Electrical Contractor Insurance in Kentucky

General Liability Insurance

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

A lot of people consider this as the most basic insurance for electricians. This protects the electrical contractor against lawsuits or other financial liability arising from accidents. The coverage includes the following:

• Property damage caused to third parties.
• Injuries to third parties

Business Owner Policy

A 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

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 insurance claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional Insurance covers incidents like:

• Not giving the correct advice to customers about accessibility standards or other requirements at the building
• Your work is flawed and may make it necessary for the client to purchase new materials or labor
• The client asserts that you were negligent, even though this is a lie

Workers Compensation insurance

A Workers’ Compensation policy protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

Kentucky law requires employers who employ one or more people to have Workers comp coverage.

Insurance for tools and equipment

The tools and equipment that you employ to be electricians in Kentucky are vital to your success.

Insurance coverage for tools and equipment can help you avoid financial loss in the case of an unexpected incident.

Cyber Liability insurance

Electrical contractors must be aware that cyber security is a serious issue. Data security breaches are increasing in our modern world.

Cyber Liability insurance protects your business against malicious software attacks, data breaches, viruses, and phishing. It also covers legal fees, notifying customers of a breach, credit monitoring, and fines that your company may be ordered pay. This coverage also applies to Personally Identifiable Information (aka Non-Public Information) such as names, addresses, phone numbers, social security numbers, credit card and banking info, email addresses, etc.

How to save on Kentucky electricians insurance

Our top tips for saving on insurance for businesses.

• Compare quotes – Comparing quotes can help you identify a policy that will meet your requirements and falls within your budget.
• Risk management – You can lower your insurance rates by taking steps to lower the risk.
• Pay for premiums up-front – By paying your premiums annually instead of monthly, you can save on your insurance expenses.
• Increase your deductible – You can lower your costs by increasing the deductible. If you don’t have the funds to pay for any possible claims, you might want to reconsider.
• Review the policy annually – It’s important to review your policy and make changes each year to ensure that it meets all of your needs.