In Tennessee, there are 603,310 small businesses. If you own a company, your protection is vital to running a smooth operation. Tennessee business insurance comes in many different forms, and pharmacy coverage can be confusing. 

The best way to get started is by using a Tennessee independent insurance agent. They work with multiple markets, giving you options on coverage and premiums. Connect with a local expert to get started today.

What Is Pharmacy Insurance?

Pharmacy insurance in Tennessee can come with several policy types. Check out some common coverage choices for pharmacies below:

• General liability
• Business property
• Business inventory
• Business equipment breakdown
• Commercial umbrella liability
• Workers' compensation

Employment practices liability and commercial auto insurance are other policies you may want to consider as well. The pharmaceutical industry has a lot of sales on a national scale. Take a look at the numbers below:

Pharmacy and drugstore sales in the US (in billion US dollars)

The pharmacy business is an industry that is unlikely to ever go away. If you're aware of what coverage is necessary, then you can be proactive. 

What Does Pharmacy Insurance Cover in Tennessee?

Your pharmacy insurance will have unique options that apply to the industry. Let's look at common pharmacy coverages:

• Coverage for bodily injury or property damage claims
• Coverage for your business inventory such as pharmaceuticals
• Coverage for business equipment that breaks down due to a covered loss
• Coverage for employees who are injured or become ill on the job
• Coverage for commercial vehicles used to operate the business
• Coverage for disgruntled employees that sue due to discrimination or harassment

All pharmacy policies will have basic coverages in common. Your Tennessee insurance will typically include protection against these perils automatically:

• Fire
• Natural disasters
• Theft
• Vandalism
• Water damage (not from a direct flood loss)

How Much Is Pharmacy Insurance in Tennessee?

The right limit of coverage for your pharmacy can mean the difference in your carrier paying for a loss or you. In Tennessee, $6,317,565,000 in commercial insurance claims were paid in 2019 alone. Take a look at the criteria companies use when quoting:

• Loss history
• Replacement cost values
• Insurance score
• Experience level
• Type of retail store
• Location

Insurance companies will account for local disasters and crime rates when calculating your costs as well. The best way to save instantly is by bundling your insurance. When you bundle all your policies with the same carrier, you save big-time.

Is Theft Covered under Tennessee Pharmacy Insurance?

Unfortunately, theft and vandalism are real risks for every business owner. If you run a Tennessee pharmacy, you'll want coverage for all the what-ifs. Take a look at the property crime rates below:

Reported property crime rates in the US (per 100,000 population)

First, making your operation as secure as possible is vital to avoiding theft and vandalism claims. Most of your primary policies will include coverage for these types of occurrences automatically. 

Will My Tennessee Location Impact My Rates?

There are 6,541,223 residents in the state of Tennessee, and it's growing. When you own a pharmacy here, the location will play a role in your rates. Carriers will determine your costs in part by how safe your business location is and past losses in the area. Flood insurance may be necessary if you're in a high-risk zone as well. 

How an Independent Insurance Agent Can Help in Tennessee

In Tennessee, your business should have adequate protection for day-to-day operations. If you lack proper coverage, you could be at risk for out-of-pocket expenses or worse. To ensure you've obtained the correct pharmacy insurance, consider working with a licensed adviser.  

A Tennessee independent insurance agent can help with coverage and premium options. They do the shopping for you through their network of markets at no additional cost. Connect with a local expert on TrustedChoice to begin.