Project Management Insurance Tennessee Policy Information
Project Management Insurance Tennessee. As a project manager you're probably wondering whether or not you need business insurance. The answer is yes. And, yes, there is more than one option or type of coverage you can purchase. So lets look at the project management insurance Tennessee options, additional coverages, and what you should consider, based upon the type of project you manage, who you work with, and other factors.
Project management insurance Tennessee protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Project Managers
When choosing project management insurance Tennessee policies, there are a number of options as it pertains to type of and level of coverage you can buy. Among these are:
- Commercial General Liability - This covers third party bodily injury and property damage claims. So if a client falls in your office, equipment or other property is damaged, or other injuries ensue, you are protected with coverage for court costs, legal fees and awards.
- Professional Liability - Also know as errors and omissions insurance (E&O), this covers negligence claims. There are many areas that people can claim negligence on - whether they are real or frivolous. Professional liability is one of the most important coverages for project managers.
- Project Insurance - You first define the TN project's scope and then purchase this optional coverage. This project management insurance Tennessee coverage applies only work on a single project rather than to the entire business operation
- Workers Compensation - As a project manager you hire employees; these employees can get hurt and sue you. Your employer's coverage will protect you from these lawsuits, and pay damages, hospital bills, medical costs, and other expenses if an employee is hurt on the job. Plus workers comp is required by most states for any non-owner or partner employees and often contractually required.
- Equipment & Property - TN project managers typically have offices. If desks, fax machines, computers, or other equipment is damaged, lost, or stolen, this policy option will protect you from having to pay out of pocket to repair or replace these items.
- Protective Liability - This optional coverage doesn't have a standard form and limits apply separately to each project you are working on with a client. This coverage protects you against liability for injury or damage caused by independent contractors doing work on your behalf.
some of these are optional coverage options you can add to your project management insurance Tennessee policy. Depending on the type of project management work you do, the clientele you work with, who your employees are, and other factors, will help you determine what to buy, and to what extent to purchase additional protections.
Additional Project Manager Coverages
As a TN project manager, you can add on business interruption coverage as well. As the name implies, if a project is interrupted (due to weather, loss of profit, damaged equipment, etc.) you won't be liable to clients for these losses (or are covered to the extent to which you choose to add this protection).
Directors and officers liability coverage is also an option you can tag on to your project management insurance policy. If any member of your board of directors are sued, you are protected.
Another optional policy coverage term you can add to your coverage is consultants insurance coverage. Brokerage firms, financial consultants, and other specialists you hire, are an extension of your company. If they don't give great advice, a client might sue you. This optional coverage is going to protect you from these lawsuits, and liabilities which extend from the project or work for them.
TN Project Management Insurance
Of course each and every project manager will deal with different clients and projects. Cost of projects, equipment, and services you offer, will vary in each case as well. For this very reason, before you do purchase project management insurance Tennessee, it is important to consider all of the optional coverage terms you can add on to your policy. Of course you also have to consider how much you can afford, in order to ensure you choose the top insurance provider, for the coverage you ultimately choose to purchase as a project manager.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2022, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2022.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Project Management Insurance Tennessee quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other TN cities & Tennessee counties near me in The Volunteer State.
Also find Tennessee TN local small businesses by General Liability Class Code and learn about Tennessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.