Electrical Contractor Insurance in Arizona

General Liability Insurance

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance protects your business against bodily injury or property damage lawsuits from outside parties.

This coverage is considered by many as a fundamental insurance for electricians. It helps shield electrical contractors from lawsuits and financial responsibility arising from accidents. Policies typically cover:

• Damage to a third party’s property
• Third-party injuries

Business Owners Policy

Business Owner’s 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 Insurance protects Arizona businesses from claims for negligence, misrepresentation and mistakes, as well errors in paperwork or documents.

This insurance, referred to as Errors & Omissions (E&O) insurance, protects your business against financial losses resulting from negligence or mistakes that occur while performing services.

Professional Liability insurance helps manage incidents like:

• Giving incorrect information to clients about accessibility or other requirements of the building
• There is a defect in your work which necessitates clients to pay for more for materials or labor.
• A customer claims that you acted negligently, even if though this is untrue

Workers’ Compensation insurance

Workers’ Compensation policy provides protection for Arizona electrical contractors in the event that employees suffer from work-related illness or injury. Medical bills, physical therapy and lost wages are typically included.

Arizona law requires employers with at least one employee carry Workers’ Compensation insurance.

Tools and Equipment insurance

The equipment and tools you use as an electrician in Arizona is vital for your success. Protect yourself financially against unexpected events by securing tools and equipment coverage.

Cyber Liability insurance

Electrical contractors must be aware of cybersecurity threats. Data security breaches are increasing in our modern world. Cyber Liability insurance covers the costs related to recovering from data breaches which includes legal costs, credit monitoring for the affected people, as well as notifications costs.

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.

How to save on Arizona electrician contractor insurance?

We have some great tips to help you reduce your insurance costs.

• Compare quotes – Comparing quotes can assist you in selecting the policy that suits your needs and falls within your price range.
• Control Risk – If you take the appropriate steps to minimize risk, you can reduce the cost of insurance.
• Pay your premiums in advance – By paying for your premiums annually you’ll save cash in the long term.
• Increase your deductible – You may be able to reduce your premium by increasing your deductible. It is important to consider if you have enough money to cover claims that fall within the deductible.
• Review your policy every year – It is crucial to review and revise your policy each year to make sure it meets your requirements.