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Business Insurance in Tennessee
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What are the requirements for small business insurance in Tennessee?
State laws can affect which insurance policies you need for your small business. These policies are required for Tennessee businesses.
Workers' compensation insurance
Tennessee state law requires businesses with more than five employees, full-time or part-time, to carry workers’ compensation insurance. Corporate officers are included in this headcount, even if they are ultimately excluded from coverage in your policy. Every business in the construction or coal mining business must carry workers' compensation insurance, regardless of the number of employees. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All business-owned vehicles in Tennessee must be covered by commercial auto insurance. Tennessee requires $15,000 property damage liability per accident and $25,000 bodily injury liability per person, and $50,000 bodily injury liability per accident.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Recommended insurance policies for small businesses in Tennessee
General liability insurance
This policy is important for all Tennessee businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps Tennessee businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner's policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a Tennessee business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Workers’ compensation insurance is required for Tennessee businesses that have four or more employees. It can cover medical costs for work injuries and illnesses.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Tennessee. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small Tennessee business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in Tennessee business insurance
In Tennessee, insurance agents, agencies, and brokers are licensed by the Department of Commerce & Insurance. Insureon is licensed in Tennessee as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 2008453). Verify our licensure with the Tennessee Department of Commerce & Insurance Licensee Look-up.
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