Insurance for Electricians in Minnesota

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.

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.