Electrical Contractor Insurance in Hawaii

General Liability Insurance

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

It is considered by most to be an essential coverage for electrical contractors. It protects electrical contractors against legal action or financial liabilities due to accidents. This coverage includes:

• Property damage caused to a third party.
• Third-party injuries

Electrician General Liability insurance provides coverage regardless of whether a claim has been filed.

Business Owners Insurance

Business Owners 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

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional Liability insurance protects events such as:

• Not giving the correct information to customers regarding accessibility standards or other standards at the building
• You have a flaw in your work that necessitates clients to pay for new materials or additional work
• Customers might claim that you are negligent, even if it’s not

Workers Compensation Insurance

Workers’ Compensation insurance provides benefits to your employees when they make a claim against your workplace for injury or illness. Hawaii law requires that business with employees carry Workers’ Comp cover.

Coverage for tools and equipment

Electrical contractors in Hawaii need the proper tools and equipment to succeed.
You can be financially protected from unexpected incidents by purchasing tools and equipment insurance.

Cyber Liability Insurance

Electrical contractors are required to be familiar with cybersecurity threats. The number of data breaches is increasing. Cyber Liability covers the expenses associated with regaining data after the breach of personal information. This includes legal costs for the person affected, credit monitoring, and notification.

How to save money on electrician insurance in Hawaii

Our top tips for saving on business insurance.

• Compare quotes – Comparing rates will help you find coverage for your needs while staying within your budget.
• Risk management – It is possible to reduce your insurance premiums by taking measures to reduce the risk.
• Pay your premiumsin advance – You could save money by paying your premiums in advance.
• Deductible increase – By raising your deductible, you may be able to reduce your insurance premium. You should consider carefully if you can afford to pay any claims.
• Review your policy every year – You should examine and revise your insurance policies each year.