The utility industry is a complex one that is constantly changing as new and innovative energy generation sources and distribution channels are developed. It is also an industry that is highly competitive and comes with both great potential risks and great rewards. One way to lessen the inherent risk and protect the investment you have made in your utility company is through a comprehensive business insurance plan that is geared specifically for this multifaceted industry.
All businesses in the United States fall within a specific industry sector, as classified by the National American Industry Classification System, or NAICS. This system was created for the purpose of economic data collection, analysis and reporting. There are currently 34,479 businesses categorized under the NAIC’s Utilities Industry Sector. These include the following business types:
When you are running a utility company of any type, you run the risk of liability lawsuits, property damage and losses caused by equipment breakdowns and malfunctions. Fortunately, a business insurance policy that is tailored specifically for the utilities industry can help your company avoid undue financial losses.
There are several different coverage options you may want to add to your utility sector business insurance plan. For example, in addition to the typical general liability and business property coverage common to all business insurance plans, you may benefit from having:
Of course, there are many more coverage options available with this type of business insurance plan. The coverage types that are right for your utility company will be largely dependent on its size, scope and nature. To ensure that you are protecting all of your business assets and are fully covered against potential liability losses, it is to your advantage to discuss your options with an independent insurance agent before purchasing a policy.
Business insurance policies can be confusing, and when it comes to the utility services industry, the many coverage options that are offered only add to its complexity. Fortunately, you can turn to an independent agent in the Trusted Choice® network for help with building a policy that is designed specifically for your utility services company. Unlike captive agents, these insurance agents are free to work with a number of different insurance providers to help you get all the coverage you need at an affordable rate.
Contact a Trusted Choice agent near you to get information and answers to your insurance related questions. You can start comparing quotes for utility sector business insurance in no time.