Electrical Contractor Insurance in Connecticut

General Liability Insurance

General Liability insurance can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

For many electrical contractors, this is a must-have insurance. It protects them against lawsuits and financial liability resulting from accidents. The insurance covers the following:

• Property damage to property of a third party
• Third-party injury

Business Owners Policy

Business Owners Policy is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

Professional Liability insurance

Professional Liability insurance covers Connecticut electricians against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Also known as Errors & Omissions, (E&O), this coverage is designed to protect your company from losses that result from mistakes or negligence that occur during the execution of the services.

Professional Liability insurance covers incidents including:

• Giving incorrect advice to customers
• Work defects
• Claims of negligence that are with or without merit

Workers Compensation Insurance

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

Connecticut law requires employers who with one or more employees to carry Workers’ Compensation coverage.

Insuring Equipment and Tools

The tools and equipment that you employ as an electrician in Connecticut are vital to your success.

Be prepared financially for unexpected events by securing tools and equipment coverage.

Cyber Liability insurance

Electrical contractors must be aware to the risks of cyber-security. Data breaches are on the rise. Cyber Liability helps cover expenses associated with regaining data after a breach of personal data. This includes legal costs for the affected individual as well as credit monitoring and notification.

How to Save on Connecticut Electricians Insurance

Here are some great suggestions for reducing your business insurance cost.

• Compare quotes – Comparing quotes will assist you in selecting coverage that meets your requirements and is within your budget.
• Risk Management – If you take steps to reduce your risk, it could be possible to lower your insurance premiums.
• Pay Your premiums in advance – You could save cash when you pay your premiums annually instead of monthly.
• Increase your deductible – You may be able to lower your premium by increasing your deductible. If you don’t have enough money to cover potential claims, then you may want to reconsider.
• Check policy annually – It is crucial that you review and update your policy each year to ensure that it is in line with your current requirements.