What Does Electrician Insurance Cover?
The following are only a sample of common coverages that electricians may need, are available in most packages, or can be added as supplemental policies. Working with you, one of our brokers will help identify which coverages are in your best interest based on risk and obtain quotes from multiple insurers to get you the best value for your money.
Commercial General Liability protects you financially from unexpected accidents that may happen. Commercial General Liability also known as CGL insurance, covers the day-to-day risks involved with operating a contracting business.
The policy automatically covers actions / work of employees performing work on your behalf. Additionally, the policy will typically cover damage to the premises your business leases (Tenant’s Legal Liability) as well as any damages you may cause to your neighbors.
This policy will also respond to customer / third party injuries and property damage. If an electrical fire breaks out and damages your client’s property, commercial general liability insurance gives you funds to help repair the damage.
Property Insurance for Electricians
Protecting your physical assets / property and contents is important in recovering from a loss. Property insurance covers the building you operate out of (if owned), leasehold improvements if leased, as well as your warehouse tools / equipment, electronics, offices contents, you have that doesn’t leave the premises. In cases of an insured loss, property insurance will provide funds to repair or replace damage to your property and help you get back to running your nonprofit as quickly as possible.
Please note that commercial property insurance normally excludes or substantially limits the items taken off-property, and if not covers only small limits.
If you are an electrician, you know that losses for contractors are unfortunately not a rare event. In fact, a survey found construction companies experience an average of two thefts per year with losses averaging almost $2000 for tools. If you have Portable Hand Tools or larger Contractors Equipment that leaves the premises, these items needs to be added to your Commercial insurance. Portable Tools / Contractors Insurance helps transfer the risk of larger losses to the insurer, allows you to rent replacement equipment to finish your jobs wile arranging for new equipment. The small losses (under the deductible) become the insured clients’ loss. Tools and Contractor’s Equipment Insurance allows you to get back to your job(s) quicker and protects your maximum out of pocket of a loss. .
Commercial Auto Insurance for Electricians
Electricians travel often between work locations and job sites. Whether you travel in your own personal vehicle or have a commercial truck or van, commercial auto insurance is crucial. Commercial auto insurance can protect you financially from auto collisions, cover damage to your auto and provide funds to defend yourself legally whether or not you are at fault for the claim.
Sometimes there are legal issues that crop up for businesses that fall outside the scope of traditional insurance and yet, you may still have to pay a lawyer to help you resolve the issue. For example, contractual issues with vendors, customers not paying their bills, Occupational health and safety matters, disputes with the government. For these types of instances, we can look to place a small Legal Expense insurance policy to transfer the risk of these legal expenses / business exposures to an insurer.
Another great benefit of legal expense insurance is that there is a free Legal Advice Help line available, where you can call in with day to