Best General Liability Insurance in Tennessee (2024)
COMPARE RATES
Ensure you're getting the best rate. Review quotes from a top insurance company.
MoneyGeek analyzed various insurance providers in Tennessee based on their policy costs, financial stability, customer satisfaction and time taken to provide an online quote.
Our analysis shows Thimble offers the best general liability insurance in Tennessee, with an average monthly cost of $53 for limited liability companies (LLCs) with 20 employees and $22 for sole proprietors without employees.
Next is the most affordable company for general liability insurance in Tennessee, with an average monthly cost of $25 for LLCs and sole proprietors.
Best Overall General Liability Insurance in Tennessee
MoneyGeek found that Thimble is the best general liability insurance provider in Tennessee, scoring 89 out of 100. You can look at the table below for the costs and overall scores of all insurers we analyzed in the state.
The cheapest option for sole proprietors
Provides a quote in a few seconds
Good financial stability ratings
Second-most expensive option for LLCs
Higher than normal complaint rate
Thimble offers the best general liability insurance in Tennessee. The company charges the lowest rates for sole proprietors and is the only insurer that gives a quote in a few seconds. Thimble also has good financial stability ratings, which means it will settle your claims efficiently.
The insurer might not suit LLCs, as it charges the second-highest rates for them, offering insurance at an average cost of $53 per month. The average monthly rate for sole proprietors is $22.
Cheapest General Liability Insurance in Tennessee
Next is the most affordable company for general liability insurance in Tennessee, charging an average of $25 per month for LLCs and sole proprietors.
We found the winner for this category using an affordability score based on the monthly insurance costs for LLCs and sole proprietors, each weighted at 50%. The overall cheapest insurer may not be the cheapest for LLCs and sole proprietors.
Affordable rates for LLCs
Fairly fast quote system
More expensive than some other insurers for sole proprietors
Low financial stability score
Next is MoneyGeek’s pick for the cheapest general liability insurance in Tennessee. It provides the most affordable policy for LLCs but has the third-cheapest score for sole proprietors. The average cost of a policy for LLCs and sole proprietors is $25 per month.
Its financial stability score is low, which may affect your claims processing time. The insurer also takes over one minute to provide an online quote.
Best General Liability Insurance for Employers in Tennessee
Nationwide offers the best general liability insurance for employers in Tennessee, with a MoneyGeek score of 93 out of 100. It charges $38 per month for a policy.
We ranked this insurer based on the average monthly cost for LLCs with 20 employees. The number of employees significantly affects the policy cost. Businesses with fewer than 20 employees will generally pay a lower cost, while those with more than 20 employees will have to pay a higher rate.
High financial stability score
Receives a low number of complaints
Offers affordable rates
Relatively slow online quotes process
Nationwide stands out in our analysis of the best general liability insurer for employers. The company receives few complaints, which indicates it provides a high-quality service.
It also offers one of the most affordable policies at an average monthly cost of $38. Since it has a high financial stability score, you can expect your claims to be settled efficiently. However, Nationwide’s online quote process is slower than other insurers we analyzed in Tennessee.
Best General Liability Insurance for Sole Proprietors in Tennessee
MoneyGeek found that biBERK is the best insurance company for sole proprietors, as it has a score of 96 out of 100. The average policy cost with this company is $23 per month.
After analyzing many insurers, we ranked this insurer as the best option based on the average cost for sole proprietors with no employees. Sole proprietors in risker industries like construction might pay higher premiums.
Provides one of the most affordable policies for sole proprietors
Financially stable
Receives fewer complaints than its competitors
Slower online quotes process
biBERK provides affordable general liability policies for sole proprietors, charging an average of $23 per month. It has the highest financial stability score, so you won’t have to worry about timely payment of your claims.
The company’s lower number of complaints shows that it offers good quality service. But you’ll have to put up with its online quote process when applying, which is one of the slowest among other insurers.
Do You Need General Liability Insurance in Tennessee?
Unlike workers' compensation and commercial auto insurance, Tennessee law does require business owners to purchase general liability insurance.
As a business owner, you should still consider purchasing it because it will protect you against bodily injury, property damage and personal injury claims. A general liability policy will pay for administrative costs, court fees, settlement expenses and medical bills of injured people.
You might also need this type of business insurance to win contracts in various industries and obtain business licenses.
According to state law, businesses must carry workers' compensation if they have five or more employees. However, you must have it with even one employee if you have a construction or coal mining business.
Commercial vehicles in Tennessee must have an insurance policy with at least the following limits:
- $25,000 for bodily injury liability per person
- $50,000 for bodily injury liability per accident
- $15,000 for property damage liability per accident
Fund Tennessee is a State Small Business Credit Initiative (SSBCI 2.0) program with three components, including InvestTN, LendTN and AssistTN. This program will provide financing and technical assistance to help small businesses thrive.
How Much Is General Liability Insurance in Tennessee?
On average, general liability insurance in Tennessee costs $48 monthly for LLCs with 20 employees and $27 monthly for sole proprietors. We gathered these rates for a policy with a $2 million aggregate limit, $1 million occurrence limit and $0 deductible.
The aggregate limit is the maximum amount the insurer will compensate you for, while the occurrence limit refers to the maximum amount the insurer will pay for each claim. A deductible is the amount the business owner must pay before the coverage becomes active.
Factors That Impact General Liability Insurance Costs in Tennessee
Each business will pay a different cost for a general liability policy based on the industry and other factors. We explain these factors below.
Frequently Asked Questions About General Liability Insurance in Tennessee
We answered the following frequently asked questions to help you understand how general liability insurance works in Tennessee and the available options.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.
sources
- FundTennessee. "Introducing Fund Tennessee." Accessed May 9, 2023.