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Business insurance throughout Tennessee in Powell, Clinton, Knoxville, Karns, Anderson County and Knox County.
In today’s ever-changing environment, risk is constant. Business insurance isn’t. We’ll thoroughly assess your business and situation to develop creative, comprehensive, cost-effective solutions that fit your needs.
We know that you cannot outrun your risk, but you can be ready for it. What if a hurricane causes you to lose power to your building and your operations cease, or if a fire severely damages your building? You shouldn’t have to pay for this yourself, and with the right protection, you won’t have to. Our insurance advisors can help you identify gaps in coverage, look for ways to save money, and keep your assets and income protected.
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Which business insurance is right for your company?
Explore how having the right business insurance can protect your company from the unexpected.
Medical Malpractice / Professional Liability
Risk Factor
Doctors and licensed staff face a high risk of being sued by patients for such things as claiming a wrong diagnosis or treatment. Some high claims settlements could even force the office or practice to close its doors.
Solution
Professional liability insurance, commonly known as medical malpractice insurance, can protect a doctor and other licensed staff from a lawsuit that could become quite costly.
Medical Equipment
Risk Factor
Many medical offices unknowingly underestimate the costs associated with replacing medical equipment. It’s not uncommon to find out that there is not enough coverage to replace it, and sometimes it’s already too late.
Solution
With a business owners policy (BOP), most medical and general office equipment is included as business personal property and would be protected in the event of a covered loss. For specialized, high-valued equipment, a separate policy may be required. Your agent can help you to make that determination.
Medical Records Coverage
Risk Factor
What would you do if a fire destroyed your patient records? Maintaining medical records is important not only for patient care, but also in the case of a potential lawsuit defense.
Solution
Medical records coverage can be included within a business owners policy. This protects your practice and covers the cost of recreating your paper or electronic medical records in the event of a loss.
Business Income / Business Interruption
Risk Factor
What would you do if a fire impacted the operation of your practice? Or what if a pipe leak caused a system outage or extended downtime? These and other events can destroy your ability to treat patients and bring in revenue, which can have a major long-term impact on the viability of your practice.
Solution
Business interruption insurance compensates you for lost income if your practice cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. This type of insurance covers the revenue your practice would have earned, based on your financial records, had the incident not occurred. The policy also covers continuing operating expenses such as rent, electricity, and ordinary payroll.
Needlestick Injuries
Risk Factor
With an estimated 800,000 healthcare workers suffering needlestick and sharps injuries each year, chances are you or someone you know has already been affected.
Solution
Workers’ compensation typically covers the cost for the employee’s initial blood test. That way, any resulting infections can be identified and treated much sooner. Employer’s liability insurance may also be considered to offer additional protection if your employee files a lawsuit. Check with your agent to see if your insurance coverage offers this type of protection.
Cyber Liability Insurance
Risk Factor
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small practices alike. But with these benefits also come challenges, including protection of privacy, data, and the financial information of your customers.
Solution
Cyber liability insurance protects your practice in the event of unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, extortion, accidental release of personal identifiable information and resultant damage caused by a lost or stolen laptop or other mobile device. This coverage is quickly becoming more and more important as you embrace technology to help run your practice.
Regulatory Billing and Errors Insurance
Risk Factor
Have you ever faced billing error allegations by the federal government or private payers?
Solution
Errors and omissions liability insurance can provide reimbursement for defense costs, fines and penalties, as well as shadow audit expenses incurred in billing error proceedings brought by government agencies, contractors, and commercial payers. This is typically a specialized type of coverage, so it’s important to check with your agent to determine if your current coverage is sufficient to addresses this exposure.
Business Owners Policy (BOP)
Risk Factor
As a business owner, you've worked hard to build a solid practice. But what happens when the unexpected occurs? Are you covered?
Solution
A business owners policy is uniquely designed to protect your most important assets, including your practice, its continuation, and your way of life. Discuss the details of this coverage with your agent to ensure that you're protected.
General Liability Insurance
Risk Factor
Practices are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more.
Solution
General liability insurance is an absolute necessity for any practice. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action, regardless of its merit. Additional limits are also available with a commercial umbrella insurance policy.
Employee Practices Liability Insurance (EPLI)
Risk Factor
On average, it's estimated that three out of five businesses will be sued by their employees. While there is nothing you can do to prevent someone from filing a lawsuit, you can limit the costs of defending a legal claim with proper insurance coverage.
Solution
Obtain employment practices liability insurance (EPLI) to protect your practice and its directors, officers, and employees from alleged employment-related acts such as wrongful termination, failure to promote, discrimination, and sexual harassment.
Workers’ Compensation
Risk Factor
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Solution
Workers’ compensation protects your employees in the event that a job related injury or sickness occurs during the course of their employment. This coverage is required by law, so be sure that your practice has it.
Crime, Fidelity, and Fiduciary Liability Coverage
Risk Factor
What would you do if one of your trusted employees were to be found guilty of doing something dishonest or if you find that the funds have been mismanaged in your pension plan?
Solution
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and depository, theft, destruction, disappearance, and more. Fiduciary liability coverage also meets ERISA requirements to protect the funds in your pension plan.
Spoilage – Perishable Medicines and Medical Supplies
Risk Factor
Your healthcare practice’s refrigeration system may suffer a mechanical breakdown which could cause the supply of vaccines on hand to spoil.
Solution
Spoilage coverage can be provided as an added endorsement to your business owners policy. This type of coverage will protect your practice from large costs associated with perishable medicines and supplies.
Commercial Umbrella Policy
Risk Factor
What happens when your practice faces a large liability loss that exceeds the basic limit of your standard policy?
Solution
A commercial umbrella insurance policy provides high limits of insurance, typically between $2,000,000 and $10,000,000. Coverage is extended over your general liability insurance, workers' compensation, and business auto insurance. It provides a great safety net and helps ensure your practice is well protected.
Business Owners Insurance
A business owners policy combines business property and business liability insurance into one convenient policy. We'll work with you to design coverage that protects your business from a variety of risks, unique to you.
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General Liability Insurance
No matter the size and nature of your business, there are always uncertainties. We'll work with you to determine your business risks and we'll put together an insurance package that makes sense for your business.
Business Auto Insurance
Whether you have one vehicle or a whole fleet, we can help you implement custom coverage that will protect your business and personal assets from the additional exposure that commercial vehicles bring with them.
Commercial Property Insurance
Commercial property insurance protects your assets in the event that they are stolen, damaged or destroyed in a fire or natural disaster. We'll partner with you to design insurance coverage that will protect your company's property.
Workers' Compensation Insurance
Workers' compensation insurance covers employees injured on the job or in auto accidents while on business. It also covers work-related illnesses. We'll work with you to find a solution that creates a safer and more productive workplace.
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Commercial Umbrella Insurance
Commercial umbrella insurance is designed to supplement existing insurance policies, giving you an additional layer of protection for your business. We'll work with you to find the right umbrella solution to cover all your business needs.
Cyber Liability Insurance
Cyber liability insurance protects your business against the expenses associated with a data breach. We'll help you evaluate the data liability risks your business faces and find you a policy that meets your specific needs.
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Employment Practice Liability Insurance
As an employer, you face a rising tide of employment practices litigation alleging discrimination, sexual harassment, retaliation and other employment-related issues. We'll work with you to help you assess and manage your risk proactively.
Crime Insurance
Every company, regardless of size, is a potential target for white collar crime. We'll work with you to design insurance coverage that helps you minimize risk and protects your business and your assets from theft, fraud and forgery.
Liquor Liability Insurance
As a business that serves alcohol, liquor liability insurance is essential. This type of policy protects you and your business in the unfortunate event that a customer causes damage or injury after being served alcohol by your business.
Surety Bonds
A surety bond is a great way to guarantee that a large investment in a project is not lost—whether or not the work gets done. This type of insurance is especially common in the construction industry, and is often utilized for government contracts.
Inland Marine Insurance
Inland marine insurance is coverage that protects your business property while it's away from your business location. We'll help you ensure that your property is protected not only at your location but also while it is off-site or in transit.