Why Choose Contractors Liability for your Electricians Insurance?
As an electrician and contractor, you either work for yourself or a small contracting company. While this is fantastic in terms of being able to work for yourself, there are certain risks involved that you wouldn’t experience at a regular office job. For one, you are not protected by workman’s compensation or workers insurance, so you need to cover yourself with electrician’s liability. Not only will this insurance protect you from financial loss, but it is often required by clients before you are allowed to work in their home or on site. Electricians insurance is important to keep your business running successfully.
What Will Electricians Insurance Cover?
The coverage that you will most commonly find available to you are:
- Bodily Injury: This covers you in the case that an employee or a client is harmed in a physical nature. For example, if an employee falls at work or accidentally drops something on a client’s foot, you are covered.
- Completed Operations: This will protect you from loses after your business has completed work for the customer. Covering costs like repairing appliances or having wiring installed if something was ruined due to you or your employee.
- Personal Injury: This type of coverage protects you in case an employee or client has had their rights or other various personal things violated.
- Advertising Injury: This coverage will cover losses that happen due to your advertising whether it be in print, social media or word of mouth. For example, if your advertisement personally trashes another plumber and they sue.
- Medical Payments: This coverage will cover the expenses of a client or any person injured on your premises up to an amount that has been stated. This is a good coverage to have as the payment is often a goodwill way to prevent a lawsuit.
- Independent Contractor’s Liability: This coverage will protect you and your company from damages or acts that a contractor you have hired may cause. This is especially important for a smaller company that is working on growth.
Types of Payouts:
When dealing with what the insurance policy will pay out for you there are three different types of payments that can be paid with most policies.
- Compensatory damages: Covers financial losses of the claimant and any additional monetary loss resulting directly from the claim.
- General damages: Covers intangible losses such as “pain and suffering” and “mental anguish”
- Punitive damages: Covers any penalties against your business if it has committed a wrongful act in some way.
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How Much is Electricians Insurance?
Once you have decided what type of coverage you need, you will want to think about how much coverage in each category you need. The amount of coverage you will need depends on the type of work you plan to do. Many commercial projects will require higher amounts such as just holding $100,000,000 before you can step onto the site. However, if you are focused on working with homeowners and smaller clients overall, you may only need coverage in the $100,000 to $500,000 range. The only way to know the exact costs you will incur with liability insurance is to get a quote. You will generally find several choices and different ways to make payments so that it will fit your budget. Any contractor will tell you that in today’s market you can’t go without liability insurance. To protect yourself, get jobs and make sure you don’t have a lawsuit, this is the only way for you to operate your business.
What Happens if One of My Employees Gets Injured on the Job?
If one of your employees get’s injured on the job, Electrician’s Insurance will not cover their injury, medical bills or any of the costs related to getting legal defense. To cover your employees from unexpected accidents you will need to get Worker’s Compensation Insurance.
What Happens if I Don’t Get Electricians Insurance?
Although you think you might be saving money by skipping the electrician liability insurance, you actually run the risk of huge financial loss. If you don’t have insurance and something goes wrong on a client’s site or with your advertising and you face a lawsuit, you could lose your entire business.
How Can I Get Electricians Insurance?
You can shop around between different insurance companies to compare for prices and different policies. This will definitely cost you lots of time and energy. However, electricians insurance is easy to get with ContractorsLiability.com. Once you enter for a quote, we will shop around for the best insurance to meet your needs and your budget. Our service is fast and we will get a quote back to you within the same business day. Click here to get an electrician’s insurance quote.
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