Insurance for Electricians in Michigan

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.

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.