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What is Electrician Insurance?

As an electrician, you face risks every day you go to work. Not only do you need to buy electrician’s insurance for yourself, but you also need coverage for your liabilities too. We outline the different types of electrician insurance and explain what each will cover you for.  

What insurance does an electrician need to buy?

There is no single insurance policy that gives electricians complete coverage for everything. However, there are lots of insurance companies that will bundle different policies together; this approach offers much better value for money, especially when compared to buying each policy in its own right.

Here are the most common types of insurance for electricians.

  • Liability Insurance - General and Professional
  • Business Property Insurance
  • Surety Bonds
  • Business Auto Insurance
  • Workers Compensation Insurance
  • Builders Risk Insurance

If you are an electrician who needs to buy insurance, then a business owner policy is a good place to start. This type of policy bundles together general liability coverage for electricians with business property coverage, and other supplementary insurance products that are relevant to the electrician’s trade profile.

Do you need to buy specialist electricians insurance for government contracts?

As an electrician, you might need to buy Surety bonds. These do not protect you in any way; instead, they protect the people you will be working for. For electricians working with government agencies, these serve as a guarantee for your work.

How do Surety Bonds for electricians’ work?

The different types of surety bonds include permit, license, and completion bonds, each offering a different assurance that you will complete any work that you have been contracted to carry out, as well as obtaining the right permits as required. If you are unable to meet your obligations, then any losses will be paid out by the surety bonds, and they will try to reclaim those costs from you.

What does an electrician’s business owner policy entail?

Buying a BOP for your job as an electrician will typically give you coverage for commercial liabilities, such as any claims that may arise if somebody else is injured or property is damaged. Commercial property coverage will also cover your property in case it is damaged, as well. In some cases, business interruption coverage might be included, and this can help you should you no longer be able to work due to a ‘covered’ event.

How much does it cost to buy electrician’s insurance?

There are lots of elements that affect the cost of insurance for electricians. The main variable for any insurance will be the level of coverage you need. Aside from this, things such as;

  • The size of your business
  • Your experience
  • How many people you employ
  • Your chosen deductible amount
  • The value of your tools and equipment
  • How many vehicles you use

As you can imagine, the cost of electrician’s insurance for a small local contractor will be quite different from a state-wide operation with multiple vehicles and employees. The best way to get a firm idea of how much it will cost to buy electricians insurance is to speak directly with a professional insurance broker with experience in providing coverage for electricians.

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