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Understanding Retail Store Business Insurance in Tennessee
As a retailer in Tennessee, are you properly insured against potential risks that could severely impact your business?
What would happen if a fire, theft, or liability lawsuit struck your operations?
Do you have coverage for lost business income from business interruption? Have you assessed hazards in your store, such as slip and fall incidents?
What plans do you have if a severe storm or flooding damages your retail location? Are your merchandise and equipment adequately covered against losses?
Considering the significant threats retailers face, do you have proper insurance to protect the future of your Tennessee retail business?
A National Retail Federation survey found that 72% of small business owners struggle to understand the need to get business insurance coverage options.
However, the right independent insurance agent can also help you find what type of insurance you need out of the various types of insurance to protect your business.
When you need small business insurance, trust The Allen Thomas Group experts for a quick business insurance quote!
What is the average cost of retail business insurance in Tennessee?
Providing an exact average business insurance cost is difficult due to varying factors.
However, the national average for general liability insurance for small businesses in the US is around $1,200 annually.
Consulting a qualified insurance company is the best way to determine the average cost for your specific business in Tennessee.
Table of Contents
Types of Tennessee Small Business Insurance for Retail Store
While a hundred specialized policies exist, these types of insurance coverages make up the typical retail insurance portfolio.
This type of business liability insurance protects retail stores against third-party liability claims to allege bodily injury, property damage, personal injury, or advertising injury occurring on premises, arising from operations, or resulting from products sold.
Tennessee general liability insurance coverage covers legal defense costs and settlement payouts up to the policy limit for valid claims like customer slip-and-falls.
We recommend at least $1 million per occurrence limits. Additional riders on commercial general liability insurance in Tennessee enhance protection.
Commercial property insurance can help safeguard companies in Tennessee, including their retail building, inventory, equipment, furnishings, and tenant improvements, from covered losses like fire, wind damage, theft, vandalism, or bursting pipes.
Business property insurance allows for replacing damaged merchandise, making repairs, and rebuilding.
Consider supplemental coverages like equipment breakdown to ensure mechanical failures and spoilage insurance for perishable goods losses from refrigeration breakdowns.
A form of small business insurance in Tennessee, workers comp insurance is required in the state.
A retail store with more than one employee must carry workers’ compensation insurance to cover lost wages, death benefits, medical treatment, and rehabilitation services when employees experience work-related illnesses and injuries.
Tennessee state law mandates that non-exempt employers provide this coverage to help pay for medical expenses of injured workers.
Umbrella insurance provides supplementary insured limits above standard general liability and other core policies.
It offers additional compensation when damages exceed primary policy maximums in major claims or catastrophic incidents.
Umbrella insurance kicks in to help protect your business operations when underlying coverage is exhausted.
This insurance in the state of Tennessee covers financial fallout, lost income, and legal liabilities from malware incidents, point-of-sale system breaches, and other electronic security compromises.
Cyber liability insurance may fund computer forensic investigations, legal consultations, crisis management services, and consumer credit monitoring programs, depending on the policy specifics.
This Tennessee business insurance policy protects businesses from claims brought forward by employees alleging workplace wrongdoings.
- Common Claims against business owners in Tennessee:
- Discrimination (age, race, gender, disability, etc.)
- Wrongful termination
- Harassment (sexual or other types)
- Retaliation
- Breach of employment contract
- Failure to promote
- Wage and hour violations
- Who it benefits: Businesses of all sizes benefit from EPLI protection, as employees can file these claims regardless of the company’s size.
Why Retailers Require Business Insurance in Tennessee
Owning a retail store exposes entrepreneurs to various risks threatening their investments.
The National Retail Federation reports a typical American retailer endures a 3.57% annual inventory shrinkage rate, often tied to shoplifting, employee theft, and accounting discrepancies.
Without adequate safeguards, a single sizable uncovered loss could bankrupt an unprepared small business.
Insurance allows retailers to transfer various hazards to carriers better equipped to absorb the costs if events like fires, lawsuits, or cyber crimes occur on their business property.
It stabilizes often turbulent retail operations, ensuring preventable incidents don’t permanently shutter your doors.
The right business insurance can even empower business growth by facilitating smart risk-taking.
However, the type of insurance in Tennessee depends on factors that vary from one business to the next.
The right type of fast and affordable business insurance policy can help protect your retail shop from risks that threaten your livelihood.
Customer slip and falls: You may bear medical and legal expenses if found negligent. The right liability coverage protects your assets in injury claims.
Shoplifting/employee theft: Though shoplifting and employee theft cost US retailers $94 billion in 2022 (NRF), insurance can help recoup losses and ease the financial burden.
Hacking: Cyber threats like malware attacks or credit card skimmers lead to costly data breaches and computer repair bills.
Severe weather: Extreme weather in TN can damage unchecked properties, harming retail merchandise and equipment.
Tailored Retail Insurance Solutions Built For Your Retail Shop
We know how frustrating and complex the process of finding the right business insurance can be and how it slows down your ability to care for your retail customers. Let us help craft a policy that works for you.
Tell us about your specific needs and we will find the right policy for you.
Review the results of our search.
We will walk you through your new policy step by step.
Our Commercial Insurance Carrier Partners
That allows us to find the best rates for your retail business.
Get a Retail Store Insurance Quote for Business in Tennessee Now
With over 20 years dedicated specifically to Tennessee retail insurance, The Allen Thomas Group offers unmatched customer service and highly customized policies that cater to your specific business insurance needs.
Independent insurance agents can help you find the best coverage to meet your Tennessee business insurance requirements.
Read testimonials from local retailers relying on our affordable business insurance policies to protect your Tennessee business.
Every business is unique.
Our licensed Tennessee business insurance agents simplify the insurance buying process while filling worrisome coverage gaps.
We take time to understand your business operations and vulnerabilities when crafting tailored solutions so you can focus on store management, not legalities.
We will help you decide whether you need general liability insurance or other types of Tennessee business insurance.
Contact us for a free consultation to find answers to your insurance questions.
Call (440) 826-3676 now or request an insurance quote online.
Getting a certificate of insurance is hassle-free with us.
Get More Insights On Making The Right Insurance Decision For Your Company
What is retail store coverage?
Retail stores need various coverages, including:
- General Liability
- Commercial Property
- Business Interruption
- Crime Insurance (optional)
- Additional coverages based on specific needs (cyber liability, commercial auto, errors & omissions)
Do you need Commercial Vehicle Insurance in TN?
Tennessee retail shops that use vehicles for deliveries, errands, or transporting equipment need commercial auto insurance policy to cover them in case of accidents and protect them from financial losses related to:
- Liability: Covers injuries and property damage caused to others in an accident.
- Collision: Covers damage to your own vehicle, regardless of fault.
- Comprehensive: Protects against non-collision losses like theft, vandalism, weather damage, and fire.
Consulting with an insurance company in Tennessee can help you understand your specific needs and choose the most suitable commercial auto insurance coverage for your retail shop.
How can Professional Liability Insurance help a retail shop in Tennessee?
Also known as Errors and Omissions insurance, professional liability insurance can help protect businesses offering professional services or advice from claims arising from errors, omissions, or negligence in their work.
- Common Claims:
- Missed deadlines
- Failure to deliver agreed-upon service
- Negligent advice that leads to financial loss for the client
- Breach of contract related to professional services
- Who it benefits: Professionals such as consultants, lawyers, architects, accountants, engineers, and others providing specialized services rely on this coverage to fulfill their Tennessee business insurance requirements.
Our Tennessee Commercial Insurance Agents Build Policies To Protect The Following Retail Businesses
- Antique Shops
- Bikestore
- Bookstore
- Boutiques
- Camping Store
- Candy Store
- Clothing Store
- Convenience Stores
- Craft Stores
- Fishing Store
- Florists
- Gift Shop
- Grocery Store
- Hardware Store
- Online Retailers
- Shoe Stores
- Sporting Goods Stores
- Thrift Stores
- Toy Stores
Tennessee Areas We Serve Retailers
Alcoa
Algood
Arlington
Ashland City
Athens
Atoka
Bartlett
Bloomingdale
Bolivar
Brentwood
Bristol
Brownsville
Chattanooga
Church Hill
Clarksville
Cleveland
Clinton
Collegedale
Collierville
Columbia
Cookeville
Coopertown
Covington
Crossville
Dayton
Dickson
Dunlap
Dyersburg
Eagleton Village
East Ridge
Elizabethton
Erwin
Fairfield Glade
Fairview
Farragut
Fayetteville
Forest Hills
Franklin
Gallatin
Germantown
Goodlettsville
Greenbrier
Greeneville
Green Hill
Harriman
Harrison
Harrogate
Hartsville
Henderson
Hendersonville
Humboldt
Jackson
Jefferson City
Johnson City
Jonesborough
Kingsport
Kingston
Knoxville
Lafayette
La Follette
Lakeland
Lake Tansi
La Vergne
Lawrenceburg
Lebanon
Lenoir City
Lewisburg
Lexington
Livingston
Loudon
Louisville
Lynchburg
Madisonville
Manchester
Martin
Maryville
McKenzie
McMinnville
Medina
Memphis
Middle Valley
Milan
Millersville
Millington
Morristown
Mount Carmel
Mount Juliet
Mount Pleasant
Munford
Murfreesboro
Nashville
Newport
Nolensville
Oak Grove
Oak Hill
Oakland
Oak Ridge
Paris
Pigeon Forge
Pleasant View
Portland
Pulaski
Red Bank
Ripley
Rockwood
Rogersville
Savannah
Selmer
Sevierville
Seymour
Shelbyville
Signal Mountain
Smithville
Smyrna
Soddy-Daisy
South Cleveland
Sparta
Springfield
Spring Hill
Spurgeon
Sweetwater
Tellico Village
Thompson’s Station
Trenton
Tullahoma
Union City
Waverly
White House
Whiteville
Winchester
