According to the U.S. Small Business Administration's 2017 state profile, small businesses in Tennessee employ over one million people, nearly 43% of the private workforce in the state. As a small business owner in the state, you are an important part of Tennessee’s economy and a major contributor to the quality of life of your employees. But no matter how valuable your business is to you, your employees or your community, there is always the risk that something could go wrong and you could find yourself in a tough spot financially. Employees and customers can get injured, and property can be destroyed. But with insurance coverage, you can be better prepared to handle unforeseen issues as they arise and get back on your feet quickly.
Small Business Insurance in Tennessee
You do your best to run a safe and profitable business, but there are some events that are unpredictable and costly. For instance, the costs of defending your business against a lawsuit can quickly become burdensome, even if you are not ultimately found liable.
Lawsuits are not the only risk small businesses face, either. Fires, vandalism, and other events can damage your property or equipment, and even the safest workplaces can still suffer employee injuries, ranging from slip-and-fall accidents to repetitive use injuries like carpal tunnel. Fortunately, there are insurance policies that can help financially shield your company from all of these risks and more.
What Insurance Does Your Small Business Need?
Each business and its insurance needs are unique. That's why AmVenture focuses on providing insurance solutions tailored to small busuiness owners like you. While your business exposures may vary from those of other businesses in your area, here are some common coverage options for many small businesses in Tennessee:
General Liability Insurance
General liability insurance is a coverage that practically every business can benefit from. This policy helps cover potential claims from third parties, such as injury or damage to your customers or their property. General liability coverage can also help pay for the costs associated with a lawsuit filed by a competitor who is claiming libel or slander.
When your commercial vehicles are out on the road, accidents are always a possibility. After an accident, it can be expensive to get vehicles repaired or replaced, not to mention the costs of medical care or litigation stemming from an accident caused by you or one of your employees. A commercial auto policy can help to address these costs to keep you in business and on the road.
Workers’ compensation is legally required for employers in Tennessee with five or more employees, but any company with one or more employees may want the protections this type of policy provides. The costs of paying for employee medical care and claims related to workplace injuries is too high for many small business owners to cover out-of-pocket. A robust workers’ compensation policy helps take the worry out of the unexpected, so you can take care of your employees and your bottom line should someone sustain injuries at work.
Get Your Free Small Business Insurance Quote
We understand how busy you are as a small business owner. At AmVenture, we focus on helping small business owners quickly determine what insurance options are right for your business, size, and location. Contact us now to learn more, or fill out our simple online form to request your free quote.