Electricians run a risky yet necessary business. Their companies are expected to provide a service everyone needs while also accounting for the dangers inherent in electrical systems. It should be no surprise that this line of business can create an accident of the most affecting type, therefore it is critical that electricians carry the liability coverage that works for them.
While general liability might do the trick in most instances, it is worth it for specialized contractors to seek out specialized insurance for their companies. Contractors Liability can help electricians find the specialized electricians’ insurance they need for the price that works with their business – all while helping them understand why that coverage is so important.
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What is Electrician’s Insurance?
Electrician’s insurance is a type of specialized liability insurance that covers any third party on the site of your construction project. Electricians are generally very careful about what they do, but often they must do their work at the client’s convenience, which may include them being on site while electricians are on the job. This very situation can increase the possibility of an accident, making electricians’ insurance an obligatory investment for every electrician.
Additionally, a form of liability insurance is often required by state law to even work on a construction site at all. But even if it is not required, here are some coverage points that may make you think twice about skipping over electrician’s insurance:
- Injuries to the Body: This includes any injury inflicted upon a third party on the site of your electrical project.
- Example: An arc flash is created by an electrical unit you are working on and it causes significant burns to a client on site.
- Damages to the Property: This includes any building or surrounding area on the property that experiences physical damage as a direct result of the accident.
- Example: A fire is accidentally created because of your electrical work and part of a building burns down as a result.
- Personal Injury: Personal injuries are any sort of injury made to the reputation or image of a client based on your work.
- Example: There is a power failure during a big holiday sales rush at the local call center. This causes thousands of customers belonging to the call center’s client to become severely displeased, costing the company money and reputation.
- Advertising Injury: This relates to any sort of financial harm caused by an advertisement of your company
- Example: Your advertisement is placed directly in front of a billboard advertisement for another local competitor, causing them to lose the benefits of their advertisement. They sue for compensation in response.
- Medical Payments: This covers any sort of medical bill that is created as a direct result of your company’s business.
- Example: An improperly secured light fixture falls onto the head of a client after you worked on their lighting system. They sustain a concussion and must go to the Emergency Room.
As a disclaimer: This type of insurance only covers third parties. If you want to cover your employees from these type of accidents, worker’s compensation is what you will need to do that.
Electricians’ Insurance Cost
There are many things that could go wrong when it comes to the installation of an electrical system. This fact alone drives electricians’ insurance costs higher than other forms of contractors’ liability. However, there are many commonalities shared between electricians that provide insurance companies with a better idea of how to cover you personally.
Factors that go into these considerations include:
Your company’s accident history
Accidents in the electrician’s trade are a great concern, as the risk of death is that much higher in the trade. For companies with impeccable safety records, this could mean a reduction in insurance rates.
The average age and educational background of your employees
For those in the trade, education makes the difference between safety and security. It can also make a hefty difference in your insurance bill.
How old your company is
Electricians who stay in it for the long haul are well-equipped to provide affordable, fast, and safe service. At least, that is what insurance companies look for when they provide insurance for their electrician clients.
There are other things these companies consider, but the three listed above are the top three that really make an impact on your insurance coverage. For more information on the ways you can save on your electricians’ insurance over time, contact us for more information.
Why Choose Contractors Liability for Your Electricians Insurance?
Many insurance agencies are equipped to deal with only the most basic insurance coverage, like general liability, auto insurance, and worker’s compensation. But as our namesake suggests, Contractors Liability is equipped to address any insurance question for any type of business. We understand contractors and the immense risks they take when they provide their necessary services. In return, we help them find the rates and policies that work for them. We also provide the following:
- The finest customized plans encompassing all the intricacies electricians face
- Licensed insurance agents that are knowledgeable in their skills and can get the job done when you need coverage
- Coverage from only A-rated insurance companies
- The lowest price for the best electricians’ insurance coverage out of any of our competitors
Why do I need electricians’ insurance?
In most states, having general liability coverage is required by law. But the generic general liability packages often do not take the needs of electricians into consideration. Electricians’ insurance is personalized, designed to keep your company covered if an accident happens.
Does electricians’ insurance cover my employees?
Electricians’ insurance only covers third parties that are injured or third-party property that is damaged as a direct result of something your company did. If you want to cover your employees, it is important to have worker’s compensation in the event of an accident. Contractors Liability can help you obtain worker’s comp alongside your specialized electricians’ insurance.
What does electricians’ insurance pay for?
Electricians’ insurance covers you and your company should the following:
- Punitive damages – otherwise known as penalties or fines against your business
- Compensatory damages – any financial losses accrued in the event of a suit filed against you
- General damages – intangible damages not covered under the umbrella of the other two terms.
Electricians deserve complete coverage as they keep their clients out of the dark. Contractors Liability is here to help with all your insurance coverage needs, including specialized plans for electricians’ insurance. For more information, contact us via web or call us at (866) 225-1950 for a 5-minute quote.
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