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Tennessee Business Insurance Requirements

If you own a business, you'll want to have the best insurance coverage that's worth every penny. We can offer you just that! Call us and inquire about your options.

If you own a business, you’ll want to have the best insurance coverage that’s worth every penny. We can offer you just that! Call us and inquire about your options.

With so many different types of insurance coverages for businesses, it can be confusing to try to determine which you absolutely have to have (because it’s mandated by law), which you would ideally have, and which you can do without.

If you live and/or work in the Franklin, Tennessee, area, you can count on Elite Insurance Solutions to give you all the business coverage you need and not a dollar of coverage you don’t. From small businesses to large corporations, we’ve got you—and so many of the things important to your business’ bottom line—covered.

Types of Business Coverage

Much of the decisions about what coverage is right for your business will depend on your industry and the risks associated with it. Your priorities—things like employee retention or loss prevention—will also guide your agent in creating the right insurance package for you.

Among the customized business coverages that Elite Insurance Solutions offers, you may want to carry a combination of any of the following:

  • Property
  • Liability
  • Auto
  • Workers Compensation
  • Directors & Officers
  • E & O Liability
  • Group Health
  • Retirement Plans
  • Bonds
  • Kidnap & Ransom
  • Marine Insurance
  • Foreign Liability

The important thing is that your coverage is tailored specifically to your unique business and that you at the very least meet Tennessee’s business insurance requirements.

What Business Insurance Do You Have to Have in Tennessee?

Required by law:

  1. Workers compensation is required by law to pay for employees’ medical expenses and missed wages if they are hurt on the job.
  2. Unemployment insurance is also required by the state of Tennessee.

You probably also want to have:

  • Liability insurance will cover costs associated with claims of negligence and can help protect companies from expenses as the result of lawsuits, bodily injury, property damage, medical expenses, settlements, etc.
  • Property insurance will ensure the future of your business by protecting your investments in buildings, signs, furniture and equipment, inventory, fence and landscaping, etc.
  • Commercial auto insurance can cover any employees who may be driving company vehicles or traveling for work purposes. Visit DMV.org for more on commercial insurance requirements.

Have questions? We know your time is valuable. Elite Insurance Solutions can make the process of protecting your Tennessee business one that is both painless and reassuring.

Tell Me About Commercial Auto Insurance

Car accidents happen all the time. Getting commercial auto insurance can protect you from spending so much on damages. Don't wait any longer. Get insured with Elite Insurance Solutions.

Car accidents happen all the time. Getting commercial auto insurance can protect you from spending so much on damages. Don’t wait any longer. Get insured with Elite Insurance Solutions.

As a business owner, you may not have even considered that you need commercial auto insurance; however, in the state of Tennessee, just as it is illegal for someone to drive a personal vehicle without insurance, the same goes for any employee driving one of your business vehicles. One never knows when a car accident may occur, and you do not want to be left without insurance to cover damages to your commercial vehicle, the other party’s vehicle, or even your employee’s own personal automobile if he or she is driving it for work purposes, and let’s not forget the medical expenses if anyone is injured. And, you definitely do not want to end up with a Class C misdemeanor conviction, fines, a suspended license, and/or a hold placed against that vehicle preventing you from renewing its registration — all penalties from the state of Tennessee for not having commercial auto insurance. If you don’t have commercial auto insurance, our agents at Elite Insurance Solutions will be glad to talk to you about our business auto insurance options so you can always be protected, no matter what happens.

Auto Insurance Laws

As stated earlier, Tennessee has very specific laws with stiff penalties when it comes to auto insurance, both personal and business. According to the state of Tennessee Financial Responsibility Law, the driver of a motor vehicle involved in any traffic violation or auto accident must provide proof of financial responsibility to the officer on the scene when he asks for evidence of financial responsibility. This evidence includes an insurance card, a binder, or a declaration of a policy that has been issued by an insurance company. This insurance company must meet the requirements listed in the Tennessee Financial Responsibility Law of 1977. If you are a business owner and do not have commercial auto insurance, you can produce a certificate issued by the Department of Safety stating that a cash deposit or bond has been posted in the amount required by the Tennessee Financial Responsibility Law of 1977. There are several other types of evidence accepted by the state, and these include situations such as a person being qualified as a self-insurer under Section 55-12-11 or the motor vehicle in question was operated by a carrier subject to the jurisdiction of the Department of Safety or the Interstate Commerce Commission or was owned by the United States, the State of Tennessee, or any political subdivision thereof, and the motor vehicle in question was being operated with the owner’s consent.

With this Financial Responsibility Law, the state of Tennessee Department of Safety and Homeland Security also requires a minimum amount of auto insurance coverage you must have, which currently is:

  • $25,000 for one injury or death
  • $50,000 for all injuries or deaths
  • $15,000 for property damage for one accident.

We at Elite Insurance Solutions are very familiar with this state law and know exactly what commercial auto insurance policy you need to be covered legally, and we can also cover you even more with other policies like collision, medical payments, personal injury protection, and uninsured/underinsured driver. Contact us today, and we will be happy to talk with you and get your commercial auto insurance policy started.