Insurance for Electricians in Michigan
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What is Electrician Insurance?
Electrical work is dangerous. You could still make a mistake that leads to injuries to your property or personal injury. Even worse, you could face costly legal action.
Electrical contractor insurance protects against financial losses that could be devastating due damage to property, injuries or other risks associated to the trade.
(Electrical contractor insurance is shorthand for the various types of insurance policies that could be considered to safeguard your Michigan electrical business.)
Why do Michigan electricians need insurance?
The work of electrical systems in Michigan can be hazardous, whether you are a residential or commercial electrician. Every electrician faces the danger of fires, injuries from live wires and accidental damage to their client’s property.
Michigan electricians are covered by business insurance that helps them to protect themselves from the risks that electricians confront. If you don’t have insurance, you could be liable for the cost of legal fees, compensation payments and other unexpected costs that can drain your savings account.
What types of insurance do electricians need in Michigan?
As an electrical contractor, you have a variety of insurance options. BizInsure provides a range of electricians insurance at an affordable rate.
General Liability insurance
General Liability insurance 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 considered by most to be a necessary insurance for electricians. This insurance protects electrical contractors from lawsuits, and financial liability resulting from accidents. This coverage includes:
- Damage to Third-Party Property
- Injuries to third parties
Business Owner’s Policy
Business Owners Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.
Professional Liability insurance
Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
This insurance policy, also known as Errors & Omissions, (E&O) is designed to safeguard your company from losses that result from mistakes or negligence that occur during the execution of the services.
Professional Liability insurance covers incidents like:
- Giving clients incorrect advice regarding accessibility or other requirements within the building
- The work you have done is flawed and will require the client paying for new materials or labor.
- A client alleges that you were negligent even if this is untrue
Workers’ Compensation insurance
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.
In Michian, business need Workers’ Compensation having three or more employees or one employee working more than 35 hours for 13 weeks or longer.
Tools and Equipment insurance
Electrical contractors working in Michigan must have the right tools and equipment in order to be successful.
You can be financially protected from unexpected events by purchasing Tools and Equipment insurance.
Cyber Liability insurance
Electrical contractors must be aware of cybersecurity dangers. Data security breaches are increasing in our modern world.
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.
How much does Michigan electrician insurance cost?
Electrical insurance costs in Michigan are influenced by a number of variables, including contractual requirements, the number of employees employed, or other risks associated with your work.
Insurance costs for a business with multiple electricians is higher than when the electrician works alone. The cost of insurance for electrical companies can be affected by:
- The size of a business and its revenues
- Number of employees covered.
- The type of service offered (residential, commercial or both)
- Location of the business
- Your claim history
- Coverage level
Save on Michigan electricians insurance
Our top tips for saving on business insurance.
- Compare quotes – Comparing prices can help you find an insurance policy that is suitable for your needs and fits within your budget.
- Risk management – By taking action to reduce your risk, it may be possible to reduce insurance premiums.
- Pay your premiums upfront – By paying your premiums each year (instead of a monthly payment), you can save money over time.
- Deductible increase – By increasing the deductible you may be in a position to lower your insurance costs. If you do not have the funds to cover any potential claims, then you may consider rethinking your decision.
- Review your policy yearly – It is important to review and revise your policy each year to ensure that it is in compliance with your needs.
How to get electricians insurance policy in Michigan?
Managing a small business is hard work. Electrical contractors face unique challenges every day. BizInsure makes it easy for electricians to get insurance.
Our staff is ready to answer your questions, help you understand your coverage needs and select solutions that fit your business needs.
Learn more about insurance for electrical contractors in the states where you work.
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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