Electrical Contractor Insurance in Arkansas

General Liability Insurance

General Liability insurance protects 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.

It is considered by most to be a necessary insurance for electricians. It shields them from lawsuits and other financial liabilities that result from accidents. The coverage covers:

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

Business Owner’s policy

The Business Owner’s Policy (BOP) 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 protects Arkansas electricians from claims raised due to unintentional mistakes made in the professional capacity.

This coverage is also known as E&O insurance. It safeguards your business from financial losses resulting in errors or negligence committed while providing services

Professional Liability insurance protects against incidents including:

• Not giving the correct advice to customers about accessibility standards or other requirements at the building.
• The work you have done is flawed and will require the client paying for new materials or labor.
• A customer claims that you were negligent, even if though this is untrue.

Workers Compensation Insurance

Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury. Arkansas law requires employers with three or more employees to be obtain Workers’ Compensation coverage.

Insurance for tools and equipment

Electrical contractors working in Arkansas must have the right tools and equipment in order to be successful. A policy covering your tools and equipment offers financial protection against unforeseeable circumstances.

Cyber Liability insurance

Electrical contractors must be aware that cybersecurity is a major issue. Data breaches are on the rise in the modern age. Cyber Liability insurance helps cover costs related to recovering from a breach of data, including legal fees, credit monitoring for the affected individuals, and notification expenses.

Save on Your Electricians Insurance in Arkansas

Here are our top suggestions to save money on the cost of your business insurance.

• Compare Quotes – Comparing quotes can help you choose a policy that suits your needs and falls within your price range.
• Control Risk – By taking the necessary steps to reduce risk, you may be able to lower your insurance premiums.
• Pay your premiums upfront – By paying your premiums annually (instead of monthly) you will save money overtime.
• Raise your deductible. You must carefully consider whether you have enough money to pay for claims that falls within in the deductible.
• Review your policy annually – It is important to review and revise your policy each year to make sure that it is in line with your requirements.