As an electrical contractor, you will probably be pulling miles of wire through walls and installing high-end lighting, HVAC systems, appliances, and other fixtures. But even with these tasks, an electrical contractor needs to be protected with the proper insurance policies to avoid getting into any sort of legal trouble. One type of insurance for electricians is general liability insurance, also known as commercial liability insurance. This insurance covers any kind of lawsuit that may arise due to the electrical contractor’s actions or negligence.
Commercial general liability
General liability insurance is essential for any business, including electricians. It protects your assets from third party lawsuits and covers your legal costs, including medical bills, property damage, and legal defense fees. One minor mishap can cause thousands of dollars in damage and ruin your business. By obtaining this insurance, you can ensure your clients that you’re doing everything right and have the peace of mind knowing that your business will be covered.
Your policy must protect your employees and assets. It is important that you have the right amount of insurance, as well as the right type of coverage. You should also consider the zip code where your business is located, as this will affect your premium. Additionally, you should know the policy limits, as a higher limit means a higher premium. Commercial general liability insurance for electricians in Orlando, FL includes the following coverage options:
Commercial auto insurance
While liability auto insurance for electricians in Orlando, FL provides coverage for your vehicles, your commercial auto insurance policy should be high enough to protect you and your business. Liability auto insurance limits your financial liability for accidents caused by your work vehicles. In Florida, liability auto insurance limits protect your company from lawsuits and other costs that result from accidents, including medical expenses, legal fees, and lost earnings. It’s also important to have a high limit on your coverage, so that you can cover any serious injuries.
In addition to liability insurance, you should also consider purchasing non-owner auto insurance. This type of insurance covers additional liability expenses when a company vehicle is used for business. If your company has multiple vehicles, you may want to consider purchasing umbrella insurance to cover any liability expenses. Contact your local independent insurance agent to find out which types of insurance cover your needs. They will help you determine which type of policy will fit your needs and budget.
Electrical contractors should have a workers compensation policy for their employees. Without this type of insurance, an employee can be injured or become ill at work, and their employer cannot be sued. Florida requires businesses to purchase workers compensation when they have more than three employees. The owner may elect to be exempt by filing a State Election of Coverage Application, but even if an electrical contractor is exempt, they are still responsible for employee injuries and illnesses.
Electrical contractors should also carry professional liability and general liability insurance to protect themselves from third-party claims. These policies pay for medical bills, property damage, and legal defense costs. For example, an electrical contractor may install a new appliance in a home, but a faulty connection might result in the appliance getting damaged. The contractor will need to purchase this insurance to protect himself and his company. This is an investment in the future of your business.
Completed operations insurance
Electrical contractors should carry complete operations insurance. This coverage protects you from third-party losses when your work isn’t completed to your clients’ satisfaction. It covers bodily injury, property damage, and even legal defense costs if you’re sued. If you’re an electrical contractor in Orlando, FL, you need complete operations insurance to protect your assets and protect your customers’ interests. The insurance you choose will depend on your business and the type of work you do.
For example, what happens if an electrical fire causes damage to a building? What if the electrical contractor installed a security system that was supposed to protect expensive machinery and art collections? It’s likely that they have done a poor job, but a lawsuit can still leave them financially liable. Fortunately, completed operations insurance for electrical contractors in Orlando, FL will pay the defense costs, including the hiring of expert witnesses.