Electrical Contractor Insurance in Illinois

General Liability Insurance

General Liability insurance policy can protect 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.

Many consider this coverage to be the basic coverage for electricians. It shields them from legal actions and financial obligations resulting in accidents. The coverage covers:

• Damage to third-party property
• Third party injuries

Electrician General Liability coverage is provided whether or no claims can be made.

Business Owners Policy

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

Professional liability insurance policy (also known as Errors & Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

Professional Liability insurance covers events such as:

• Giving incorrect advice to clients regarding accessibility or other requirements within the building
• Your work is flawed and may require the client to pay for new materials or labor
• The client claims that you were in error even though it is false

Workers Compensation Insurance

Workers’ Compensation policy protects you 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.
Illinois law requires that employers with employees need to have workers comp coverage.

Insurance for tools and equipment

The equipment and tools that you employ as an electrician in Illinois is essential for your success.
Coverage for Tools and Equipment will help you avoid financial loss in the event of an unexpected event.

Cyber Liability Insurance

Electrical contractors must be aware of cyber security threats. In our modern world data breaches are on the rise. Cyber Liability insurance covers the expenses associated with recovering from data breaches, including legal fees, credit monitoring for the affected people, as well as notification expenses.

Save money on your Illinois electricians insurance

Here are tips for reducing your business insurance cost.

• Compare quotes – Comparing quotes can help you to identify a policy that will meet your requirements and falls within your budget.
• Risk management – By taking steps to lower risk, you may be able to reduce the cost of insurance.
• Make your payments in advance – You can save money by paying your premiums in advance.
• Higher your deductible – You may be able to reduce your premium through increasing the deductible. It is important to consider if you have enough funds to cover any claims.
• Review and update your policy annually – It is recommended to examine your policy every year to ensure it is still meeting your needs.