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Fiber Optic Installer Insurance

Fiber optic installer insurance is a must for fiber optic contractors because the job involves a lot of risk for the contractor and those around him. Contractors understand and accept this risk, doing what they can to maintain safe job sites, but accidents happen, and contractors need to prepare for them.

As a fiber optic installer, you are liable for their medical costs and even property damage if someone gets hurt on your job site. Additionally, you could be responsible for any lost wages and pain and suffering someone may go through while hurt. Those liabilities could add up quickly, making it impossible for the average contractor to pay. The solution is to transfer your risk to an insurance company that pays claims if and when they happen.

Fiber optic installer insurance is any one of a series of insurance policies designed to protect a business against certain types of risks. An installer may choose one or more policies to get the proper protection. The different types of policies include general liability, workers’ compensation, and commercial auto insurance.

Here’s a closer look at what each type of fiber optic installer insurance covers so that you can make the right decisions on getting coverage.

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General Liability
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Workers Compensation
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Commercial Auto
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Bond

General Liability

General liability insurance is the one policy that every fiber optics contractor should have. Some states require insurance to get a contractor’s license and many vendors will also require it. It pays for third-party claims where someone says that you are responsible for their injuries or property damage. A typical example would be if someone tripped on a cable laid out to be installed, fell, and got hurt. Their injuries would be your responsibility, but general liability insurance would pay the claim for you.

While it is common for a fiber optics contractor to implement safety standards at worksites, accidents happen. Considering that even a small general liability insurance claim can cost thousands of dollars, the general liability policy is well worth the cost.

Inland Marine

As a fiber optics contractor, you transport tools and supplies to and from job sites all day long. Your place of business is where your clients need the cable installed. Traveling with your tools all the time means that something can happen to them while they are in transit. Thieves could steal them, or a car accident can damage them. You need to understand that your auto insurance doesn’t pay to repair or replace stuff stored in your vehicle when this happens. This is what inland marine insurance does.

Inland marine insurance covers items in transit. So, if someone steals your tools while you stop to get a cup of coffee, you can quickly get the funds to pay for replacements.

Workers’ Compensation Insurance

Workers’ compensation insurance pays for injuries and lost wages of employees hurt on the job. As a contractor working with tools and supplies, injuries can happen, and most states require you to have workers’ compensation insurance if you have at least one part-time employee.

While the rules do vary from state to state, getting workers’ compensation insurance when you have employees is important. The cost of medical bills and lost wages could quickly add up and bankrupt a fiber optics installer. Having insurance makes you a better professional and will help you land larger contracts where clients demand that you are fully insured.

Commercial Auto Insurance

An essential need for any fiber optics installer is a work truck or van. The work truck or van houses tools and supplies needed for jobs and transports everything, including the contractor, to the job site. While it may be possible to insure this vehicle with personal auto insurance, you don’t want to make this mistake. If there is a claim during work hours, the insurance company might deny it since it is a commercial vehicle.

Instead, get commercial auto insurance that pays for liabilities incurred if you hit someone or something. It also can pay to repair or replace your work van if an accident damages the vehicle or someone steals it, provided you opt for collision and comprehensive coverage. For example, if you rear-end a vehicle on your way to work, your auto liability coverage will pay for the damages to the other car. Your collision coverage will pay to repair your van so you can get back to work faster.

Surety Bond

Surety bonds are an insurance product but work differently than traditional insurance. Instead of paying claims in exchange for the premium, the surety bond company pays the claim, and the bondholder reimburses the bond company. It guarantees that you will perform your contractual obligations. Local licensing authorities may require surety bonds; bonds help make a business more professional.

For example, if your contract says that you will install 1,000 feet of cable by Friday and you miss the deadline because you got sick and couldn’t do the job they paid you for, the client could claim the bond for their losses. The bond company would pay the client, and you would repay the bond company for the loss.

Excess Liability

All general liability insurance policies have limits. As the policyholder, you can opt for limits anywhere from $100,000 to $1 million. There are times when $1 million might not be enough to cover a serious claim where someone may be disabled on your job site. You can get an excess liability policy to protect yourself from extraordinarily high claims. This pays the same types of claims that your general liability policy does, except it is the second policy in line.

So, if there is a claim, the general liability policy will pay up to its limits which would be $1 million – you have to have $1 million in coverage to get an excess liability policy. When you exhaust that first $1 million, the excess liability policy kicks in to pay up to its policy limits.

Fiber Optic Cable Installer Insurance Cost

Fiber optic cable insurance costs do vary widely depending on a host of factors that include:

  • The types of policy(ies) purchaspriceed
  • The amount of coverage needed
  • Your location
  • Your industry
  • Total annual revenues
  • Claims history

Fiber optic cable installers should have at least a general liability insurance policy. You can get a policy for as little as $39 per month, which comes out to $500 annually. We recommend getting a quote to find out exactly how much insurance will cost you. Don’t worry; quotes are always free.

Fiber Optic Installers Insurance FAQ

We’re big believers in keeping things simple, so ask us anything and we’ll answer honestly and without the jargon.

Why Do Fiber Optics Installers Need Insurance?

Fiber optics installers need insurance because their job involves various types of risks that can lead to significant financial liabilities. Without insurance, the contractor might have to pay these liabilities out of pocket, which may result in bankruptcy if he can’t afford it.

What Are The Risks Facing Fiber Optics Installers?

Because fiber optics installers work with tools and long lengths of cable, there are ample opportunities for someone to get hurt accidentally. A bystander might trip on cable or get hurt by wire cutters. Even though contractors usually have safety protocols in place, accidents happen, and people get hurt.

Is Insurance Required For Fiber Optics Installers?

Buying insurance is rarely required for fiber optics installers. Local laws don’t usually require contractors to have general liability insurance but may require workers’ compensation for employees. Even if you aren’t required to get insurance, contractors should consider it because it makes them more professional and attractive to a larger pool of potential clients.

How To Get Fiber Optic Cable Installer Insurance

Many business owners find buying insurance to be an overwhelming task, but it doesn’t need to be. Call an insurance agent to discuss your needs. The agent will help you determine which policies are the most important for you to get. They will also help you identify how much coverage you need. With this information, they’ll put together a quote so that you can see how much it all will cost.

When buying insurance, be sure to check your deductibles. You can save on insurance premiums when you choose a higher deductible. But remember, your deductible is the portion that you pay in a claim, so make sure that you can afford it.

Are Monthly Payments Available For Fiber Optic Installers Insurance?

We offer easy monthly payment plans with most of the polices. Usually a down payment is required to start. Payment plans may include 9 or 10 monthly options depending on the qualifying business.

What Are The Penalties To Cancel My Insurance Policy ?

USA Business Insurance Services doesn’t penalize customers for policy cancellations. When you cancel your Insurance, you are not required to pay penalties.

 

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