Top Risks That Electrical Contractors Face

Electricians face many on-the-job hazards. Some are unique to your work as an electrical contractor, while others are shared by many small businesses. An electrical contractor risk management plan may help you avoid many of these risks, but you might want a safety net for those that do happen.

Here are three top risks electrical contractors face and insurance coverage that could help you guard your small business and finances against them.

1. Injuries

Working with electricity increases the risk of injury to you or your employees. Following safety guidelines, like turning off the main power before starting work, could help you avoid electrocutions. You may also need to be aware of other common injuries for electricians, like falling from a ladder or falling objects on construction sites.

Electricians should also be mindful of injuries sustained by others. Third parties, such as other contractors or your customers, could also be injured by your work or alleged negligence. Something as simple as a homeowner tripping over your toolbox could create expensive medical bills that you’re liable for.

There’s electrician insurance for that: Workers’ Compensation covers you and your employees, while General Liability helps cover third-party injuries.

2. Property damage

When you work in other people’s homes and businesses, there’s always a chance you could damage their property. Accidents happen every day, like knocking over an expensive vase or breaking a gate. You may not have expected to cause damage, but you could still be left out of pocket for costly repairs or a replacement.

There’s electrician insurance for that: General Liability policies also provide coverage for third-party property damage.

3. Losing equipment

What’s an electrician without their tools? Losing essential equipment could make it impossible to do your job correctly and safely until they are replaced. The same goes for damaged tools or theft. This is one electrician risk with the potential to snowball—leading to costly project delays or cancelled jobs while you work out how to get the tools you need.

There’s electrician insurance for that: A Business Owner’s Policy (BOP) can be tailored to include coverage for your work equipment and unexpected business interruptions.

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