Solar Panel Installer Insurance

Solar energy is becoming more popular for residential homes and office buildings. That means solar panel installation businesses are in high demand. Running a successful solar panel installation business can be financially rewarding, but it’s important to have solar panel installer insurance to protect yourself against potential risks.

Installing solar panels comes with certain dangers, for both your employees and your customers. An installation technician could fall from a ladder and get seriously injured. An improperly-installed solar panel could cause roof damage, leading to leaks and water damage. These types of scenarios can lead to expensive lawsuits and other financial hardships.

As a solar panel installation business, you understand how important it is to follow safety precautions, hire responsible workers, and ensure that installations are done correctly. However, accidents can still happen. With solar panel installer insurance, your business, your employees, and your clients are protected in case something happens.

Solar panel business insurance is not a single policy. There are multiple types of insurance that businesses should consider purchasing. Here are some of the most beneficial commercial insurance policies for solar panel installation businesses.

General Liability

General liability insurance protects your business against third-party claims of bodily injury and property damage liability. Specifically, it pays for your legal defense in a lawsuit and a settlement or judgment with the other party. It can also cover a small portion of medical expenses in the event of a bodily injury claim.

Inland Marine Insurance

Inland marine insurance protects your business equipment during transport, either via train or truck. It also covers your equipment that is being stored in an off-site location. For example, most solar panel installation companies bring their own tools and equipment with them to each job site. If one of your ladders got damaged in your work truck on the way to a customer’s house, inland marine insurance would pay to replace it.

Workers’ Compensation Insurance

Workers’ compensation insurance is a legal requirement in most states for businesses with at least one employee. This policy will cover your employees’ medical bills if they get sick or injured at work. It can also cover related expenses, such as lost wages and disability benefits. In addition, workers’ compensation insurance will pay for your business’ legal fees if the employee sues you.

Commercial Auto Insurance

If your solar panel installation business uses work trucks or vans to transport materials and get to job sites, you will need to purchase commercial auto insurance. This policy is similar to personal auto insurance, but it covers work vehicles specifically. Commercial auto insurance includes liability protection, and you can choose to add physical damage coverage, which pays for vehicle repairs in the event of a crash.

Surety Bond

Solar panel installation businesses that work with contracts should consider a surety bond can be valuable. A surety bond serves as a guarantee that you will uphold the agreements outlined in a contract with a client, such as a timeline for completion. If you fail to uphold your end of the contract, your client can receive the surety bond, which is a fixed amount of money.

Excess Liability Insurance

General liability insurance policies have a coverage limit, which is the most amount of money your insurance company will provide in the event of a covered loss. While most liability policies have more than enough coverage for solar panel installation businesses, you have the option to buy an excess liability policy, also called umbrella insurance, for increased protection. If you have general liability insurance with $1 million in coverage, you can purchase an umbrella policy and get more liability coverage for your business.

Solar Panel Installer Insurance Cost

To keep your solar panel installer insurance policy in force, you pay a monthly or annual premium. The cost of your insurance policy depends on a few different factors, including:

  • Where your business is located
  • The number of employees you have
  • The type of policy you purchase
  • Your coverage limits and deductibles

When you apply for a quote, the insurance company looks at all of these factors to determine your premium. If you want to get a lower rate, you can consider adjusting your coverage limits and raising your deductible.

Every business pays a different amount for solar panel installer insurance. However, the average cost of business insurance for solar panel installers starts at $850 per year.

Solar Panel Installer 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 Solar Panel Installers Need Insurance?

There are several reasons why solar panel installers need to have commercial insurance. First, accidents can happen on the job, even when you’re being careful. Workers and clients can get injured, employees can cause property damage during installation, and your business can get sued for the damages. Solar panel installer business insurance protects your company from the financial consequences of third-party lawsuits. Otherwise, you might have to pay for the losses out-of-pocket.

What Are The Risks Facing Solar Panel Installers?

Installing solar panels involves using power tools, climbing ladders, dealing with electricity and wires, and lifting heavy panels. Even when following the right safety protocols, technicians may get injured. Workers can fall off ladders, get burned or shocked, and develop overuse injuries, just to name a few. Certain types of solar panel installer insurance protect both the employer and the employee in the event of a bodily injury claim.

Is Solar Panel Installer Insurance a requirement?

Solar panel installer insurance is a requirement for some businesses. Certain states and cities require solar panel installer businesses to carry commercial insurance in order to get a business license and legally operate. Some landlords require solar panel installer businesses to have general liability insurance in order to sign a lease for commercial office space. In addition, clients may request to see proof of insurance before they agree to sign a contract with your business.

How To Get Solar Panel Installer Insurance?

The process of purchasing solar panel installer insurance is relatively straightforward. Here’s a closer look at how to get this type of business insurance:

Pick an insurance company: There are dozens of commercial insurance providers on the market. Spend some time researching insurance carriers and choose a few that offer what you need, whether it’s great customer service or a specific type of coverage.

Choose your policies: Next, think about the insurance policies that will benefit your business. Keep in mind that every insurance company has different coverage needs.

Set your coverage limits: When you purchase solar panel installer insurance, you get to choose your coverage limit for every policy. Consider the amount of risk your business faces to set an appropriate coverage limit.

Pick a deductible: Some types of insurance, like commercial auto, have a deductible that you must pay in the event of a claim. Choose a deductible that you could afford to pay out-of-pocket after a loss. The higher your deductible is, the lower your premium is.

Get multiple quotes: Take advantage of free online quote generators to get several rate quotes from different insurance companies. Then, compare the quotes to see which carrier offers the lowest rate for the type and amount of coverage you want.

Talk to an agent: Many insurance companies let you purchase coverage online without ever talking to a real person. However, it’s a smart idea to speak with an agent before you purchase your policy. An agent can answer your questions, help you choose the right coverage limits, and explain what your policy does and does not cover.

Are Monthly Payments Available For Solar Panel Installer 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.