Commercial Insurance in Tennessee
Commercial insurance can be defined as coverage for a business to protect it from potential losses that could occur due to unforeseeable circumstances such as theft. Some people in Tennessee do not look for commercial insurance because when they think of insurance, they think of health, auto, and home insurance. Others are not well informed on what commercial insurance is and what it all entails.
At P3 Insurance Solutions in Memphis, TN, there are several types of commercial insurance to consider. They include:
Property insurance usually covers damage to the property. Property insurance will cover damage to the office in case of a fire and other perils. Under property insurance, you have several additional coverage options such as mechanical breakdown coverage which offers coverage for the accidental breakdown of machines used in the line of business among other assets that help keep your business running.
Business interruption insurance
This option usually covers expenses and lost income in case property is damaged or equipment is lost. An example is when you have to close shop for a certain duration due to fire damage. Since you still have to pay salaries to your workers, you might get reimbursed for costs such as salaries and rent.
This type of insurance usually covers a business owner from dishonest employees. This type of insurance is best for companies where employees have to handle confidential information regarding clients. Most financial institutions would benefit from this type of insurance. Fidelity insurance usually covers unauthorized activities, external fraud, and technology risks.
These policies are mostly purchased by professionals in certain industries such as healthcare and law. It usually covers losses that arise due to injuries to third parties that result when a professional does not conduct himself per the set standards. Premiums paid depend on several factors including geographical location and specialty. One can pay a higher premium because of high claim frequency and severity.
These are just a few of the commercial insurance options offered at P3 Insurance Solutions in Memphis, TN. Please reach out to our agents to have your questions answered and learn how you can get a quote and get started on a commercial insurance policy.