Do You Need Commercial Insurance for a Home-Based Business?

Memphis, TN, entrepreneurs who operate businesses from their homes should understand commercial insurance and how it might apply to their businesses. At Tackett Insurance Inc., our knowledgeable agents can provide expert advice on whether your home-based business should be covered by commercial insurance.

Liability Insurance

Liability insurance is a cornerstone of risk management for any business, including those based in a home. It protects against claims arising from your business activities, such as injuries or damages caused to third parties. 

Even though a home business may be small, it takes just one lawsuit to devastate a business financially. That’s why liability coverage is important for virtually every business, regardless of location.

Property Insurance

While homeowners’ insurance covers personal property, it often doesn’t extend to business equipment or inventory. Therefore, home-based business owners in Memphis, TN might need additional property insurance to protect their business assets. This can include computer coverage, specialized equipment, and inventory stored at home. Coverage is also needed when equipment or inventory is taken elsewhere, such as to a worksite or customer location.

Whether you should have commercial property insurance depends on what assets your business has. One of our agents at Tackett Insurance Inc. can help you evaluate whether this coverage should be included in your commercial insurance policy.

Balancing Coverage with Business Needs

The extent of commercial insurance needed by a home-based business can vary. Contact us today, and we’ll ensure you find liability and property coverage (if required) that works for your business.

Moving Out? Make Sure Renters Insurance is Included in Your Budget

People move into an apartment or rental property for a variety of reasons. They may be going to college, taking a job in another city, or don’t want the commitment involved with buying a home. Some may not have the financial resources to buy or are downsizing. No matter your reason for moving out into an apartment, don’t forget to include renter’s insurance in your budget.

For those moving to or within the Memphis, TN, area, Tackett Insurance Inc. can help get you covered. Here are some aspects of renter’s insurance you should know.

Renters Insurance Covers Your Personal Property

When you sign up for renter’s insurance, your items like clothing, furniture, small appliances, kitchenware, bedding, and more are covered. This is why roommates should each have renters’ insurance, so all tenants’ possessions are covered.

Liability Protection

Renter’s insurance can also include liability protection. This means you will be covered if a friend, visitor, or delivery person suffers an injury while at the rental.

Liability protection can cover legal costs associated with a liability claim and any settlement or judgment.

Coverage While Traveling

Renter’s insurance may cover the personal possessions you take with you when traveling.

It is Generally Affordable

One of the big reasons to include renter’s insurance in your budget when you move is that it is frequently very affordable and easy to acquire.

Contact Tackett Insurance Inc. to get started with renter’s insurance. If you rent a home or apartment in the Memphis, TN area, put renter’s insurance in your budget. We look forward to assisting you.

Reasons You Need Life Insurance

Life insurance is a critical insurance policy to have because it provides the peace of mind and security that you need and deserve while you are still on this earth. This type of insurance serves as a safety net that can ensure that your family is financially protected in the event of your untimely death.

The Importance of Life Insurance

Our agents at Tackett Insurance Inc., serving the Memphis, TN area, want you to know and understand how important a life insurance policy is.

Life insurance is essential because it can serve as an income replacement for your family so that they can maintain their standard of living, pay bills, and cover their other expenses. This type of policy can also help you with debt coverage on your car loans, credit card bills, and mortgage payments after your death or even while you’re still alive.

Even smaller life insurance policies, such as one you may have through your employer, can help cover your funeral expenses, which will spare your family from having to shoulder that financial burden during an already difficult time.

Types of Life Insurance Policies

There are many different types of life insurance policies that you can choose from. Listed below are the four most common types.

Term life insurance will provide coverage for you and your family, but only during a specified period. Those terms usually are 10, 20, or 30 years. This policy will offer a debt benefit, but only during the term it is in effect. Remember that you can renew it at the end of its term.

A whole life insurance policy will provide your family with a guaranteed death benefit, and it even has a cash value component that will grow over time. The premiums are higher than those for a term life insurance policy, but the death benefit will remain the same throughout the duration.

A universal life insurance policy is the most popular with most people. This is because you can adjust your death benefit and premiums throughout the time you have it in place and can borrow money from it to pay off debts ahead of time.

Contact Tackett Insurance Inc.

One of our experienced and trustworthy agents at Tackett Insurance Inc., serving the Memphis, TN area can assist you in choosing the correct type of life insurance policy for you and your loved ones. Call today for an appointment.

Commercial Insurance and International Business

Expanding business operations in and around the Memphis, TN area for international purposes offers exciting growth opportunities. Still, it presents a complex web of risks that can impact the success and stability of a company. Organizations need to understand the unique insurance considerations when venturing into international markets, including coverage for foreign liability and global property protection.

Foreign Liability Coverage: Mitigating Legal and Regulatory Risks

Foreign liability coverage, often called international liability insurance, helps protect businesses from legal claims and lawsuits arising from their global operations. This coverage addresses risks such as:

  1. Third-Party Bodily Injury or Property Damage: Foreign liability coverage helps mitigate financial losses from legal actions.
  2. Product Liability: International liability insurance helps cover legal expenses and potential damages if a company product causes harm to consumers in another country.
  3. Compliance with Local Regulations: Foreign liability coverage assists businesses in navigating complex local laws and regulations, ensuring compliance and minimizing legal repercussions.

Global Property Protection: Safeguarding Assets Across Borders

Operating internationally often involves establishing physical assets in foreign countries, such as offices, manufacturing facilities, and warehouses. Global property protection insurance ensures that these assets are adequately covered against risks such as:

  1. Property Damage: Natural disasters, fires, theft, and vandalism can lead to significant property damage. The safeguard is on a broader scale of coverage. 
  2. Business Interruption: A disruption in operations due to property damage can lead to revenue loss. Global property protection is for financial support during the recovery period.
  3. Political and Currency Risks: Businesses may face political instability or currency fluctuation risks in certain regions. Global property protection lessens the losses resulting from these unpredictable events.

Tackett Insurance Inc. Can Help You

At Tackett Insurance Inc., we can answer all your questions concerning commercial insurance. We assist the Memphis, TN region. Contact us today.

Renter Responsiblities

Choosing to rent is a great housing option for many people. To make the most of your rental experience, though, you need to be aware of your responsibilities as a renter. Here at Tackett Insurance Inc., serving Memphis, TN, we want to help reduce liability risks in all aspects of their lives. Keep reading to learn about important renter responsibilities you should be aware of. 

Property Cleanliness

The renter is always responsible for keeping the property clean and free of clutter. Cleaning the property may not seem like a big deal, but it can affect your relationship with the landlord over time. If your lack of cleaning causes any safety hazards or pest infestations, you might also be held liable. Always keep your rental home clean to avoid these risks. 

Replacement or Repair of Broken Items 

Your lease will outline which if any, broken items you will be responsible for replacing or repairing if you are the one who broke the item. Some examples might be windows, door frames, ceiling fans, light fixtures, faucets, door handles, or other items. You should take care not to damage things in a rental home, but it does happen sometimes. 

Report Damage or Repair Needs

You are responsible for quickly reporting any damage or things that need maintenance. When you fail to do this, you might create bigger repair issues later. For instance, if you notice that a toilet is leaking and you do not report it, the leak could cause water damage which is expensive and difficult to repair. 

If you want to learn about renter’s insurance, contact us at Tackett Insurance Inc., serving Memphis, TN, and the surrounding areas. We will be happy to help you find the right policy today. 

When does umbrella insurance kick in?

Umbrella insurance is a form of coverage that can provide additional protection when other insurance policies have reached their limits. It can help protect you from the financial costs associated with lawsuits and other legal issues here in Memphis, TN. We at Tackett Insurance Inc. are often asked when umbrella insurance kicks in. 

Umbrella insurance typically kicks in after your primary liability coverage has been exhausted. If you are facing a lawsuit, your auto or homeowners policy will pay out up to its maximum limit, but your umbrella insurance policy will cover any additional costs. For example, if you were sued for damages exceeding $500,000, but your auto or homeowners policy only provides up to $200,000 in liability coverage, the remaining $300,000 would be covered by your umbrella policy. 

Umbrella policies also offer personal injury protection, which can cover legal fees and court costs associated with a lawsuit. Since umbrella policies don’t come with a deductible like other forms of insurance, they can provide great peace of mind should you ever find yourself needing additional coverage beyond what your primary insurer offers. 

Ultimately, when it comes to understanding when umbrella insurance kicks in, it’s best to speak with an experienced agent who can explain the details and help determine if it’s right for you. Protecting yourself and understanding when additional coverage is needed is critical to ensuring you’re adequately insured for unexpected events.

For more information or to explore a policy that will protect you, call us at Tackett Insurance Inc. today. We proudly serve the Memphis, TN area and would be happy to help you find a policy that suits your needs and budget.

Renting out your condo – what you need to know

Renting out your condo in Memphis, TN can be a great way to supplement your income, but knowing what you’re getting into is crucial before you start. From condo insurance to tenant screening, there are a lot of factors to consider to ensure a smooth and successful rental experience. Tackett Insurance Inc. is here to help.

Condo Insurance

One of the most important things to consider when renting out your condo is your insurance coverage. Your regular homeowner’s insurance policy may not provide coverage when tenants live in your unit. You’ll need to purchase a separate landlord insurance policy that covers rental property. This policy can protect you from damage caused by tenants, liability claims, lost rental income, and more. 

Tenant Screening 

Selecting the right tenants is essential to a successful rental experience. You want tenants who will pay the rent on time, take good care of your unit, and respect your property and neighbors. Before renting out your condo, be sure to screen potential tenants carefully. This should include a credit check, employment verification, and references from previous homeowners. 

Rental Agreements 

A clear and comprehensive rental agreement is important to protect you and your tenants. This agreement should cover the rent amount, due date, late fees, and rules and expectations for living in your unit. It’s a good idea to have a lawyer review your rental agreement to ensure it’s legally binding and enforceable in case of any disputes.

Take the time to secure the right insurance coverage, select the right tenants, create a comprehensive rental agreement, keep your unit well-maintained, and handle rent increases fairly and transparently. If you are based in Memphis, TN, contact Tackett Insurance Inc. for more information about landlord insurance coverage.

Two Types of Life Insurance

When you have loved ones who depend on you, life insurance is always a good idea. If you’re looking for a policy, it’s a good idea to find out about the two types of life insurance on the market. Then, you can make the best decision for you and your family. These types of life insurance work very differently, and one may be better for your budget than the other. Call us at Tackett Insurance Inc. in Memphis, TN when you need a life insurance policy.

Term Life Insurance

This type of insurance runs for a set term of time. When you get a term life insurance policy, you sign up for a policy with an eventual expiration date. That’s when the policy ends, and you will have to get another policy entirely to be covered again. The term of time that the policy lasts is usually a set number of years, such as 10 or 20 years. One of the advantages of this insurance type is that it is priced lower than the other type. This tends to be an affordable way to get life insurance that is easier to fit into tight budgets. 

Whole Life Insurance

This type doesn’t come with the expiration date that term life policies do. Instead, it’s good for the rest of your life. It stays in effect no matter what age you reach. Many people like that they won’t have to get another policy, but these policies cost more than term life. These policies also build a value over time that you can later borrow if you should ever have a financial emergency. This cash value starts to build up after a few years of owning the policy. Some choose this type of policy because of this cash value. 

Get Life Insurance 

To get a life insurance policy of your own, call Tackett Insurance Inc. in Memphis, TN to find out more. 


What commercial insurance covers

When running a business, it is essential to understand what commercial insurance covers and how it can help protect your business from potential risks. Commercial insurance offers financial protection against losses resulting from damages or liabilities associated with running a business. Whether you are just starting out in the world of entrepreneurship or have been operating for years, having the right coverage is an essential part of protecting your company’s assets. In this blog post, we at Tackett Insurance Inc. will discuss the different types of commercial insurance available in the Memphis, TN area and provide guidance on choosing the best policy that suits your needs.

Commercial insurance comes in many shapes and sizes, from property to liability coverage. Property coverage protects your business from damage or loss of assets due to fire, vandalism, theft, or other covered events. This coverage may also include compensation for lost income and the costs associated with replacing damaged equipment. Liability coverage protects you from legal claims due to injury or property damage caused by your business activities. This type of coverage may also include payment for medical bills, legal fees, and other costs associated with defending against a claim.

When looking for the right commercial insurance policy for your business, it is crucial to consider your company’s specific needs. Different businesses have different risks that need to be accounted for in their policies; for example, if you are running a restaurant, you will want coverage that includes protection from liability due to food-borne illnesses. Additionally, depending on where your business is located, certain types of insurance may be required by law, such as Workers’ Compensation Insurance or Professional Liability Insurance.

For more information, call Tackett Insurance Inc. today. We proudly serve the Memphis, TN area.

Are You a Renter? Renters Insurance Will Protect Your Belongings

Do you currently have renters insurance? If not, contact Tackett Insurance Inc.

Few renters have renters insurance. Why? They assume incorrectly that their landlord’s insurance covers them. Another reason is that they underestimate the value of their personal property. Add up the value of electronics and clothing, and you will find it won’t take long to get into the range of thousands of dollars.

A renter needs insurance to cover their personal property. The landlord’s insurance will cover losses on the building itself. The renter’s personal property, along with certain liabilities, is covered only by a renters’ insurance policy that the tenant has to find and pay for.

Another reason that is often overlooked is the liability coverage provided by the policy. If someone is injured in your home, you could be sued. If your dog bites the pizza delivery person or another guest, the policy’s liability portion will take over.

Renters’ insurance is very affordable. Your cost will be based on how much coverage you need, the type of coverage, the amount of deductible, and where you live.

There are a few losses that are not covered. A separate rider or policy is needed for losses resulting from earthquakes or floods. Wind damage may need a separate rider in an area prone to hurricanes.

Don’t allow your belongings to go unprotected. For a reasonable cost, you can have peace of mind knowing that your personal property will be protected in the event of a fire, theft, or injury to a visitor.

Are you a renter living in Memphis, TN? Don’t risk a loss. Contact Tackett Insurance Inc. today for a no-obligation quote or answers to any questions you may have. You will be glad you did.