Common Types of Business Insurance Your Business Should Consider

Business risks may vary by industry, and so might insurance needs. However, with a wide range of options, determining which policies suit your company can be challenging. Understanding common types of business insurance can help you determine the coverage you need.

Essential Business Insurance Coverages

There are several types of insurance you may consider, including the following:

General Liability Insurance

This foundational coverage can help cover your business from claims involving bodily injury, property damage or personal injury that may occur on your premises or because of your operations. It’s often required by landlords, clients or business partners.

Commercial Property Insurance

Whether you own or lease your workspace, property insurance may cover damage to your building, equipment, inventory and other assets resulting from events such as fire, storms or theft.

Workers’ Compensation Insurance

Tennessee law generally requires businesses with five or more employees to carry workers’ compensation insurance. This coverage may pay for medical expenses and lost wages if an employee is injured on the job.

Business Owner’s Policy (BOP)

A BOP combines general liability and property insurance into one convenient package, often at a lower cost than purchasing each policy separately. It’s a popular choice for small and medium-sized businesses.

Professional Liability Insurance

Also known as errors and omissions insurance, this coverage is important for businesses that provide professional services or advice. It may apply to claims of negligence or mistakes that result in financial loss for a client.

Commercial Auto Insurance

If your business owns or uses vehicles, commercial auto insurance is typically required by law and can provide coverage for accidents, property damage and liability related to business driving.

Factors That Affect Your Premium

Insurance costs may vary based on several factors, including your industry, location, claims history, number of employees, driving records, assets and the coverage and deductibles you choose.

How We Help Tennessee Businesses

At Tennessee State Insurance, we assess your needs and recommend policies tailored to your business needs. Contact us today to review your coverage or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.