Insurance for Electricians: Essential Coverages

Working on or close to electrical systems at residential and commercial job sites can expose electricians and electrical contractors to dangerous situations. Regularly dealing with live wires, active circuits, and specialized equipment have unique risks.

Moreover, the probability of encountering common threats such as property damage and loss of essential documents is another factor business owners need to look out for.

For an electrical business to run successfully, it is crucial to understand which risks need to be tackled and which insurance policy will cover said risks.

Do Electricians Need Professional Indemnity Insurance?

Insurance policies may be optional in most areas across the country, but there are several types that an employee must-have. There may also be differences from one state to another. However, for Santa Fe electrician insurance coverages, the essentials may include the following:

Professional Liability

With the coverage based on professional services, this specific policy ensures protection from potential lawsuits brought against you as a result of your business practices. For example, if a fire occurred due to an electrical wiring issue at a property serviced by your business, this insurance would cover the costs you incur.

General Liability

This type of policy protects your business from claims alleging bodily injury or property damage. An instance, such as when a client gets hurt inside a property your business is servicing while doing electrical work is one example. In addition, this coverage also helps protect your business from claims alleging libel and slander.

Worker’s Compensation

Another essential coverage is the worker’s compensation. This type of coverage is required in most states and protects your employees when they get injured while doing their job. The usual benefits include medical costs incurred in treating on-the-job injuries, replacing a majority of lost income if an employee takes time off to recover, temporary or permanent disability benefits, and death benefits for surviving dependents if a death is due to a workplace fatality.

Health Insurance

There are various kinds of health insurance options to choose from. Opting for one would depend on the needs of your staff and your business. As a business owner, a business health insurance policy can cover yourself and your team from potential health risks. Yet, individual health insurance coverage can also be purchased in the marketplace for those who run a one-person business or those who are self-employed.

Commercial Property Insurance

This coverage helps protect your business’ physical location. In addition, it also helps cover the tools you use to conduct your business, such as ladders and voltage meters since they are vital investments for your business.

Commercial Auto Insurance

Most businesses use vehicles as a primary means of transport to run operations smoothly. Vehicles used for your business need to have adequate coverage to protect from the risk of property damage.

Additional Coverage To Consider

Depending on your business and your employees’ needs, there are also additional insurance coverages that might benefit your business. Take the following, for instance:

Business Interruption Coverage

There are some cases of a severe illness or a natural disaster that can hamper and cause interruption of your business. A business interruption policy can help guarantee that you will have the funds to cope with financial setbacks. 

Life Insurance Coverage

An unforeseen death can significantly affect any business. Especially if your business is a partnership or you have an employee who is an important asset to the company. Life insurance coverage can help absorb potential risks in these cases.

Umbrella Policies

Traditional insurance policies may have gaps that can’t address a business’s specific needs and employees. Umbrella policies are the ones that can fill in these gaps to give peace of mind to business owners when it comes to the coverage that the company and its staff require.

No matter how many safety measures your business puts into place, you will never know when an accident could happen, and a claim could be filed. There’s no need to wait for an incident to occur before you start thinking about protecting your staff and your business.

Electricians, electrical contractors, and businesses from the same field can’t just buy one policy to cover all potential risks. Most insurance providers offer bundled coverage that allows companies to group policies to achieve cost efficiencies. Weigh your options carefully and choose the type of insurance that would suit your needs.

About Daniels Insurance, Inc.

At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.