Electrical Contractor Insurance in Illinois

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What is Electrician Insurance?

Electrical work can be dangerous. Even if a person is skilled and knowledgeable but they can still make a costly mistake. Additionally, the possibility of a lawsuit can cost you money.
Electrical contractor insurance offers financial protection against losses that may be devastating caused by accidents, damages to property, or other risky situations.

Electric contractor insurance is a shorthand term used to describe insurance policies that you might want to consider protecting your Illinois electrical business.

Why do electrical contractors need insurance in Illinois?

If you’re an electrician, working with electrical systems could be dangerous in Illinois. Electricians are susceptible to fires or injury due to the live wires. They may even cause damage to their customers or their property.

Business insurance helps Illinois electricians to cover the typical risks faced by electrical contractors. Without different types of insurance coverage, you could be liable for costly legal fees as well as compensation and other expenses that can take your bank account to the limit.

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You can rest easy knowing you’ve got insurance at reasonable cost from top-rated insurers.
BizInsure’s licensed and knowledgeable agents are available to assist you in choosing the right insurance plan.

What types of insurance do electricians need in Illinois?

As an electrician has a range of options for insurance. BizInsure’s electricians’ coverage is extensive and cost-effective.

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.

How much does electrician insurance cost in Illinois?

The cost of electrical insurance in Illinois is affected by a variety of factors, including contractual requirements, the number of employees or other risks associated with your job.

A business that has multiple electrical contractors pays more insurance premiums than a contractor who only works by himself. The cost of insurance for electrical businesses is affected by

  • Size and revenue size of a business
  • What number of employees are covered under the policy?
  • What type of services do you provide?
  • The location of a company
  • Your claim history
  • Coverage level

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.

How do I get an electrical contractors liability insurance policy in Illinois?

Small business management is a lot of work. Electrical contractors face unique challenges every day. BizInsure made it simple for electrical contractors and electricians to obtain insurance.

Our team is available to answer your questions, help you learn about your insurance requirements and help you choose the right option for you.

Ready to get started? Contact us or compare multiple quotes to protect your Illinois business today.

*The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizInsure.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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