Greatest Insurance coverage for Electricians in 2020 • Free Quotes • Benzinga
As an electrician, you know that working on electrical systems can be dangerous – and even the most careful electrician can make mistakes at work. Comprehensive electrician insurance can help you and your business protect yourself and your business from loss, lawsuits, employee injury, and more.
If you work as an electrician, you should have insurance to help you make a living. Not sure where to start? Our guide to the different types of electrician insurance, what to expect, and some of our preferred providers will help you find the coverage you need.
Best electrician insurance
There are many companies that offer comprehensive insurance options for electricians. A great way to save on insurance coverage is to get a few quotes from competing insurers before choosing where to get your insurance coverage.
Start your search by browsing some of our preferred providers below.
Types of electrician insurance
There are several types of business insurance that electricians may need to protect themselves and their jobs. Let’s take a look at some of the most common types of insurance you might need in the electrical repair and installation industry.
General liability insurance
General liability insurance is the most basic type of insurance you need to protect your business. Most general liability insurances cover two different areas of protection:
- Injury or property damage. This protection compensates anyone you injure or damage their property while at work. For example, if you injure a customer and that customer sues you for their medical bills, your general liability insurance will help you cover legal costs and any court-awarded damage.
- Advertising breaches. If you are charged with libel, defamation, or copyright infringement by a competing electrical repair or installation company, your general liability insurance will help you fight the claim.
General liability insurance does not compensate you for damage to your own reputation, your own medical injury, or damage to your own property. This type of cover will only help you pay court-ordered damages to other parties and represent yourself in court.
Commercial property insurance
Commercial property insurance reimburses you for damage to your office, equipment, or commercial space from which you operate your business. For example, if one of your voltmeters is stolen or damaged while you work, your commercial property insurance will help you pay for a new one.
As a rule, commercial property insurance protects you from damage caused by fire, vandalism, theft, lightning and more. Most commercial property insurance policies exclude coverage for natural disasters (such as floods or earthquakes) and normal wear and tear. You may be able to add additional threats to your coverage that are unique to your area.
Business Owner Policy (BOP)
The BOP (Business Owner’s Policy) bundles your general liability insurance and your commercial property insurance. This often provides a more convenient and cost effective way to get the insurance coverage you need.
Labor compensation insurance
Employee Compensation Insurance is a unique type of protection that compensates your employees in the event that they are injured in the workplace. Most states require you to have some form of workers’ compensation insurance if you have at least 1 worker on your payroll.
Some of the benefits your employee compensation insurance could offer include:
- Missed wages. If your employees are injured to the point where they can no longer work, Employee Compensation will help cover their wages while they recover.
- Medical expenses. If your employee needs medical care after an accident at work, your employee’s compensation can help cover some of the medical bills that are not covered by health insurance.
- Vocational rehabilitation. This coverage will help your employee take care of them continuously if they are unable to return to their previous role.
- Death benefit. If your employee dies while performing their duties, your employee’s compensation will help cover things like funeral expenses on behalf of the employee’s family.
Employee compensation insurance only applies to employees you hire. It does not compensate you for your own medical bills or lost wages as a business owner.
In addition, your employee’s compensation insurance will not compensate your employees if they are avoidably injured, such as
- Injury or illness resulting from a fight your employee started
- Cases of gross negligence on behalf of the employer or employee
- Injuries that occur when the employee is under the influence of drugs or alcohol
Electrician insurance costs
The price or premium you pay for your electrician’s insurance policy depends on a number of factors including:
- Years of experience. The more experience you have as an electrician, the less likely you are to make a costly mistake at work. Electricians with several years of professional experience pay less for insurance compared to newcomers.
- Policy Limitations. Your insurance will only compensate you up to your coverage limits. For example, if you take out general liability insurance with restrictions of up to $ 1 million, you will not be able to get more than $ 1 million in benefits from your insurer. If you choose a policy with higher limits, you pay more for coverage.
- Equipment value. When you have more expensive equipment, you pay more for your commercial property insurance. This is because your insurer has to pay more in the event of a claim.
- The number of employees in your company. The more workers you employ, the more likely it is that you will file a claim for damages. If you have employee compensation insurance, you’ll pay more each month as your business grows.
The table below is a general estimate of what to expect for your coverage.
You may be able to save money by combining your general liability insurance and your commercial property insurance with a BOP.
How electrician insurance works
Electrician insurance is not a unique type of insurance policy. Instead, it’s a combination of guidelines that electricians may need to apply in the course of their business.
The most common types of coverage that electricians purchase include general liability insurance and commercial property insurance. You may also be required by law to take out employee compensation insurance if you have one or more employees that you hire full-time or part-time.
You can usually save money on your general liability insurance and commercial property insurance by combining both policies into a single BOP. This gives you the option to pay a single premium for your coverage and gives you access to a discount on both policies.
Protect yourself and your employees
The right combination of insurance can protect your business from harm, workplace litigation, and more. However, coverage doesn’t have to be expensive or time consuming.
First, compare some quotes from competing electrical insurers to get a better understanding of what to expect on your policy. Our recommended vendors list can help you find the right policy today.
Simply Insurance makes purchasing business insurance easy for everyone. You can take out insurance for your company quickly, easily and cheaply – regardless of the niche. Simply Insurance requires low down payments and flexible payment plans to suit each person’s individual budget. The friendly staff attach great importance to customer service to ensure you have the best experience possible.