Electrician Insurance

Electricians perform one of the most dangerous jobs in the world. In a report published by Electrical Safety Foundation International, more than 28,000 workers had died between 2003 and 2007. Over 3,000 had fallen from electrical posts, while around 10,000 perished from vehicular accidents. Interestingly, around 4,000 succumbed from assault and violence.

All these situations, however, can spell the demise of your contracting business if you are not being careful. Families will run after you for claims, and surviving employees will ask for the compensation they deserve as well as disability benefits. The lack of insurance also makes you answerable to the local government since you’re not supposed to operate your business without one in the first place.

The Types of Electrician Insurance

Electrical contractors have many different types of insurance to buy. One of these is the worker’s compensation insurance. Businesses that have at least 3 employees should apply for it, but regulations can vary by state. This insurance policy ensures that you can meet the needs of your workers if they meet an accident or death while in the line of duty. In the case of the latter, the beneficiaries (who are the immediate family) can file for a claim to obtain the compensation.

You also need a liability insurance policy. This protects you against the public, who may suffer from an injury or disability due to an accident caused by the electrician. For example, the electrician may have forgotten to properly reinstall the breaker’s cover, causing the person’s electrocution or they have set up the wires incorrectly, which eventually led to a house fire. The liability insurance also covers your business from claims against false advertising.

All general liability insurance policies have their limits. If you want to protect your assets and future income from claims that are much higher than the designated limits, you can also get umbrella coverage. You can purchase both policies under the same insurer to save on costs.

Contractor Bonds

Depending on the state where your business operates, you may also have to acquire contractor bonds. You need that when you apply for a business permit or an electrician’s license. Having one means that you’re fully committed to finishing the job; otherwise, the agency that has issued the contractor bonds will pay on your behalf. Even the best electrician contractors secure a bond since it increases their credibility and authority in the industry and helps them seal contracts faster.

Get Your Insurance from Contractors1stInsurance.com

With over 30 years of experience in the field of commercial and residential insurance, Contractors1stInsurance.com is definitely the go-to company for all your business needs. We provide workers compensation, general liability, contractor bonds, and commercial umbrella liability insurance. In addition, our team manages payroll and employee leasing, tool and equipment insurance, commercial building insurance, and EPLI. Best of all, we guarantee huge savings to all our clients—as much as 40 percent!

Get your free quote today and let us help run your business. Call us to speak to a live agent or request a quote online.