Business Insurance in Johnson City, TN
Running a business means planning for risks and unexpected events that may affect your finances, property and employees. Business insurance, also known as commercial insurance, may serve as a crucial tool to protect your company from financial losses in the event of workplace accidents, covered natural disasters and legal disputes.
Our team at Westmoreland Insurance Agency Inc is dedicated to helping you achieve long-term success and security with the right policy.
What Does Business Insurance Cover?
Like most states, Tennessee requires companies with five or more employees to have workers’ compensation insurance. This type of insurance may cover employees’ medical expenses and lost wages, particularly those who suffer from job-related injuries or illnesses.
While not legally required, it’s wise to invest in additional coverages for better financial protection, such as the following:
- General liability insurance may provide financial protection against claims of property damage, bodily injury and personal injury occurring on your business premises or during your operations.
- Professional liability insurance may help shield your business from financial losses due to claims of negligence or misrepresentation.
- Business property insurance may help cover damage to your building, equipment, inventory and other assets caused by covered events such as fire, theft, or certain natural disasters.
- Business interruption insurance may pay for expenses and lost income after disruptions caused by a covered event.
- Commercial auto insurance may offer financial protection for company-owned vehicles in the event of damage resulting from accidents and theft.
How Much Does Business Insurance Cost?
Business insurance rates vary depending on your specific operations and risks. Insurers typically consider your industry, business location, number of employees, annual revenue and owned assets. They may also review your claims history and existing policy limits, deductibles, and coverage types.
Where to Get Business Insurance
The right business insurance portfolio starts with a well-equipped team to assess your unique coverage needs. Contact us today at Westmoreland Insurance Agency Inc to learn more.