What is the difference between general liability and professional liability insurance?

General liability insurance covers third-party claims for bodily injury or property damage, such as a customer slipping and falling at your business. Professional liability insurance, also called errors and omissions (E&O) coverage, protects businesses that provide professional services or advice from claims alleging negligence, mistakes, or failure to deliver promised results. Many businesses need both, depending on what they do.

Does my homeowners insurance cover my home-based business?

Generally, no. Standard homeowners insurance policies exclude or severely limit coverage for business-related property and liability. If you run a business out of your home, even part-time, you likely need a separate business owners policy or an endorsement added to your homeowners policy to properly cover your equipment, inventory, and any liability that arises from business activities.

How much does business insurance cost in Tennessee?

The cost varies significantly based on your industry, annual revenue, number of employees, coverage types, and claims history. A small service-based business might pay a few hundred dollars a year for a basic general liability policy, while a contractor or manufacturer with more risk exposure will pay considerably more. The best way to know your cost is to get a personalized quote, which our agents can provide at no cost or obligation.

Business Insurance in Chattanooga, TN & North Georgia

Helping Businesses in Chattanooga, TN, Dalton, GA, and North Georgia Get the Right Coverage

Business insurance can encompass a diverse range of policies designed to mitigate financial losses stemming from various risks. Whether you run a startup or an established corporation, securing appropriate insurance coverage can determine survival or devastation when facing challenges.

What Does Business Insurance Cover?

Business insurance can include the following coverage options:

General liability insurance can cover expenses associated with bodily injury, property damage and personal injury claims levied against your business.
Property insurance can safeguard your business assets, encompassing buildings, equipment and inventory, financially shielding them from damage or loss resulting from occurrences such as fire, theft or natural disasters.
Business interruption insurance may aid in offsetting lost income and operational costs when your business is halted due to a covered event, such as a fire or natural disaster.
Workers’ compensation insurance can cover medical expenses and lost wages incurred by employees who sustain injuries or fall ill while performing their jobs.
Professional liability insurance can offer financial protection to businesses that provide professional services, shielding them from claims alleging negligence or substandard work.
Commercial auto insurance can cover vehicles used for business activities, such as company cars or delivery trucks, shielding policyholders from the financial consequences of accidents and damages.
Cyber liability insurance can be a crucial safeguard by helping shield businesses from the financial fallout of data breaches, cyberattacks and other digital menaces.
Product liability insurance can financially cover businesses that manufacture or sell products against claims of injury or damage caused by their products.

What Type of Business Insurance Do I Need Tennessee or Georgia?

The right coverage depends on the nature of your business, how many employees you have, whether you own or lease your space, and the specific risks your industry faces. A restaurant has different exposure than a consulting firm, and a contractor needs different coverage than a retail shop. Most small businesses in Tennessee start with a business owner’s policy (BOP), which bundles general liability and commercial property coverage into one policy at a lower cost than purchasing each separately.

From there, your needs may expand to include workers’ compensation if you have employees, professional liability if you provide services or advice, cyber liability if you handle customer data, and commercial auto if your business uses vehicles. As an independent agency, Builtwell can assess your specific situation and build a coverage package that fits your business and your budget rather than pushing a one-size-fits-all solution.

Is Business Insurance Required in Tennessee and Georgia?

Tennessee law requires businesses with five or more employees to carry workers’ compensation insurance. Construction industry businesses are required to carry it with even just one employee. Beyond workers’ comp, there is no blanket state requirement for other types of business insurance, but many clients, landlords, lenders, and licensing boards will require you to carry general liability or other specific coverage before doing business with you.

Even where coverage isn’t legally required, operating without it puts your business and personal assets at serious risk. A single liability claim or property loss can be financially devastating without the right policy in place. Our agents can help you understand what’s required for your industry and make sure you’re covered before you need it.

Get a Business Insurance Quote in Chattanooga, TN or North Georgia

Contact Builtwell Insurance to receive recommendations for appropriate coverage options and coverage limits tailored to your specific situation.