Memphis Business Liability Insurance

Memphis business liability insurance companies can protect your small business from damaging third-party claims. Commercial liability insurance will cover legal expenses and damages, in the case of personal injury, advertising injury and property claims. However, liability coverage does not protect your property, rather it protects your property's liability. In other words, if someone claims they've been hurt in your Memphis office or store, your covered.

You need to purchase the property policy in addition to the standard commercial coverage, to protect your company in the case of a natural disaster. The property policy will cover your assets and your office, restaurant or retail space. You can talk to a Memphis business liability insurance agent about getting a Business Owner's Policy, or BOP, which will include your general commercial coverage and a property policy.

You may need a special policy or insurer, depending on the nature of your Memphis company. For example, if you're in the technology field, there may be a number of packages available specifically for your industry. Again, a Memphis business liability insurance agent can help you sort out the different possibilities.

Memphis Property Insurance

Tennessee business property insurance will protect your company's assets, as well as your property. Property coverage is not required by Tennessee law, but it is a very sage investment if you have any assets (including office space). Most plans are created to specifically suit your needs, and they cover a variety of different losses. Your plan may cover damages related to fires, embezzlement by an employee, electrical surges, theft, and related catastrophes.

You will need special coverage for floods, or terrorist attacks. While both are unlikely events in Tennessee, you may want to talk to an agent about whether you should include this exception. Also, basic policies don't typically include fraud or burglary, and you may want to add those. You may also want to include data protection and computer virus protection. Note: if you have a home-based company, you still need to have commercial property coverage.

Again, you can talk to a Memphis business liability insurance agent about getting a BOP. A BOP can cover lost income due to a disaster, and also includes coverage in the case of third-party claims. Also, it's nice to combine your commercial policy with your property insurance, so you are only dealing with one insurer for all your needs. If you choose a good insurer, you'll feel protected regardless of what happens.

Liability Coverage for Technology Companies

As a technology company, you may need additional coverage as well as Memphis business liability insurance. Most likely you, you will need cyber liability and database coverage. You also need some kind of errors and omissions, which is similar to malpractice, to cover you for errors negligence. Note that errors and omissions can be for companies or professionals, so you may need to have both.

Consider, the incidents that may afflict a technology company or provider: insider abuse of data, intellectual property theft, loss of revenue, financial fraud, sabotage of data networks and other virtual issues. Note that you may need Memphis business liability insurance to cover issues that happen off-line, and a technology policy to cover things online. Unless, of course, you choose a policy that covers both the physical and virtual world.

If you're a Memphis, TN technology specialist, you may also need to have an additional plan. Considering that you're handling other people's valuable data, you might need special protection in the case of a lawsuit. Ask your business liability insurance agent about what kind of technology policies are out there, and figure out if you need one for your company.

Setting Your Deductible

As you probably know, having a higher deductible might mean that your premiums will be lower. The deductible and the premium are inversely related. If your Tennessee company can afford it, you might want to set a high deductible for your Memphis business liability insurance policy, and save a lot overtime. Naturally, if you're in a very risky business, you probably want to keep your deductible low.

Your Memphis business liability insurance policy is not meant to covering routine maintenance. Rather, it's meant to cover you if there's an unexpected catastrophe. How likely is it that your Memphis, TN business will face a lawsuit? Consider this question when you're setting your deductible.

A Memphis business liability insurance agent should be able to help you determine how high to set your deductible. Obviously, you need to be able to pay your deductible in the case of an emergency, without going into the red. On the other hand, you want to be up to protect your Memphis company at a reasonable cost. Again, choose your insurance company carefully, with the help of a good agent, so that you'll be well protected.

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