(888) 900 0205Electrician Business Insurance
Running an electrician business means you're constantly working with high voltage, intricate wiring, and expensive equipment. One wrong move, and you could be facing costly damages or even legal trouble. That’s why electrician business insurance is a must-have. It helps protect your livelihood from risks that could zap your finances if things go wrong on the job.
Below, we'll break down the different types of coverage you might need to keep your electrical business powered up and safe.
General Liability Insurance for Electricians
General Liability Insurance (GL) is one of the most common types of coverage you’ll need. It helps protect your business if you're held responsible for third-party injuries or property damage.
So, what exactly does General Liability (GL) insurance cover for electricians?
- Each Occurrence: Covers claims for property damage or bodily injury. If a wiring mishap causes a fire or someone gets hurt on-site, you’re covered.
- Damage to Rented Premises: If you rent a workspace and accidentally damage it, this coverage kicks in.
- Medical Expenses: Pays for medical expenses if someone is hurt due to your work.
- Personal and Advertising Injury: Covers defamation or false advertising claims.
- General Aggregate: The maximum amount your policy will pay out over the policy term.
- Products/Completed Operations: If an issue arises after you've finished a job (like faulty wiring causing a fire), this has your back.
General Liability Claim: An electrician was working in a commercial building when a short circuit caused a fire, damaging thousands of dollars’ worth of equipment. Thanks to their GL insurance, the damages were covered, and the business didn’t take a financial hit.
Business Personal Property (BPP) Coverage for Electricians
Beyond liability coverage, you’ll also need protection for the tools and equipment that keep your business running. Business Personal Property (BPP) insurance covers the physical assets of your business. So, if your tools are stolen or damaged, BPP helps replace them without putting a huge strain on your wallet.
Claim Example: Let’s say you’re an electrician with a storage unit full of your tools and supplies. A fire breaks out and damages your gear. With BPP insurance, you'd be able to file a claim and get funds to replace the damaged equipment so you can get back to work quickly.
Workers' Compensation for Electricians
In many states, Workers' Compensation Insurance is required if you have employees. This coverage is designed to protect both your business and your workers. It covers medical expenses and lost wages for employees who get hurt on the job, helping you avoid expensive lawsuits while ensuring your employees are taken care of.
Claim Example: An employee working on a ladder to install a ceiling fan falls and breaks their leg. Workers’ comp covers the medical costs for the injury, along with their lost wages while they recover, so your employee doesn’t have to worry about paying for treatment or missing out on income.
What Else Do Electricians Need?
Electrician businesses can benefit from other types of coverage, depending on the size and scope of the business:
-
Commercial Auto Insurance: If you’re driving a work van or truck, this is essential. It covers accidents, theft, or damage involving your business vehicle.
-
Inland Marine Insurance: This covers tools and equipment while they're being transported to and from job sites. So, if someone breaks into your van and steals your equipment, inland marine insurance can help cover the loss.
-
Professional Liability Insurance: Also known as Errors & Omissions (E&O) insurance, this covers you if a client claims you made a mistake or were negligent in your work, leading to a loss or injury.