A cable splicing company helps people and businesses connect to the internet, power their technology, and ultimately get electricity for all aspects of their life. Cable splicing can be a dangerous job, sending employees up utility poles, into sewers or walls, and into people's homes. A wrong move can result in an injured employee or an unhappy customer, all of which can financially impact your business in a negative way. If you were to find yourself in a sticky situation, is your business prepared?
Obtaining the proper business insurance means you don't have to worry about a mistake or accident putting you out of business. An independent insurance agent can help you evaluate your risks and build a comprehensive insurance package that protects your business.
Why Does Your Cable Splicing Company Need Insurance?
You don't become a cable splicer because you like having a desk job. Cable splicing requires your company to send people into the field to perform their work. Having an employee on top of a 30-foot utility pole presents more risk than an employee working the register in your store.
While you never expect an accident to happen, mistakes and unfortunate events occur. The best thing you can do is be prepared should one of the following occur:
- An employee working on underground cables accidentally severs a gas line
- A customer is injured on a job site
- Your cable splicers are in a car accident on their way to a job
- An employee is electrocuted on the job
- Your equipment is damaged by a natural disaster
While you cannot control all losses, proper insurance can make sure that the above risks don't cost you your entire company.
What Types of Insurance Does a Cable Splicing Company Need?
The size of your company and the type of work you do will determine the different insurance policies you need. If your company does subcontract work, you'll want to make sure your coverage meets the agreement with your contractor. The main insurance options you'll want to discuss with your independent insurance agent include:
- General liability
- Inland marine coverage
- Business personal property
- Commercial auto insurance
- Business income with extra expense
- Workers' compensation
Your Cable Splicing Company Needs Proper Liability Insurance
Without a doubt, the most important insurance for your business is general liability insurance. Liability insurance covers the high costs of legal defense fees, court costs and financial damages if you are sued, but you have to be sure to have the right types of coverage in place. The liability insurance coverages you will want to discuss with your independent agent includes:
- Commercial general liability insurance: This provides coverage for many of the liability exposures you face as a cable splicing company. It provides restitution for third-party injuries and property damage caused by you or your employees while performing installation, repair, or maintenance work. It also provides product liability insurance in the event that cable or parts that you install are faulty, causing injuries to others, and your business is named in a liability lawsuit.
- Commercial auto liability insurance: Your business likely owns a van, truck, or fleet of vehicles used to transport tools and supplies to and from job sites. These vehicles are required by law to be covered by a commercial auto insurance policy. Since cable splicing requires constant travel to and from job sites, it's important to get a large auto commercial policy.
- Employment practices liability coverage (EPLI): This insurance shields your business from large financial losses in the event that a current or former employee sues your firm for a perceived illegal business practice, such as breach of contract, discrimination, or wrongful termination.
- Pollution liability insurance: This policy covers any type of small-scale pollution that causes contamination of soil, groundwater, or property. It also provides coverage for airborne contaminates like smoke and emissions.
- Umbrella insurance coverage: The maximum amount of liability insurance offered by your insurance company or companies may not be high enough to fully protect your business; you may therefore be interested in acquiring extra liability insurance coverage. Adding umbrella insurance to your cable splicing insurance portfolio is an affordable way to gain additional liability coverage for all of your policies that provide liability insurance.
If you're doing subcontract work, the contractor will likely require that you add them to your liability insurance policy as an additional insured for the duration of the cable splicing job.
Similarly, if you hire subcontractors to work under you, you will want to ask them to add you to their coverage. In this way, insurance coverage is complete throughout the entire line of responsibility.
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Your Cable Splicing Company Must Offer Workers' Compensation
Perhaps the most at-risk part of your company are your employees. Most states require business owners to cover their employees with workers' compensation insurance, which covers medical treatment for injuries sustained on the job, lost wages due to injuries, and even death benefits to surviving family in the tragic event that a work injury proves fatal.
Regardless of whether or not your state requires this coverage, however, contractors who hire you to do work are likely to require you to show proof of this coverage.
Workers' compensation insurance is particularly important in the cable splicing industry because the work can be very dangerous and injuries can be severe.
When building your cable splicing company insurance portfolio, an independent insurance agent can help you find a workers' compensation insurance company that specializes in covering injuries at construction sites. These companies can often serve as a helpful resource for safety protocols.
Additional Insurance Policies to Protect Your Cable Splicing Company
- Inland marine coverage: This insurance will cover your tools and equipment while in transit to job sites.
- Business personal property: This covers your business contents including machinery and equipment, labor and materials placed by you on someone else's property, and installations or additions made to existing buildings.
- Business income insurance: Also known as business interruption insurance, this covers any loss in income should your cable splicing company have to close its doors for an unexpected amount of time.
- Equipment breakdown insurance: This coverage will protect your business financially for anything from a machine failure caused by power surges to power failures to burned-out motors or even operator errors.
How Much Does Business Insurance Cost?
Because no two businesses are alike, it would be impossible to predict the cost of premiums based on one factor alone. The insurance company takes into account every aspect of your business when calculating the cost of insurance.
An independent insurance agent can work with you to mitigate the cost of premiums and get affordable coverage.
The Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. Find a TrustedChoice.com independent insurance agent in your community here.