Electrical Contractor Insurance in Maryland

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What is Electrician Insurance?

Electrical work is hazardous. Even if you’re skilled and experienced, making a mistake that results in injury to a person or property damage, fire could occur. The most damaging part is that it could result in a costly lawsuit.

Electrical contractor coverage covers financial loss that can be devastating in the event of injuries, damages to property or any other risks in the business.
Electrical contractor insurance or electrician insurance is used to describe the various types of insurance that you could consider for your Maryland electrical business.

Why do Maryland electrical contractor need insurance?

It can be dangerous working with electrical systems, whether you’re a commercial or residential electrician from Maryland. Every electrician faces the risk of fires, injury from live wires as well as accidental damages to their client’s property.

Maryland electricians have business insurance to help them cover the common risks electrical contractors face. Insurance policies protect you from unexpected expenses like legal costs and compensation.

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BizInsure’s licensed and knowledgeable agents are available to assist you in choosing the right insurance plan.

What type of coverage do Maryland electricians need?

Electrical contractors have the option of choosing among a variety of coverage options. BizInsure is a company that offers a variety of insurance options for electricians at affordable costs.

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.

What is the cost of electrician insurance in Maryland?

Electrical insurance rates in Maryland can be affected by several factors. These include the requirements of contracts as well as employee numbers and other risks related to your work.

A single electrician will pay less for insurance than a company with many electricians. Insurance for electrical businesses is affected by:

  • Size of a company and its revenues
  • How many employees are covered by the policy?
  • What are the services offered (residential or commercial)?
  • Location of a business
  • Your claim history
  • Coverage level

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.

How to get electrician insurance in Maryland?

Electrical contractors face unique challenges every day. BizInsure makes it simple for electricians and electrical contractors to obtain insurance.

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

Ready to get started? Contact us today or compare multiple quotes online and protect your Maryland electrical business today!

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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