{"id":2456,"date":"2021-10-27T16:16:30","date_gmt":"2021-10-27T16:16:30","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=2456"},"modified":"2024-10-24T13:32:11","modified_gmt":"2024-10-24T13:32:11","slug":"insurance-electrical-contractors","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/insurance-electrical-contractors","title":{"rendered":"What insurance do electrical contractors need?"},"content":{"rendered":"\n
\"<\/figure>\n\n\n\n

Electrical contractors\u2019 insurance. It neutralizes risk. Because make a mistake, or cause an accident, in your line of work and sparks will fly.<\/p>\n\n\n\n


Legal claims are expensive and, with your reputation on the line, they can even cost you a client or two. So, what kind of business insurance do you need and what does it cover? Here\u2019s a handy guide.<\/p>\n\n\n\n

What types of insurance do electricians need?<\/h2>\n\n\n\n


Whether you run a small electrical business, you\u2019re a self-employed contractor, or an electrical sub-contractor, some policies are essential:<\/p>\n\n\n\n


\u2022 General liability insurance
\u2022 Professional liability insurance (E&O)
\u2022 Workers\u2019 compensation insurance (if you employ anyone)<\/p>\n\n\n\n

And others which are good to have:<\/p>\n\n\n\n


\u2022 Equipment insurance
\u2022 Cyber insurance <\/p>\n\n\n\n

General liability insurance for electricians<\/h2>\n\n\n\n


Do you work for clients on-site? Do customers visit with you at your premises?<\/p>\n\n\n\n


If the answer\u2019s yes to either of these questions, you need general liability insurance.<\/a> Because no matter how careful you are, accidents happen.<\/p>\n\n\n\n


What if a client trips over your toolbox, breaks an arm, and needs hospital treatment? Or when re-wiring a customer\u2019s home, you accidentally knock over a priceless lamp, smashing it to pieces? Or one of your crew is overheard making some not-so-nice remark about a client, it gets back to them and they sue?<\/p>\n\n\n\n


You\u2019ll have to find the cash to cover the costs. Including paying damages if the case goes to court and you\u2019re found at fault.<\/p>\n\n\n\n


Not if you have general liability insurance for electrical contractors. It protects your business from the cost of claims for:<\/p>\n\n\n\n


\u2022 Injury to someone (other than you or an employee)
\u2022 Damage to someone\u2019s property
\u2022 Personal injury (slander\/libel).<\/p>\n\n\n\n

It can cover medical bills, repairs or replacement costs, legal fees, and compensation too. Even if there are no grounds for the case.<\/p>\n\n\n\n

Professional liability insurance (E&O) for electricians<\/h2>\n\n\n\n


Do you charge clients for your electrical services?<\/p>\n\n\n\n


Then you need professional liability insurance<\/a> (or errors and omissions as it\u2019s also known). It protects your business from the cost of faulty workmanship claims. And those kinds of legal claims aren\u2019t covered by your general liability policy.<\/p>\n\n\n\n


Say you were hired to install a new lighting system in an office building. Several months later, the client complains the lights aren\u2019t working properly. After several attempts to fix the problem, the client\u2019s still not happy. She claims your crew failed to install the switches correctly and used sub-standard components. She then hires another firm to correct the mistake and sues you, saying your work was at fault.<\/p>\n\n\n\n


Now, after several attempts to fix the issue, you\u2019re already out of pocket. A lawsuit\u2019s going to cost you even more. You\u2019re looking at legal fees, court costs, and compensation, too, if you\u2019re found at fault.<\/p>\n\n\n\n


If a client claims you made a mistake, or your work was faulty, professional liability insurance can pay your legal fees and compensation. Even if there are no grounds for the claim. And as you can be sued whether you made a mistake or not, it\u2019s a handy tool to have at your disposal.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Workers\u2019 compensation insurance<\/h2>\n\n\n\n


Workers\u2019 comp insurance is a requirement in most states. Even if you only have one employee. As penalties can be severe, it\u2019s best to check your state\u2019s requirements<\/a>.<\/p>\n\n\n\n


It\u2019s a good policy to have anyways. It protects you from the cost of workplace injuries, which can be extremely painful for a small business owner. And in your line of work, accidents are a daily hazard.<\/p>\n\n\n\n


If one of your employees is injured, needs medical treatment and time off to recover, workers\u2019 comp insurance<\/a> can cover medical bills and lost earnings. What\u2019s more, if the case goes to court, no matter who\u2019s at fault, it\u2019ll protect you from the costs involved in a lawsuit.<\/p>\n\n\n\n

<\/p>\n\n\n\n

OK. So now we\u2019ve covered the essential coverage you need, what about those nice-to-haves?<\/p>\n\n\n\n

<\/p>\n\n\n\n

Cyber insurance<\/h2>\n\n\n\n


Use email? Own a website? Transfer money online, maybe to suppliers?<\/p>\n\n\n\n


If the answer\u2019s yes to any of these questions, you should think about buying cyber insurance.<\/a> Because cybercriminals are getting smarter.<\/p>\n\n\n\n


Nowadays, it\u2019s not just a case of hackers holding your website to ransom. Email and money transfer fraud are on the up. And as a small business with less cash for tough cyber defenses, you\u2019re an easy target.<\/p>\n\n\n\n


Cyber insurance doesn\u2019t just provide the financial support to recover from an attack, you\u2019ll also get 24\/7 technical support to deal with it. So you\u2019re back on your feet and in business again fast.<\/p>\n\n\n\n

Electrical contractors\u2019 insurance cost<\/h2>\n\n\n\n


The price you\u2019ll pay for your insurance varies from business to business. It depends on factors like:<\/p>\n\n\n\n


\u2022 the size of your firm
\u2022 where you\u2019re based
\u2022 the limits you choose.<\/p>\n\n\n\n

But there are ways you can save money. If you choose to pay a bigger deductible (the amount you\u2019ll contribute if there\u2019s a claim) your premium will be lower. Just be sure you can actually pay that amount if it comes to it.<\/p>\n\n\n\n

As for how much cover you\u2019ll need, it\u2019s always best to over-estimate. Think worst-case scenario then pick a figure you can afford.<\/p>\n\n\n\n

Our general liability policies cost from $42 a month; professional liability policies start from $71 a month. But if monthly installments don\u2019t work for you, you can pay in one lump sum, or every quarter. Choose a payment plan that suits you.<\/p>\n\n\n\n

Electrical business insurance quotes<\/h2>\n\n\n\n


Still not sure what insurance you need? You\u2019ll find more information on electricians\u2019 insurance<\/a> over on our website.<\/p>\n\n\n\n


Or call us at 978.344.4215. We\u2019ll talk you through your options and get you the right coverage for your business, fast.
Ready to get your quote? Quote online now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Electrical contractors\u2019 insurance. It neutralizes risk. Because make a mistake, or cause an accident, in your line of work and sparks will fly. Legal claims are expensive and, with your reputation on the line, they can even cost you a … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[115,118,117,68,69],"class_list":["post-2456","post","type-post","status-publish","format-standard","hentry","category-small-business-insurance","tag-eo","tag-electrical-contractors","tag-electricians","tag-general-liability","tag-professional-liability"],"yoast_head":"\r\nWhat insurance do electrical contractors need?<\/title>\r\n<meta name=\"description\" content=\"Make a mistake in your line of work and sparks will fly. 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