Electrical Contractor Insurance in Florida

General Liability Insurance

General liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

For many electricians it is essential to have this insurance. This protects the electrical contractor against lawsuits or other financial liabilities due to accidents. This coverage includes:

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

Electrician General Liability covers you whether or not the claim is legitimate.

Business Owners Insurance

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 Insurance safeguards Florida businesses in case of a lawsuit due to alleged professional wrongdoing.

Also known as Errors & Omissions (E&O) insurance can protect your business from financial losses resulting from negligence or errors made when providing services.

Professional Liability insurance covers events such as:

• Not giving the correct advice to customers regarding accessibility or other requirements in the building
• You have a flaw in your work that necessitates clients to pay for more for materials or labor
• The client claims that you were negligent, even though this is a lie

Workers Compensation Insurance

Workers’ Compensation coverage can protect Florida electrical contractors 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.

In Florida, most businesses which have four or more employees need Workers’ Compensation coverage.

Tools and Equipment insurance

The equipment and tools that you employ as an electrician in Florida is vital for your success.
Coverage for Tools and Equipment can help protect you from financial loss in the case of an unexpected incident.

Cyber Liability Insurance

Electrical contractors must be aware of cyber security threats. Modern society is seeing an increase in data breaches. Cyber Liability covers costs related to recovering from an incident. This includes legal fees, credit monitoring of the affected persons and the cost of notification.

How to save on Florida electrical contractor insurance

Here are top tips for reducing your business insurance costs.

• Compare Quotes – Comparing quotes can assist you to find a policy which will meet your requirements and falls within your budget.
• Risk management – You may be able to lower your insurance rates by taking steps to minimize your business risks.
• Pay your Premiums Upfront – By paying your premiums annually (instead of a monthly payment), you can save money over the course of time.
• By raising your deductible – You could be able to reduce your insurance premium by choosing a higher deductible.
• Review and update your policy each year – It is recommended to examine your policy every year to make sure it meets your needs.