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Which insurance policies are recommended for Nashville businesses?
Nashville was recently ranked a "supernova city" for its explosive growth, which means abundant opportunities for small business owners. Protect your Nashville business with these insurance products.
General liability insurance
A general liability policy pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Nashville often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Nashville recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy, or BOP, is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Nashville.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Tennessee businesses with five or more employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Nashville businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Nashville business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in Nashville, TN?
State and local laws can determine the type of insurance you need. These policies help you comply with Tennessee business insurance requirements.
Workers' compensation insurance
Tennessee state law requires all businesses with five or more employees to carry workers’ compensation insurance. Every construction worker must have this coverage, including business owners unless they are specifically exempt.
Workers' comp insurance pays for medical costs from job-related injuries and illnesses. It also provides disability benefits for injured Tennessee workers.
Most policies include employer's liability insurance, which protects employers against legal costs related to worker injuries.
Commercial auto insurance
From Nashville to Knoxville, the state of Tennessee requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for legal defense costs and property damage after an auto accident.
Nashville businesses must meet the state's requirements for auto liability coverage, which are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $15,000 property damage liability per accident
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in Nashville cost?
Small businesses in Nashville don't have to pay a lot for commercial insurance. Here are a few average costs for Tennessee businesses:
General liability: $42 per month
Workers' comp: $50 per month
Professional liability/E&O: $63 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
How to get insurance for your Nashville business
View video transcript.
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Are you ready to get insurance coverage for your Nashville business? Complete Insureon's easy online application to get a quote today from top-rated providers.
FAQs about Nashville business insurance
Review answers to common questions about Nashville business insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your small Nashville business that matches your specific needs and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Tennessee's data breach laws require Nashville businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Nashville insurance requirements?
Yes, the city of Nashville may have special requirements for business insurance and bonds, depending on the type of work you do.
Additionally, Nashville requires a business license with a fee of $30 for businesses located with city limits, and Tennessee has a state-wide business license requirement.
Here are a few examples of businesses with other obligations:
- Contractors need commercial general liability insurance to get licensed in Tennessee. They might also need a surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are required by Tennessee law to carry errors and omissions insurance (E&O), sometime called professional liability insurance. Other professional services businesses sometimes need this policy to get licensed.
- Physicians aren't required by law to carry malpractice insurance, but you may need it to work in some healthcare facilities.
- Notaries public in Tennessee must carry a $10,000 surety bond for the length of their four-year commission.
When running a business in Nashville, you need to be aware of laws and regulations for Tennessee, the city of Nashville, and Davidson County.
How can I get help starting a small business in Nashville, TN?
Nashville is currently the top ranked real estate market in the nation, which means ample opportunities for small business owners. That also means a lot of competition.
To help you get started, here's a list of local organizations available to provide guidance and resources:
- The Nashville Public Library hosts NPL Means Business featuring a small business discussion series and other resources for Nashville entrepreneurs.
- The Nashville Area Chamber of Commerce, in addition to other local chambers, offers networking opportunities and support for small businesses.
- The TN Department of Economic & Community Development provides business resources for disadvantaged business enterprises, small businesses, and aspiring entrepreneurs.
- The Tennessee Small Business Development Center serves entrepreneurs pursuing business ownership through free consulting, training, and programs.
- SCORE Nashville offers free business advice and training, with support from experienced entrepreneurs from diverse industries and specialties.
- The Greater Nashville Regional Council helps small businesses find loans, payment relief, and other useful resources.
- Launch Tennessee has a goal of making Tennessee the best state for startups and hosts 3686, the Southeast’s premier annual entrepreneurship festival.
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on Nashville business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.