Nashville Business Liability Insurance

Nashville business liability insurance can be purchased in a package called a Business Owner's Policy (or BOP). A BOP may be a less expensive way to get property insurance as well as Nashville business liability insurance from the same insurer. BOPs are usually offered to small-to-medium sized businesses as a comprehensive way to cover general company risks.

If you feel that your Nashville business liability insurance policy or BOP will not provide sufficient coverage, you may want to consider purchasing an umbrella policy in addition to your basic plan. Umbrella policies will add an extra cushion of coverage to your plans limits. When you're ready to purchase insurance, you most likely want to talk to a Nashville business liability insurance agent, who can help you understand the differences between specific BOPs and umbrella policies.

Nashville Business Owner's Policy

A BOP typically includes liability, property and casualty, and business interruption policy. BOPs are generally offered only to to small or medium-sized companies because they have well understood and defined risks. Larger companies generally have less definable risk, and therefore cannot purchase a simple BOP to cover their Tennessee business insurance needs.

Nashville business liability insurance will cover third-party claims made against your company. It will cover the legal fees and the settlement for claims related to property damage, personal injury and advertising injury. In other words, if someone gets hurt on your property you're covered. Furthermore, if someone sues you for defamation or libel, you're most likely covered.

However, Nashville business liability insurance is limited in scope. You are not covered for anything that occurs within the workplace, since only third-party claims are covered. So, you may need additional policies such as EPLI, or employment practices liability insurance. Furthermore, while claims about your property are covered, your property itself is not covered.

A BOP almost always includes property and casualty insurance, and it sometimes includes EPLI. A BOP can be customized to suit the needs of your Nashville company, but it always includes general basic business insurance. In other words, a BOP will cover buildings, equipment and other assets if a natural disaster hits Tennessee and damages your company.

Business interruption is also often included in a BOP, and it covers any lost profits or continues paying expenses in the case of a natural disaster or other interruption. A BOP also usually includes a policy related to crime, protecting you in the case of employee embezzlement or a burglary. Note that employee theft is also included in EPLI, but purchasing EPLI separately will be much more costly than getting a BOP.

Furthermore, Nashville business liability insurance doesn't cover cars, but a BOP often has a vehicle policy included. So, if you buy a BOP policy you have property and casualty protection, business interruption protection, liability coverage, vehicle coverage, and protection from workplace crime and burglaries. BOP offers a lot more than liability protection, and it can simplify your costs and policies.

Tennessee Umbrella Liability Insurance

Nashville business liability insurance has limits, and they may not be high enough for your company. Your policy will have both a single occurrence and an aggregate limit. Single occurrence limit is the amount that your policy will pay for one occasion. The aggregate limit is the amount that your Nashville insurer will pay in total.

Legal fees and settlement claims can be extremely costly, so you may want to purchase what's called an umbrella policy in addition. An umbrella policy will cover anything extra for your Nashville company. For example, if the limit of your general policy is $1 million, and your claim settles for $3 million, an umbrella liability policy can pick up the final $2 million.

Tennessee umbrella policies will be less expensive than your primary coverage, and they offer you an affordable way to increase your policy limits. However, you need to have a basic plan protecting your Nashville, TN company, in order to have an umbrella policy. Umbrella policies only work if you have a primary policy in place.

Umbrella policies usually have a high deductible, but they can still save the millions. Also, if you're a low-risk company, you can most likely purchase an umbrella policy at a relatively low price. It will cover advertising injury, personal injury, automobile accidents and claims related to property damage. It will not cover malpractice or errors and omissions for your Nashville company.

Talking to a Nashville business liability insurance can help you determine whether or not you need an umbrella policy protect your company, Also, an agent can help you sort out the different BOP packages and decide what will work for you. Having an agent research the features and rates of each policy can save you a lot of time, and help you find the best insurer for your TN company.

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