It's probably not shocking that electricians face many hazards on the job, from the risk of potentially electrocuting themselves or others, to the possibility of damaging the property they're working on, to even potentially causing a fire due to an incomplete job. Electrical work is not for the faint of heart. The consequences of being uninsured could be disastrous.
That's why it's so important to know about electrical contractor insurance. Our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top business insurance policies to cover both your business and your employees.
Basically, electrical contractor insurance is designed to protect electricians and the company they work for (if not self-employed) from damage due to negligent work and injuries caused/sustained during a day on the job. It can also protect against damage to, or theft of, company property.
In short, it depends on where your business is located. Contracting trades can absolutely make this type of insurance mandatory, and almost without a doubt will do so in major cities and metropolitan areas. Check your local and state laws to find out if it's required where you are.
Also, most states require, at the least, workers' compensation — which will cover employees' medical diagnosis, treatment, and income lost if they are unable to work due to on-the-job injuries.
It varies by state. Different states will require that you have a certain amount of trade experience to apply, or that you have at least a required number of employees, for specific types of plans.
Well, if you want to protect your business, your employees, and the other people and properties they interact with, this insurance is definitely something you should consider. Electrical contractor insurance will allow you and your business to obtain all the different types of coverage you need in one neat and tidy package.
An electrical contractor insurance package protects all the key components of the business and what happens on the job — from your office headquarters, to equipment used, to other people and your employees working on the job site.
The three main components are:
In addition to the main components of electrical contractor insurance coverage, there are some additional types of coverage you may want to consider.
The cost depends on several factors, including the size of the business and its location, as well as its gross sales/receipts and payroll. A solo contractor working out in the middle of nowhere in Kansas might only pay a few hundred dollars per year, whereas a giant company in, say, NYC might pay more than a million annually.
It's typically expected, however, to be at least in the low thousands. That's because of the large amount of risk involved in working with electricity itself, and the involvement of other people and property in the process.
Independent insurance agents have experience in dealing with all kinds of businesses and insurance policies. They excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.
Our agents will review your needs and help you evaluate which electrical contractor insurance policy makes the most sense for you. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.