Insurance for Electricians in Virginia

General Liability Insurance

General Liability insurance protects businesses against the risk of customer injury and property damage.

For many electricians it is essential to have this insurance. This protects the electrical contractor against legal action or financial liability arising from accidents. The coverage covers:

• Damage to third party property
• Third-party injuries

Business Owner’s policy

Business Owners Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

Professional Liability insurance

Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.

Professional Liability insurance covers incidents like:

• Giving incorrect advice to clients about accessibility or other requirements within the building
• If your work is flawed the client will have to pay for any additional materials or labor
• The client asserts that you were in error, even though it is false

Workers Compensation Insurance

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

Virginia law requires a business with more than two employees to have workers compensation coverage.

Insuring Tools and Equipment

The tools and equipment you use to be electricians in Virginia are vital to your success.

You can be financially protected from unexpected incidents with tools and Equipment insurance.

Cyber Liability insurance

Electrical contractors should be aware of cyber security risks. In the modern age data breaches are on the rise.

Cyber Liability insurance protects your business against malicious software attacks, data breaches, viruses, and phishing. It also covers legal fees, notifying customers of a breach, credit monitoring, and fines that your company may be ordered pay. This coverage also applies to Personally Identifiable Information (aka Non-Public Information) such as names, addresses, phone numbers, social security numbers, credit card and banking info, email addresses, etc.

Tips for saving on Virginia electricians insurance

These tips could help you save money on your business insurance.

• Compare rate – Comparing quotes will help you choose a policy that meets your requirements and is within your budget.
• Manage risk – By taking the necessary steps to reduce risk, you will be able to lower the cost of insurance.
• Pay your premiums upfront – By paying your premiums each year (instead of a monthly payment) you will save money over the course of time.
• Increase your deductible – You could reduce your monthly costs by increasing the deductible. Nevertheless, you must be sure you can pay for the cost of any claim.
• Check your policy each year – It is important to review and revise the policy every year to ensure it meets your needs.