Tennessee Business Owners Insurance
Find protection with a business owners policy
Protection and peace of mind go hand in hand with a business owners policy (BOP) from Farm Bureau Insurance. Our tailored policies are designed to safeguard your business against unforeseen risks, ensuring continuity and security for your hard-earned success. Discover how our comprehensive coverage can support your entrepreneurial journey and protect what matters most to you.
Business owners insurance coverage
Business Property Insurance
What’s covered?
Covers your business property, including buildings, equipment, inventory, and furniture against damages due to fire, theft, or natural disasters.
Why do I need this?
To protect the physical assets of your business. Damage or loss to these can be financially devastating without proper insurance.
Liability Coverage
What’s covered?
Provides protection against claims of bodily injury or property damage to third parties, and personal and advertising injury claims.
Why do I need this?
To safeguard your business from the financial impact of lawsuits and legal claims, which can arise even from small incidents.
Business Interruption
What’s covered?
Compensates for lost income and operating expenses if your business is unable to operate due to a covered event like fire or severe weather.
Why do I need this?
To maintain financial stability and cover ongoing expenses, ensuring business continuity during unforeseen closures or disruptions.
Additional business owners coverage
Third-Party Bodily Injury
What’s covered?
This coverage protects your business in cases where a third party (like a customer or visitor) is injured on your business premises or as a result of your business operations.
Product Liability
What’s covered?
Covers your business against claims of injury or damage caused by products your business manufactures, distributes, or sells. This includes legal fees and compensation costs if your product causes harm or damage.
Common business types with business owners policies in Tennessee
Retail Shops
Protect your inventory and storefront from unexpected events such as theft or fire with a business owners policy tailored for retail businesses.
Churches
Secure comprehensive coverage for your church, addressing both property protection and liability concerns unique to religious institutions. This includes church directors and officers coverage, counseling professional liability, key person replacement, sexual misconduct, and worldwide liability.
Restaurants
Safeguard your restaurant against liability claims, liquor liability, and property damage, ensuring continuity even in the face of unforeseen challenges.
Barber Shops and Beauty Salons
Keep your barber shop or beauty salon protected from potential accidents, property damage, and professional liability with a customized business owners policy.
Strip Malls
Offering tailored coverage for property owners, a BOP can help mitigate risks associated with multiple businesses operating within a strip mall.
Office Condos
Ensure your professional space is protected with a business owners policy that covers property damage and liability issues specific to office condos.
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Common questions about business owner policy insurance
What is the difference between a business owners policy (BOP) and a commercial package policy (CPP)?
The main difference between a business owner policy (BOP) and a commercial package policy (CPP) lies in their target businesses and coverage flexibility. A BOP is a pre-packaged insurance solution ideally suited for small to medium-sized businesses with straightforward insurance needs, combining general liability and property coverage. It's perfect for businesses like retail shops, small offices, or restaurants.
On the other hand, a CPP is designed for larger or more complex businesses requiring a higher degree of customization in their insurance coverage. It accommodates a broader range of risks and is customizable to include various coverages, making it suitable for larger-scale manufacturers, contractors, or businesses with unique insurance needs. While BOP offers ease and convenience for standard risk profiles, CPP provides tailored coverage for more complex and extensive insurance requirements.
What types of businesses benefit most from a business owners policy (BOP)?
A business owner policy is most beneficial for small to medium-sized businesses, particularly those that have a physical presence such as retail stores, restaurants, and service-oriented businesses. Businesses that have significant property assets, require liability protection, and face risks like business interruption can find a BOP especially advantageous. It's a comprehensive solution for businesses seeking a balance of coverage, cost, and convenience.
How does a business owners policy (BOP) differ from general liability insurance?
General liability insurance is a component of a BOP but on its own, it only covers third-party liability claims for bodily injury, property damage, and advertising injury. A BOP, on the other hand, is a more comprehensive package that typically includes general liability insurance, property insurance, and business interruption insurance. This bundled coverage provides broader protection for a business, covering more than just liability risks.
Can I add additional coverages to my business owners policy (BOP)?
Yes, you can add additional coverages to your BOP to suit your specific business needs. Common additions include professional liability, employment practices liability, and specific property coverages for unique or valuable assets. These additional coverages can be tailored to address the unique risks associated with your particular business industry or operations.
Is a BOP suitable for home-based businesses?
Yes, a BOP can be suitable for some home-based businesses. It depends on the nature of your business operations and the extent of coverage required. Your local Farm Bureau Insurance agent can assist in evaluating your specific situation.
Not sure what kind of coverage you need?
Speak with a local Farm Bureau Insurance agent today.
