Electricians Insurance

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From bodily injuries caused by live wires to accidental fire and damage to customer property, these are all risks that electricians face on a daily basis, which can result in hefty claims and lawsuits.

Having an electrician's insurance in place will safeguard you, your business, and your customers from any unfortunate events and accidents that may result in a claim.

Why Do Electricians Need Insurance?

Electricians need insurance to protect themselves from any potential accidents or injuries that may occur while they are working. In the event that something does happen, insurance will help to cover the costs of any damages or lawsuits that may arise.

This can help to protect both the electrician and their business from any potential financial losses.

For example, if the electrician suffers from any bodily injuries as a result of their work or the condition of the property that they are working at, the insurance policy will cover their medical expenses, lost wages, rehabilitation, and more.

In more rare cases, if a customer feels that the work done by an electrician wasn't up to standard and they decide to sue, then insurance will help to cover any legal fees or damage claims that come from this.

If the electrician damages the customer's property due to negligence or a mistake, then they will likely be held liable for any damages.

What Types of Insurance Do Electricians Need?

When it comes to business insurance for electricians, there are multiple options available to choose from. The level of cover you need for your business will depend on the size of your company, how many employees and company cars you have, the overall value of your tools and equipment, the state you operate out of, the clients you work with, and more.

For a more detailed overview of the most recommended insurance policies for electricians, please take a look below.

How Much Does Electrician Insurance Cost?

As with any type of insurance, the costs will vary depending on your business size and the level of cover that you require.

On average, liability insurance for electricians costs $45 per month, which adds to a total of $540 per year. This type of insurance will provide a level of protection against third-party injuries, property damage, and other injuries that may lead to expensive lawsuits and claims.

If you have employees, you can expect to pay around $250 per month on worker's compensation insurance, which adds to around $3000 per year. Such policy will cover your staff's medical bills and lost wages in case they fall sick or have an accident at work.

If your business owns vehicles, you can expect to pay around $140 per month on commercial auto insurance, which is around $1680 per year. This cover will protect your company vehicles, your staff, and any third party involved in the event of an accident.

For contractor's tools and equipment insurance, you can expect to pay between $35 to $40 per month, which will add to a total of between $420 and $480 per year. Such a policy will cover your business in case any of your expensive equipment gets damaged or stolen.

And finally, for professional liability insurance, you can expect to pay a premium of around $90 per month. This policy is also known as errors and omissions, which can protect electricians from client claims related to unsatisfactory work, negligence, and more.

Typical Electrician Insurance Claims

Electricians are constantly exposed to a great level of risk. As a result, claims aren't a rare occasion.

Generally speaking, electricians most commonly make claims regarding bodily injuries as a result of an accident, damage to customer property, and in more rare cases, lawsuits resulting from negligence or improper work.

Whatever the case may be, having the right electrician insurance in place will safeguard your business from having to pay out of pocket for any accidents that may occur.

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