Electrician BOP Insurance Risks

A business owners insurance policy is risky for electricians to go without, because you’ll be at risk of losing many types of physical business assets that you’ve invested heavily in to already. Assets you can’t afford to lose might include your office equipment, your inventory and your accounts receivables.

If you neglect to carry this insurance policy, you may find yourself suffering from extreme financial hardship when disaster strikes. Everyday weather events such as a tornado or hail storm can cause structural damages that force you to stop working until the repairs are made. You’ll have to pay for the full cost of those repairs and cover the income losses that result as well.

Electrician Business Owners Insurance

business owners insurance policy for electricians

A business owners insurance policy (BOP) for electricians is designed to extend your general liability coverage so that you are receiving protection for your physical business assets as well. This protection includes all of the protection security you’ll find in a general liability policy, while also covering your company buildings, tools and equipment, and office furnishings in addition to several other valuable assets.

Business Liability

Business liability insurance protects you when bad things in general happen. Maybe a customer trips over your wires or toolbox at a work site and maybe they just claim they’ve been injured by something you did – regardless of whether you are at fault for various claims, this section of your business owners policy protects you. It will take over and shield you from issues such as bodily injuries; emergency medical care and expenses; property damages; claims of libel, slander or copyright violations, problems that arise from previous work services you’ve performed; and damages or fire liability at your work premises.

Business Personal Property

When damage happens to your buildings or related work structures, the property you have inside the structure often suffers as well. Your offices have desks, chairs and computers for example, that can be expensive to replace if they are damaged or destroyed.  A business owners insurance policy electrician can take care of these expenses when they’re caused by covered events.

Building and Structures

The buildings and structures your electrical contracting company uses are important assets. Losing them completely in a storm means you would have to pay the large costs associated with buying or building new ones. Even simple damage can sometimes cause your company to come to a halt because you’re unable to work inside the structures until the damages are repaired. A BOP for electricians is particularly useful in these scenarios because it pays for the direct costs as well as related ones such as those below.

Business Income and Expense Coverage

When your company buildings and structures are damaged to the extent that you cannot use them, your company will lose income for the entire time your work is stopped. You may even have additional expenses that weren’t planned for if you decide to rent or lease temporary work space. Your business owners insurance policy can help pay the added expenses and losses.

Valuable Papers, Documents and Receivables Coverage

Along with losses of important business property, you may be subject to events that destroy valuable paperwork and documents. From patent applications to accounts receivables and client contracts, your office houses a variety of critical documents that might be cost prohibitive to replace. Your BOP helps shield you by providing protection for these items.

Other Important Coverages

A business owners insurance policy for electricians protects you in several additional ways. Each coverage option can be tailored by you based on your specific business needs.

  • Employee Dishonesty – Whether the claim is valid or not, charges that one of your employees was dishonest can wreak financial and legal havoc on your company.
  • Equipment Breakdown – When your critical equipment ceases operating, your lose income while waiting for repairs, and you’re out the costs of those repairs too.
  • Outdoor Signs – When your company sign gets damaged, there is a real cost of replacement and an intangible cost of losing the advertising and positioning that sign affords you.
  • New buildings – When you build or buy a new building or structure for your company, business owners insurance protects it from the start.
  • Improvement – Any betterments or improvements you make to your business property are covered from damage and loss by your BOP.
  • Electronic Data – Just as you can ill afford to lose critical paperwork, you are likely to have valuable electronic software and documents on your office computers. A business owners insurance policy for electricians can protect you from the associated problems that arise when those are damaged or destroyed.
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