Electricians Insurance Guide: Introduction
This page provides you with all the necessary information you need make an informed choice about electricians insurance. Furthermore, we can connect you with an experienced insurance broker who will advise you and find the best rate across numerous insurers.
What insurance protection do you need as an electrician?
As an electrician, you specialize in electrical wiring of residential homes, commercial buildings, various machines, devices and equipment, offering both installation and maintenance of electric components and infrastructure.
As a professional electrician you need several insurance elements to be in place to perform your job with piece of mind. Here is a quick description of each protection with examples:
|Insurance||Brief description||Do I need it?||Example|
Commercial Professional Liability
|Insurance that covers risk of liabilities resulting from various claims such as bodily injuries, personal injuries, property damages that are caused by business operations, products, services or take place on the business premises.||Yes||You need this one as an electrician to make sure that you are covered if, for example, your customer got electrocuted and decides to sue you.|
Commercial Car Insurance
|Insurance that covers business use of cars, trucks, vans and any other means of transportation. This policy can include coverage of vehicles (e.g. damages), drivers (e.g. medical costs, rehab, loss of income, funeral expenses), liability (e.g. damages to the third-party), uninsured motorist protection, comprehensive coverage (e.g. theft, fire etc.) and number of other protections.||Sometimes||If you, as an electrician, have a vehicle to drive to your customers and transport your tools, you will require a commercial car insurance|
|Combination of the following types of insurance that you can offer to your employees as a part of the compensation / benefits package: life insurance, health insurance / health benefits, critical illness insurance, disability insurance, drug plans etc.||Sometimes||In order to attract the best talent, you want to consider offering group insurance packages comparable with those offered in the industry. Without that you might be loosing great candidates who could be interested in that form of benefits.|
Commercial Property Insurance
|Insurance that covers any type of commercial property from a number of risks such as theft, fire and natural disasters.||Rarely||You would need this insurance if you have expensive tools .|
Commercial Building Insurance
|Insurance that covers various types of commercial property from pre-determined risks (also called perils) such as theft, natural disasters, fire.||Rarely||Typically no. You do not need it unless you own a building and use it to operate your business.|
Important things to know
- Must-have elements of electricians insurance: As an electrician, you often do not need all the different types of insurance, but there are a few which are must for you: commercial general insurance (also called professional liability) and, if you have a vehicle to drive out to your customers, add a commercial car insurance to it.
- Broker vs agent: Electricians insurance can purchased through insurance agents or insurance brokers. The key difference is that an insurance agent can offer products from one company only, the one he/she works for. An insurance broker works with multiple insurance providers and can compare insurance policies from multiple companies, offer you more options and, often, better rates for electricians insurance. InsurEye can help you to get quotes from 10+ different insurance companies.
- Costs for electricians insurance: These costs can vary greatly and thus working with an insurance professional to get insurance that is right for you is very important. As an example, commercial general insurance can vary from $500/year to $10,000 depending on type of your business. With similar situations with commercial car insurance – depending on location, your driving record, use of the vehicle etc., insurance can start at as low $800/year and go up.