Business & Commercial Insurance
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Business & Commercial Insurance Information
Your Local Business Insurance Provider in Tennessee
Any business is both a source of income for its owner and employees, as well as a trusted service provider for its customers. Problems could therefore harm a lot of different people. That’s why business owners must do all they can to safeguard their operations, assets, employees and the public. The most effective way to do so is to have the right business insurance.
If you are a Tennessee or Mississippi business owner who wants to build the strongest benefits package for your company, then you can make it easier for yourself by calling P3 Insurance Solutions. We know how to tailor insurance benefits to businesses of all shapes and sizes. With our help, you can build a quality coverage portfolio that protects all the people and assets in with your company.
Common Business Insurance Questions
When Do I Need Business Insurance?
An accident could happen in your business at any time. This might be a fire, severe weather, robbery, employee theft or a lawsuit brought by a customer. Any of these problems could cause massive financial losses. To ease your burden you should be able to rely on your business insurance. Numerous policies can help you pay your recovery costs and keep your business on a more stable financial footing.
What Does Commercial Insurance Cover?
Business insurance is not one policy. There are countless commercial plans on the market that will apply to specific insurable assets and liabilities in your business. Just a few of those you might need include:
- Property Insurance: If something damages physical property, such as your building or possessions, then this coverage can help you repair or replace them.
- General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, such as a client or vendor.
- Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
- Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards.
- Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation. It will provide them supplementary income during their recovery.
- Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
- Surety Bonds: If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
But don’t forget, the best business insurance portfolio is one that is customized to you. That’s why you’ll likely need more specific coverage like:
- Inland Marine Insurance
- Employment Practices Liability Insurance (EPLI)
- Products/Completed Operations Liability Insurance
- Cyber Liability Insurance
- Umbrella Liability Insurance
- Hired/Non-owned Auto Liability Coverage
If you are a small business, then one of the ways that you might be able to combine and better manage your benefits is through a business owners policy (BOP).
BOPs offer several critical pieces of business insurance in one place, and the plan will contain tailored terms and limits that are optimized for smaller operations. You can also add other coverage endorsements into your BOP to make it more expansive while still paying an optimized price for it.
What Does Business Insurance Cost?
Many factors can influence the cost of your business insurance, including the size of the company, your net-worth, your industry and liabilities present on the property.
However, with the right help, you can search the market to find the carrier that will offer you optimized premiums for the coverage of your choice. Our agents are happy to help you in that search. We promise to find you affordable and adaptable plan options from within our vast networks of carriers.
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