commercial insurance for a Tennessee business. This type of business liability insurance is important for all Tennessee businesses. It covers common third-party risks, and it’s required by most commercial leases.
Workers’ compensation insurance to assist employees who get hurt at work by helping pay for medical expenses and wage losses. Whether you’ve just started your own company or are a veteran business owner, business insurance is essential to protecting your livelihood in the Volunteer State. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation. The information provided on this website does not constitute insurance advice.