As a business operator in Collierville, TN, you have a number of worries and concerns that escape the notice of most people. One such worry concerns protecting yourself and your business in cases of liability. If your company owns or operates vehicles, then you need to add commercial insurance to this consideration. To make this easier, Brock and Poole Insurance Agency is here to demystify the requirements and necessities of this less-common type of coverage.
Minimum Requirements
Insurance requirements vary by state, and they change over time. As of the time of this writing, Tennessee is a modified comparative negligence fault state. That’s a lot of technical jargon to say that if your Tennessee business is involved in any incident that causes property damage or personal injury, you will be liable for payments. The amount of your liability is determined by how much of the accident is ruled to be your fault. But, even if you are only 1 percent at fault, you could be charged with paying.
Despite the risk that comes from operating in a modified comparative negligence state, your business is not legally obligated to purchase commercial insurance. You are free to take risks in this regard as you see fit.
Protecting Your Business
While you won’t break the law by skipping commercial insurance, it is a particularly dangerous decision in Tennessee. The state is pretty standard when it comes to property damage, but personal injury is a different story. Tennessee puts no hard cap on payment awards for personal injury. Since you could be on the hook even if your business or employee is only 1 percent at fault, this recommends a huge financial risk. Medical expenses, lost wages and anything else a crafty lawyer can tack onto a claim could be yours to pay.
So, if you want to get the right insurance for your business, you need sufficient liability coverage. The exact amount that you want will depend on your business’s assets and operations, but any business with commercial vehicles is considered to be in a higher risk category. Driving on the road puts you in frequent contact with situations that could spell trouble. We recommend you contact your Brock and Poole Insurance Agency representative to see what packages create the most affordable coverage options for businesses in Collierville, TN.
