Electrical Contractor Insurance in Maryland

General Liability insurance

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

For many electrical contractors, this is a must-have insurance. It protects against lawsuits and other financial liabilities that may arise from accidents. The coverage includes the following:

• Damage to third-party property
• Injury to third parties

Business Owners Policy

Business Owner’s Policy (BOP) 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

A Professional Liability insurance policy (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 Liability insurance protects against incidents including:

• Giving incorrect information to clients about accessibility or other requirements of the building
• Your work is flawed and may require the client to purchase new materials or work
• The client asserts that you were in error even though this is a lie

Workers Compensation insurance

A 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.

Maryland law requires every business with one or more employees to be covered by Workers’ Compensation coverage.

 

Insuring Tools and Equipment

The tools and equipment you use as an electrician in Maryland is vital to your success. Tools and Equipment policy can provide financial protection against unexpected circumstances.

Cyber Liability insurance

Electrical contractors need to be aware of cyber security risks. In the modern age data breaches are on the rise.

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.

Saving tips on Maryland electricians insurance

Here are some great tips to help you reduce your insurance costs.

• Compare quotes – Comparing prices can help you find an insurance policy that meets your requirements and fits with your budget.
• Risk management – If you take steps to lower risk, you may be able to lower the cost of insurance.
• Pay for premiums up front – By paying premiums each year instead of every month, you can save on your insurance expenses.
• The deductible you pay more – You could lower your premiums by increasing your deductible. However, you should carefully determine if you have enough funds to cover any claims.
• Review your policy every year – It is crucial to review and revise your policy every year to make sure it meets your requirements.