Business Insurance
Business Insurance with TIS – Your Total Insurance Solution
Who Needs Business Insurance?
Businesses of all sizes can benefit from business insurance. Here’s why:
- Protection from lawsuits: If someone sues your business for damages, insurance can help cover legal costs and settlements.
- Coverage for property damage: Insurance can help repair or replace damaged property due to fire, theft, or natural disasters.
- Compensation for employee injuries: Workers’ compensation insurance covers medical expenses and lost wages for injured employees.
- Financial security: Insurance can help protect your business’s financial stability in the event of unexpected losses.
Considerations
What is the importance of business insurance in risk management?
How can you identify potential risks that could impact your business?
What types of insurance coverages are relevant for businesses, and how do you choose the right ones?
How do you determine adequate coverage limits for your business insurance?
What are policy exclusions, and why is it important to understand them?
How often should you review and update your business insurance policies?
Premium Basis
Larger businesses with higher revenue often pay higher premiums due to increased potential risks.
Industries with inherent risks, such as construction or manufacturing, may have higher premiums compared to less risky sectors.
Businesses with a history of frequent claims may face increased premiums as they are considered higher risk.
Higher coverage limits generally result in higher premiums as the insurer assumes greater financial responsibility.
A higher deductible can lower premiums, as the insured assumes more responsibility for initial losses.
Location can impact premiums due to factors like crime rates, natural disaster frequency, and local regulations.
Keeping Your Business Protected Cost-Effectively.
What is Commercial Insurance?
When you’ve poured your heart and soul into building a business, you need to go the extra mile to ensure that your company keeps thriving and no unexpected event throws a wrench in the works. A lawsuit, severe weather, or even an employee injury could leave you with financial devastation.
This is why commercial insurance is important.
Commercial insurance is a safety net designed to protect your business from any kind of financial fallout. This insurance isn’t just limited to big corporations but is an important investment for businesses of all sizes – from startups to established ventures.
Reports reveal that 29% of small businesses aren’t insured and 53% of them mentioned that the reason why they didn’t get company insurance is because they were unaware of the kind of insurance their business might require.
At TIS Insurance Services, we take pride in our expertise and professionalism when it comes to finding suitable small business insurance solutions in Knoxville. We provide complete business insurance solutions and develop customized plans to help keep your company safe from all kinds of financial setbacks.
Our Key Coverage
General Liability Insurance
This covers your business if someone gets injured or their property is damaged due to your business operations. Imagine a customer slipping and falling in your store – general liability insurance would cover the medical costs and lost wages.
General liability insurance will also handle claims such as advertising injury, reputational harm, and copyright infringement.
With this insurance policy, your small business will maintain complete financial stability even if it is sued by another business or a customer.
Commercial Property Insurance
Safeguard your physical assets, equipment, inventory, and even business interruption due to covered events. This insurance policy covers the most important elements that make up your small business, including valuable papers, supplies, business records, inventory, tools, etc. This policy also provides coverage for outdoor fixtures like fences and signs.
This policy is important to safeguard your business from property damage due to hail, wind storms, fires, lightning, vandalism, and theft.
Business Owner’s Policy (BOP)
This convenient package combines common coverages like General Liability and Property at a cost-effective rate.
This insurance policy consists of commercial property insurance, general liability insurance, and business interruption insurance. This policy is an affordable bundle since purchasing these policies separately means higher prices.
Commercial Auto Insurance
Protect your company’s drivers and vehicles from accidents, collisions, and liability. This insurance policy for small businesses is essential to ensure any claims related to your work vehicles aren’t denied. A personal insurance policy typically doesn’t cover any driving you do to run your business operations. This insurance policy will save you from any exorbitant insurance claim if you’re ever at fault in an accident when driving your business vehicle.
Errors & Omissions (E&O)
Also known as Professional Liability, this coverage offers complete protection against claims of negligence or errors in your services.
This insurance policy will pay for charges resulting from mistakes in your work. It will pay out to your clients and customers that claim against any of the services that you offer. These claims can be made against giving inaccurate advice, negligence, violation of fair dealing and good faith, or misrepresentation.
This insurance policy will also pay for legal defense costs, settlements, and judgments
Cybersecurity Liability Insurance
Cyber security liability insurance protects small businesses from any hefty costs of data breaches and cyberattacks.
Reports reveal that there were 2,365 cyberattacks in the year 2023 with around 343,338,964 victims. A data breach, on average, can cost $4.45 million.
TIS Insurance Services offers comprehensive cyber insurance solutions to mitigate any financial losses and reputational damage resulting from these threats.
Prevention, Not Cure
Commercial insurance will help you recover financially after an incident but it doesn’t prevent them from happening in the first place. Implementing solid risk management practices helps mitigate potential losses. This could involve regular equipment maintenance, employee training on safety protocols, and robust cybersecurity measures to minimize the chance of a data breach.
Claims Process
Filing a claim and receiving compensation can be a lengthy process. Depending on the severity of the claim, the back-and-forth with the insurer, and potential legal wrangling, it might take weeks or even months to receive a payout. This can strain your cash flow, especially if the incident disrupts your ability to operate your business.
Reputational Damage
Insurance may cover financial losses, but it can’t repair reputational damage caused by certain incidents, like a data breach or a product liability lawsuit. The negative publicity and loss of customer trust can have a long-lasting impact on your business, even if you can recover financially.
Beyond The Policy
Here is a quick look at some additional limitations that go beyond policy itself.
Why is Commercial Business Insurance Necessary?
Even the most cautious businesses face risks. A single lawsuit, even if frivolous, can cost a fortune to defend. A fire or any other severe weather situation can wipe out years of hard work.
Commercial insurance acts as a financial buffer, ensuring that none of these events affect your business’s workflow efficacy and productivity.
Peace of Mind
Knowing you’re protected allows you to focus on running your business without constant worry.
Financial Security
Commercial insurance can prevent a single incident from derailing your financial stability.
Legal Protection
Lawsuits are a reality in today’s world. Insurance helps cover legal fees and potential settlements.
Safeguard Your Business with TIS Today
Ready to protect your business operations with comprehensive business insurance solutions in Knoxville? Don’t wait for disaster to strike, reach out to us today, and with our expertise and personalized approach, we will help you find the right insurance coverage that suits your company best.
Get a Quote
Commercial Insurance – Making the Right Choice For Your Small Business
At TIS Insurance Services, we cater to the specific needs of contractors, builders, and other professionals in the construction industry. We understand the complex risks involved in construction projects. This is why we offer tailored coverage for:
- Builders Risk: Protects your project from damage or loss during construction.
- Workers’ Compensation: Ensures your employees receive medical benefits and lost wages if injured on the job.
- Performance and Payment Bonds: Guarantee to fulfill contractual obligations to project owners and suppliers.
Empowering Your Workforce
At TIS, we believe a happy and healthy workforce is essential for business success. That’s why we offer a comprehensive portfolio of employee benefit solutions, including:
- Health Insurance: Provide access to quality healthcare for your employees and their families.
- Dental and Vision Insurance: Help employees with essential preventative and corrective care.
- Life and Disability Insurance: Offer financial security for your employees and their families during challenging times.
- Retirement Plans: Attract and retain top talent by offering a competitive retirement savings program.
Frequently Asked Questions (FAQs)
About Business Insurance
What types of insurance do I actually need for my small business?
There’s no one-size-fits-all answer, but some common types of coverage include:
- General liability insurance: This protects your business from lawsuits if someone gets hurt or their property is damaged because of your business activities.
- Worker’s compensation insurance: This is required by law in most states and covers medical expenses and lost wages for employees who get injured on the job.
- Commercial property insurance: This covers your business property in case of damage from fire, theft, or other covered events.
Beyond these, other types of insurance may be important depending on your industry, such as professional liability or data breach insurance.
How much does small business insurance cost?
The cost of your insurance will vary depending on several factors, including:
- The type of business you have: Higher-risk industries typically have higher premiums.
- Your location: Businesses in areas with a higher cost of living may pay more for insurance.
- Your claims history: Businesses with a history of claims will likely pay more for insurance.
- Your coverage limits: The higher your coverage limits, the more you will pay in premiums.
Is there anything I can do to lower my small business insurance costs?
Here are a few ways to potentially reduce your insurance premiums:
Shop around and compare quotes from different insurers.
- Increase your deductible: This is the amount you pay out of pocket before your insurance kicks in. A higher deductible can lower your premium, but make sure you can afford the upfront cost if you need to file a claim.
- Improve your risk management practices: This could involve things like implementing safety protocols or installing security systems.
- Maintain a good claims history: The fewer claims you file, the lower your premiums will likely be.
Meet our Sales Team
Business Insurance
Morgan Thomas
mthomas@TISIns.com
bkelly@TISIns.com
bstarkey@TISIns.com
Carson Thomas
cathomas@TISIns.com
Carter Thomas
cthomas@TISIns.com
Frank Wilk
fwilk@TISIns.com
Jay Werner
jwerner@TISIns.com
Jared Smith
jsmith@TISIns.com
cmartin@TISIns.com
joakes@TISIns.com
jfritts@TISIns.com
jgrossbard@TISIns.com
Josh Hearl
jhearl@TISIns.com
Kelly Thomas
kthomas@TISIns.com
Robert Eldridge III
reldridge@TISIns.com
Spencer Nelson
snelson@TISIns.com
sfoakes@TISIns.com
