Insurance for Small Business Owners in Tennessee

Do You Need Small Business Insurance in Tennessee?

From the Great Smoky Mountains to the Grand Ole Opry, The Volunteer State is bursting with history and future opportunities. Tennessee is also home to thousands of small businesses that serve tourists and residents alike across many different industries, including retail, healthcare, and finance. According to the Small Business Advocacy Council:

  • There are over 600,000 small businesses in Tennessee
  • Tennessee small businesses employ over 1 million people
  • The number of proprietors in Tennessee continues to grow

These critical small businesses continue to grow the overall economy in Tennessee, and new entrepreneurs are entering the market. For businesses, the state requires some types of insurance coverage (while recommending other types). More information on this can be found below.

Required Business Insurance Coverage in Tennessee

Tennessee requires the following insurance coverage for small businesses:
  1. Commercial Auto Insurance.

    Tennessee mandates automobile coverage, and for a small business, this means carrying minimum benefit amounts for bodily injury liability ($25,000 per person/$50,000 per accident) and for property damage liability ($15,000 per accident).

  2. Workers’ Compensation Insurance.

    For businesses with 5 or more employees in Tennessee, Workers’ Compensation insurance is a state requirement. And some industries, like coal mining, are required to carry insurance for even a single employee. This type of insurance typically covers medical expenses related to employee on-the-job accidents or illnesses.

Recommended Business Insurance Coverage in Tennessee

The following types of insurances are recommended for Tennessee small businesses:
  1. Small Business Owner’s Insurance.

    Combining two types of coverage—property insurance and general liability—a Business Owner’s Policy (or BOP) is a cost-effective coverage package for small businesses in Tennessee. The property coverage extends to building, machinery, and personal property damage, while the liability coverage typically extends to injury claims made by customers.

  2. General Liability Insurance.

    Often required for leasing a commercial space, small business owners can choose general liability coverage individually. This type of coverage focuses on third-party damage—such as customer accidents or claims made regarding false advertising.

  3. Professional Liability Insurance.

    Professional liability insurance is often referred to as "errors and omissions insurance." For Tennessee businesses providing expertise and consulting services, this coverage can protect them from costs resulting from work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits.

  4. Cyber Liability Insurance.

    Even small businesses can experience a data breach or cyber attack. Cyber liability coverage can aid in the recovery from malicious hacking and cyberattacks by paying related customer notification and fraud monitoring costs, as well as associated system damages and resulting legal fees.

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Tennessee?
  2. Q
    How do I get a quote for small business insurance in Tennessee?

    B2Z has made getting a quote easy: Answer a few questions about your business, choose your coverage, and validate your account and payment information. That’s it! Click the Get Your Quote button to get started.