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Commercial business insurance for electricians and electrical contractors is the best way to safeguard your business financially and physically. Without the proper levels of coverage, you may find yourself suffering a number of hardships – and possibly having to close your business.
Without electrician insurance, you will have to pay for each and every issue that arises on your own. If a customer sues you or your offices and shop locations are damaged when the weather turns bad, you’ll have to pay for the legal expenses, judgments, repairs or replacements out of company or personal funds. Protecting your company with the proper contractors insurance coverage is the more practical option.
Electrical contractors and independent electricians structure and run their companies in a variety of ways, but the work contracts and insurance coverage needs are just as important. Whether you are the sole employee of your company who does the bulk of his work at client locations, or you have a number of people employed in your office and shop locations, there are important ways you can protect yourself and your company from legal issues and losses that often arise without a moments notice.
Selecting the right types and amounts of electrician insurance for your company is a simple matter of knowing what is best for you specific business configuration. The most commonly needed options include the following.
General liability insurance for electrical contractors prevents you from having to suffer dramatically when things go wrong. Electrician general liability (GL) is designed to help you be prepared for a myriad of miscellaneous problems that commonly occur for most businesses. Sometimes claims arise even if you are not at fault for something, yet you still must expend time, energy and money defending yourself. General liability affords a wide range of coverage for everyday, mundane events. If a customer is injured at your work site for example, or if your office building lease holder decides you are at fault for structural damages in the shop, this electricians insurance coverage will cover the expenses involved.
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Aside from basic liability claims against your company, business owners insurance extends that coverage to help protect electricians from potential losses and damages to their physical property. If your wire inventory is damaged in a storm at a customer’s work site, for instance, or your office roof is damaged from high winds, this coverage helps pay for the replacements and repairs. It also helps protect you from financial hardships that can arise when unexpected events occur, such as losing income due to the shop being closed while the roof is repaired, or having added expense of renting temporary work spaces while waiting for your original structure to be rebuilt.
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Electrical contractors insurance should always include workers compensation coverage whenever you have employees. Whether you employ an office receptionist or you employ an apprentice or junior electrician, accidents can happen. If the accident injures your employee, this insurance coverage ensures they are taken care of medically and financially.
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Business auto insurance for electricians and electrical contractors is particularly useful because you are constantly on the move. Driving between your offices, your shop, and numerous client jobsite locations each day puts you at a higher risk of getting into an auto accident. Commercial auto insurance helps pay for property damages, medical and emergency treatment and protects you from uninsured motorists. A number of additional coverage protection options are available under this electrician insurance policy as well.
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