Electrical Contractor Insurance in Louisiana

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.

It is thought by the majority to be a necessary insurance for electrical contractors. It protects contractors from lawsuits and other financial obligations that result from accidents. The coverage covers:

• Damage to third party property
• Third-party injuries

Business Owner’s Policy

Business Owners Policy is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.

Professional Liability insurance

Professional liability insurance (also known as Errors and 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 Insurance covers incidents like:

• Giving incorrect advice on accessibility or other building standards.
• There is a defect in your work that requires the client to pay more for materials or labor.
• The client asserts that you were in error, even though it is false

Workers’ Compensation Insurance

Workers’ Compensation insurance 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.

Louisiana employers need to carry Workers’ Compensation insurance or be approved for self-insurance.

Tools and Equipment insurance

As an electrical contractor the tools and equipment you use are essential to your success.

You can protect yourself financially from unplanned incidents by purchasing tools and Equipment insurance.

Cyber Liability insurance

Electrical contractors must be aware to cyber-security risks. Modern society is seeing an increasing number of data breaches.

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.

Tips for savings on Louisiana electricians insurance

You can save on your insurance premiums by following these tips.

• Compare quotes – Comparing rates can help find policies for your requirements while remaining within your financial budget.
• Risk management – If you take steps to lower risk, you will be able to reduce the cost of insurance.
• Pay your premiums upfront – If you pay your premiums annually (instead of monthly), you can save money over the course of time.
• Increase your deductible – You can reduce your monthly premiums by increasing your deductible. If you do not have enough money to cover any potential claims, you might consider rethinking your decision.
• Review your policy every year – You should review and update your insurance policies each year.