Electrical Contractor Insurance in Maine

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What is Electrician Insurance?

Electricity is a risk. Even if your abilities and experience are high it is possible to make a mistake that could result in injuries to yourself, fire damage, or property damage. What’s more is that it could result in a costly lawsuit.

Electrical contractor insurance protects against financial losses that could be devastating due to accidents or property damage, as well as other risks associated with the business.

(Electrical contractor insurance is shorthand for the various kinds of insurance policies could be considered to safeguard your Maine electrical business.)

Why do electrical contractors need insurance in Maine?

It can be dangerous working with electrical systems, whether you’re a residential or commercial electrician in Maine. Every electrician faces the danger of fires, injuries from live wires and accidental damage to their client’s property.

Business insurance can help Maine electricians cover the common risks faced by electrical contractors. If you do not have insurance, you might be liable for expensive legal fees, compensation or other bills that are unexpected.

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What types of insurance do Maine electricians need?

There are a variety of insurance you can choose from as an electrical contractor. BizInsure offers electricians a wide range of coverage at affordable rates.

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

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 much does Maine electrician insurance cost?

Insurance for electrical equipment in Maine is affected by many aspects. This is the case for contractual requirements, the number of employees and any other risks that are related to your work.

An electrical contractor working alone will be able to pay less for insurance than a company that has many electricians. The cost of insurance for electrical companies is affected by:

  • Size and revenue size of a company
  • How many employees will be covered under the policy?
  • The kind of service provided (residential commercial, residential or both)
  • Location of the business
  • Your claim history
  • Coverage level

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.

How do I get an insurance policy for electrical contractors in Maine?

Electrical contractors face new challenges each day. BizInsure makes it easy for electricians to get insurance.

Our team will be able to answer any questions you may have to ensure you’re well-informed and able to choose the best coverage for your business.

Are you ready to start? Protect your Maine electric business now by contacting us or comparing multiple estimates.

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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