Insurance for Electricians in Minnesota

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What is Electrician Insurance?

Electricity is a risk. It is possible to make a mistake that causes injuries to your property or personal injury. It can also result in a costly lawsuit.

Electrical contractor insurance protects against financial losses that could be devastating because of accidents, property damage or other risks that are associated with the business.

Electrical contractor insurance is used to describe the various kinds of insurance you might consider protecting your Minnesota electrical business.

Why do electricians need insurance in Minnesota?

It is possible to be injured working on electrical systems whether you are an electrician for commercial or home use. Every electrician is at risk of fires, injury from live wires and accidental damage to their client’s property.

Minnesota electricians have business insurance to help them to protect themselves from the risks that electricians confront. You may have to pay for costs for legal, damages, and other expenses that are unexpected in the event that you don’t have any other insurance policies.

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

What types of insurance do Minnesota electrical contractors need?

Electrical contractors can choose from several types of coverage. BizInsure offers a large selection of electricians’ insurance.

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.

Many electrical contractors consider this to be their basic insurance policy. This insurance protects electrical contractors from legal action, and financial responsibility arising from accidents. This coverage includes:

  • Damage to property of a third party
  • Third party injuries

Electrician liability coverage is offered regardless of whether a claim is made.

Business Owners Policy

Business Owner’s Policy 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.

Also referred to as Errors & Omissions (E&O), this insurance protects your business against financial losses resulting from negligence or errors made while providing services.

Insurance for professional liability covers incidents like:

  • Giving incorrect information to customers regarding accessibility requirements or any other requirements at the building
  • You have a flaw in your work which necessitates the client to pay more for materials or work.
  • A client alleges that you acted negligently, even though it is not true

Workers’ Compensation insurance

Workers’ Compensation insurance 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.

Minnesota law requires employers that have more than five workers to be covered by Workers comp coverage.

Insurance for Tools and Equipment

You won’t be able to succeed without the equipment and tools you need as a Minnesota electrician.

You can be financially protected from unexpected events by purchasing Tools and Equipment insurance.

Cyber Liability insurance

Electrical contractors must be aware that cybersecurity is a major issue. In the modern age, data breaches are increasing.

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 electrician insurance cost in Minnesota

The rates for electrical insurance in Minnesota can be affected by several factors. This includes the requirements of contracts, employee numbers, and other risks related to your job.

A business that has several electricians pays more for insurance than a single electrician. Cost of insurance for electrical businesses is affected by:

  • The revenue and size of an organization.
  • The total number of employees covered by the insurance policy.
  • The kind of service provided (residential commercial, residential or both)
  • The location of a company
  • Your claim history
  • Coverage level

Save on Minnesota electricians insurance

You can save on your insurance with these tips.

  • Compare quotes – Comparing quotes will help you choose a policy that meets your requirements and falls within your price range.
  • Risk management – You can reduce your insurance premiums by taking steps to lower the risk.
  • Pay your premiums in advance – By paying your annual premiums (instead monthly) you will save money.
  • Increase deductible – By raising your deductible, you could be able to reduce your insurance premium. However, you should carefully determine if you have enough funds to cover any claims.
  • Review your policy every year – It is important to review and update your policy every year to ensure that it is following your needs.

How do I get the electrical contractors insurance in Minnesota?

As electricians, you are exposed to different risks each day. BizInsure offers fast and simple insurance for electricians.

Our staff is ready to answer questions, understand your coverage requirements and help you choose the right option for you.

Are you ready to start your journey? Call us and protect your Minnesota electric business or compare multiple quotes.

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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