Look for protection beyond the basics.
Protection for potential losses is important because of the work that electricians perform. What happens if someone is hurt at your location or on a job site? Or what if one of your employees accidentally destroys a client’s property? General liability insurance helps cover those incidents.
Completed operations liability insurance protects you even after your work is done. Customers might sue if they claim your work was faulty in some way. Bodily injury, property damage, and legal defense costs may be included in your coverage. Commercial umbrella insurance provides coverage when reaching the limits of your standard policy. This may help provide financial support for catastrophic losses.
Coverage that protects your business while on the move.
You need insurance that helps protect you while you and your employees travel from job site to job site. Business auto insurance protects your business if a vehicle is involved in an accident that causes bodily harm or property damage. Coverage may vary whether you have one vehicle or a fleet. Do you or employees drive their own vehicles? Or do you rent vehicles for your business? If so, hired and non-owned auto insurance may be necessary. And what about all the tools, inventory, and specialized equipment in your vehicles? Inland marine insurance may cover these items if lost, stolen, or damaged while on the road.
Protect your livelihood if you cannot operate.
If you’re not able to open your business, you may suffer from a loss of revenue. Business interruption insurance provides income replacement and may pay for operating expenses or temporary relocation expenses associated with covered perils. If you’re not able to work because a storm has knocked out power to your area, for example, specialized business interruption for off-premises utility services coverage (OPUS) may be able to help.
Home-based businesses need protection, too.
If you’re an electrical contractor who operates your business out of your home, you still need business insurance. A business owners insurance policy (BOP) offers coverage that will go beyond your standard home insurance. If you receive deliveries or mail, have customers at your home, or store inventory and tools at your home, consider business insurance for your home-based operation.
Don’t ignore the business side of your operation.
Even in the midst of the industry-specific risks electricians and electrical contractors face, general business insurance policies should be considered. For example, if you use computers to run any aspect of your company, cyber liability insurance is a must. Employment practice liability insurance may pay for legal fees and court-awarded damages if you’re accused of discrimination, harassment, or unfair hiring and firing practices. Commercial property insurance helps protect your shop and its contents in the event of a fire or other losses.
Ready to discuss the unique insurance needs of your electrical contractor business? Contact us to learn more.