Keep your business protected while you keep the power flowing.
Electrical contractor insurance secured with McArdle Insurance Agency.
Electricity. It’s an essential part of nearly every aspect of modern life. Electricians and electrical contractors keep the lights on, the machines running, and so much more. Specialized electrical contractor insurance protects electricians based on unique, industry-related risks.
Electrical contractor insurance that addresses your needs.
Electrical contractors and electricians work everywhere from residential homes to large, industrial buildings. While circumstances may change, certain risks remain. 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 covers those incidents.
Protection that goes beyond the basics.
Protection for potential losses is important because of the work electricians perform. 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.
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As a contractor, your business may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. And, if you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Commercial general liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products, and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. And without your specialized tools and equipment, your job site may come to a screeching halt.
As a contractor, you need contractors' equipment insurance - a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects and overturning. Unlike standard commercial property insurance policies, contractors' equipment insurance often covers losses caused by floods and earthquakes.
A building under construction is not covered under a standard building insurance policy or a home insurance policy since it is not a complete structure. As a contractor, you may be responsible for unique loss exposures related to buildings under construction such as the theft of building materials and high valued equipment such as generators and compressors.
Builders risk and installation insurance provides coverage for homes or buildings while undergoing construction, until they are completed. The policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the contractors' equipment insurance–a policy specially and the value of the property being constructed until it is completed.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
As a contractor, you have many exposures associated with your business vehicles–owned or leased. With a fleet of cars, trucks, vans, or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by a contractor and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors, leaving you with costly legal fees and settlement costs. Your business needs to be protected against the risk of some other company, vendor or subcontractor causing damage to people or property of your mutual customer.
Consider having a contract in place with each entity that includes a hold harmless agreement in your favor. A hold harmless agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity list you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.
Coverage that protects your business while on the move.
You need insurance that protects 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 may be necessary. And what about all the tools, inventory, and specialized equipment in your vehicles? Inland marine 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 contractors 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 homeowners insurance. If you receive deliveries or mail, have customers to 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 is a must. Employee 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. Property insurance protects 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 today to learn more.
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