Lightning Protection Company Insurance

How to Insure Your Lightning Protection Company

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Lightning protection system installation is a specialized trade that involves prep work, expensive tools and equipment, expensive inventory, and even dangerous conditions for employees. 

If you own a lightning protection company, a lot can go wrong in the course of doing your work.

Lightning protection company insurance tailored to your unique risks can help you recover if you cause property damage or injure someone else, and can even help you recover if you face a serious property loss of your own. A local independent insurance agent can help you find customized business insurance solutions for your industry.

Why Do You Need Lightning Protection Company Insurance?

Lightning protection systems help protect homes from damage caused by being struck by lightning. These systems do not prevent houses from being struck by lightning, but instead provide a safe path from the location of the lightning strike (usually the roof) to the ground, minimizing the damage.

Designing and installing lightning protection systems for individual homes and buildings requires specialized parts, equipment, and expertise. Your work has a variety of inherent risks, including the following:

  • Causing property damage and/or injuries
  • Worker injuries
  • Motor vehicle accidents
  • Property and equipment damage, theft, etc. on a job site or at your business premises
  • Loss of income due to a catastrophic or unexpected event
  • Employee theft of cash or inventory
  • Employee lawsuits related to discrimination or other claims
  • Cyber breaches

Lightning protection company insurance helps you recoup your financial losses when these and other problems occur for your business.

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What Does Property Insurance Cover?

Commercial property insurance covers physical damage to your building or other commercial property caused by events like fires, lightning, tornadoes, wind, hail, theft, or vandalism. It covers your building and its contents, including computers, lightning protection system materials and inventory, tools, furniture, fixtures, and more.

After a property loss at your business premises, you’re likely to need some time to make repairs, replace damaged or destroyed property, and rebuild your space. You may have to temporarily stop operating or move to a temporary location. Business interruption coverage compensates you for lost business income and pays for certain operating expenses if you must temporarily close after a covered property loss.

How Can You Protect Your Tools and Equipment at a Job Site?

In addition to protecting your buildings and their contents, you need to protect your tools and equipment while they’re at a job site. The following types of insurance can help:

  • Inland marine insurance protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites, such as in your work trucks. It is especially important if you store your tools and equipment in your truck or another vehicle.
  • An installation floater protects materials that are left at a job site to be installed but get damaged before you can do it. This coverage can be added to your commercial property policy.
  • A tools and equipment floater covers any leased or owned specialized tools and equipment while they’re stored on the construction site. It can offer coverage for tools like hand tools, power tools, contractors’ gear (hard hats, goggles, etc.), and more. This floater can be added to your commercial property policy.

An independent insurance agent can help you customize your property insurance to make sure that you have proper coverage for your valuable tools and equipment, wherever they may be.

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What Does Liability Insurance Cover?

Aside from the potential for property losses, you also have a significant liability risk. This means that you are responsible for compensating any customer or member of the public who is injured on your premises or as a result of your work at an installation site.

Commercial general liability (CGL) insurance pays for claims of bodily injury and property damage to third parties due to your negligence. If you damage a home or a building that you’re working on or cause an injury to a bystander, you can expect to pay for the resulting property repairs or medical bills, at least.

If you are sued because of the incident, you’ll have to defend yourself and potentially pay out a financial settlement. A CGL policy covers property damage costs and medical expenses for the injured party. It also covers your legal expenses, as well as any financial settlements or legal judgments rendered against you if you're sued. 

What Other Insurance Policies Do Lightning Protection Companies Need?

You might also want to consider other endorsements (coverage add-ons) to your basic business insurance policies, or you might need some additional stand-alone lightning protection company insurance policies:

  • Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If you cause an injury that leads to a lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
  • Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees that are injured on the job.
  • Crime coverage protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. It also offers coverage in cases of shoplifting and vandalism.
  • Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
  • Cyber liability insurance provides coverage in the event of a data breach involving your business.

You may need these and other policies to ensure that you have no gaps in your insurance protection.

How Much Does Lightning Protection Company Insurance Cost?

The costs to insure your business will depend on the size of your operation, as well as a variety of individual risk factors including:

  • The location of your business and any other buildings that you own or operate out of (office space, warehouse space)
  • The number of employees
  • The types of tools, machines, and specialized equipment that you have
  • How many trucks and drivers you have 
  • The size and scope of the projects you take on
  • The value of the inventory and other property you keep on your premises

Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your lightning protection company insurance.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with lightning protection companies and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous reputable insurance companies that specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Lightning Protection Company Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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https://www.iii.org/press-release/number-of-lightning-related-homeowners-insurance-claims-up-in-2016-but-severity-down-061517