General Contractor Insurance in Tennessee

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Do Tennessee general contractors need insurance?

One of the largest sectors in The Volunteer State is construction. There are over 68,720 sole proprietors working in the state’s industry. Contractor insurance for Tennessee tradespeople helps protect many of these small businesses.

Construction sites are often hazardous places to work. Small businesses could be facing a liability issue if you have a simple accident, whether it is in a commercial or residential project. Insurance for contractors for Tennessee businesses helps prevent mishaps, unexpected delays, or other issues that can ruin the hard work you’ve put into it.

Insurance for contractors is a shorthand term used to describe different kinds of insurance that a general contractor could consider.

  • General Liability
  • Business Owner’s Policy
  • Workers’ Compensation

BizInsure can arrange insurance for contractors in Tennessee.

Who needs contractors insurance in Tennessee?

A lot of contractors have insurance policies in place to protect their businesses and personal financial assets. General Liability insurance and other types can provide safety insurance that is essential for your company.

You may need to have certain types of coverage in order to work with certain clients. This is typically included in contracts.

For more information about insurance quotes and alternatives, select your occupation.

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What is the typical insurance policy for contractors in Tennessee?

Tennessee contractors often look at several different types of insurance. These insurance policies can aid in reducing the risk that contractors may face.

General Liability Insurance

Anything could happen on a construction site. If someone is injured by your innocent actions, such as leaving a toolbox in an unsuitable location, it could be an enormous problem for you and your business.

A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability. Tennessee General Liability insurance may also be called Commercial General Liability (CGL) insurance or “slip and fall” coverage.

Business Owner’s Policy

Things don’t always go as planned when working in the construction industry. It can be difficult to deliver on your promises when you are facing interruptions to projects, broken equipment, and other issues.

A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability. The BOP can be tailored to provide the coverage options that meet your business needs. It can be a practical, affordable way to cover yourself against the many dangers that contractors are exposed to.

Workers’ Compensation Insurance

It is your duty to ensure that your employees are healthy and happy working on them to run your business.

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace. Workers’ Compensation is mandatory in Tennessee construction businesses and service providers that have one or more employees. However, all employers in the construction business or trades must obtain workers comp insurance even if they have one or more employees (unless exempted).

What does insurance for contractors cover in Tennessee?

Contractor’s insurance can cover your business from a variety of risk. Depending on the types of coverage you select you could be protected for situations such as:

  • Third-party injury and property damage claims (General Liability Insurance for Tennessee contractors)
  • Unexpected disruptions to businesses (Business Owner’s Policy)
  • Equipment breakdown (Business Owner’s Policy)
  • Employees’ workplace illnesses and injuries (Workers’ Compensation)

How much does contractor’s insurance cost in TN?

If you’re just starting your own contracting business in Tennessee, you might not be aware of the expenses that are associated with insurance for contractors.

The cost of business insurance varies due to the fact that insurance companies consider a variety of factors to determine the cost of each premium. Your business’s insurance cost may be affected by:

  • The type of insurance you want
  • Size of your company (annual revenue).
  • What is the maximum number of people that the policy able to be able to cover?
  • History of past claims
  • What coverage do you select?

How to get the right insurance for contractors in Tennessee?

BizInsure can help you protect your contractor business.

In just 10 minutes you can review quotes and discover coverage that fits your needs, budget, and budget. When policy documents are delivered directly to your inbox, you’ll be protected immediately.

Need assistance? Our licensed agents are happy to help at any stage in the process!

Compare quotes and find the right coverage to suit your Tennessee General Contractor company.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your [profession] license to ensure you are meeting their current licensing requirements.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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