Electrical Contractor Insurance in Maine

General Liability insurance

General Liability insurance protects your business against injuries to the body or property lawsuits by third parties.

This coverage is considered by many to be a basic insurance for electricians. It protects electrical contractors against lawsuits or other financial liabilities due to accidents. This includes:

• Damage to property of a third party
• Third-party injuries

Electrician General Liability insurance provides coverage whether the claim is legitimate.

Business Owner’s Policy

Business Owners Policy (BOP) provides small entrepreneurs with an affordable, practical way to safeguard their business from its most common exposures. These policies combine General Liability with other types like Business Interruption and Property Damage.

Professional Liability insurance

Professional Liability insurance safeguards Maine companies from allegations of negligence, misrepresentation or error, in addition to document or paperwork errors.

This coverage, also known by the term Errors & Omissions insurance (E&O), will protect your business from financial losses resulting out of negligence or mistakes when providing services.

Professional liability insurance protects against incidents including:

• Not giving the correct advice regarding accessibility or other building standards.
• If your work is flawed The client will be required to pay for additional material or work
• Customers might accuse you of negligence, even when it’s not true.

Workers’ Compensation insurance

 

A Workers’ Compensation policy offers protection to Maine electrical contractors that have employees that are suffering from occupational illnesses or injuries. Policies commonly cover medical bills as well as physical therapy or rehabilitation, and the loss of wages.

In Maine, every business with employees is required to carry Workers’ compensation coverage.

Tools and Equipment insurance

You won’t be successful without the equipment and tools you need to be an Maine electrical contractor.

Tools and Equipment coverage will protect you from financial loss due to unexpected circumstances.

Cyber Liability insurance

Electrical contractors must be aware to cyber-security risks. The modern world is witnessing an rise in data security breaches. Cyber Liability Insurance can help cover expenses associated with resolving the effects of a data breach, which includes the legal costs and monitoring of credit expenses for the affected people.

How to save on Maine Electricians Insurance

Our top tips for saving on insurance for businesses.

• Comparing quotes. Comparing quotes will help you choose the policy that best meets your requirements and falls within your price range.
• Management of risk – If you take steps to lower risk, you may reduce your insurance cost of insurance.
• Pay for premiums up front – By paying premiums annually instead of monthly you will save money on your insurance expenses.
• Increase your deductible – You could be able to lower your insurance premium by increasing your deductible. You should consider carefully if you can afford to pay any claim.
• Review your policy every year – You should examine and revise your insurance policies every year.