Insurance for Electricians in New Hampshire
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What is Electrician Insurance?
Electrical work poses a danger. Even if your skills and experience are high, you could make a mistake which could result in injuries to yourself, fire damage, or property damage. And even more importantly is the possibility of costly legal action.
Electrical contractor insurance covers financial losses due to injury, property damage and other risks that are related to this business.
(Electrical contractor insurance is shorthand for the different kinds of insurance policies you may consider protecting your New Hampshire electrical business.)
Why do electricians need business insurance in New Hampshire?
It is possible to be injured working on electrical systems whether you are an electrician for commercial or home use. Electrical systems in New Hampshire could be dangerous for commercial and residential electricians.
Business insurance helps New Hampshire electricians to cover the typical risks faced by electrical contractors. If you do not have insurance, you could be responsible for paying expensive legal costs, compensation costs and other costs that can take a huge chunk of your savings account.
What types of coverage do New Hampshire electricians need?
There are several types of insurance that you can choose from as an electrician. BizInsure can arrange comprehensive and affordable insurance for electrical contractors in New Hampshire.
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.
The coverage is regarded by many to be a basic insurance for electricians. It shields them from lawsuits and other financial liabilities that may arise from accidents. This coverage includes:
- Property damage to third party property
- Third-party injury
Electrician insurance provides protection regardless of whether a claim is true or not.
Business Owner’s Policy
Business Owners Policy is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.
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 events such as:
- Not giving the correct advice regarding accessibility, or any other building standards
- The client must pay for the new materials and work because your work has defects.
- Even if it is not true, a client may claim that you have acted negligently
Workers Compensation insurance
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.
New Hampshire law requires employers with employees be covered by workers comp coverage.
Insurance for tools and equipment
As a contractor in the electrical field the tools and equipment you use are crucial to your success.
The Tools and Equipment policy will provide financial protection against unexpected events.
Cyber Liability insurance
Electrical contractors must be aware that cyber security is a serious problem. The modern world is witnessing an increase in data breaches.
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 New Hampshire?
Electrical insurance in New Hampshire is affected by many aspects. This is the case for contractual requirements, the number of employees and any other risks that are related to your work.
An electrical contractor working alone will be able to pay less for insurance than a business with many electricians. Insurance for electrical businesses is affected by:
- Revenue and size of the business
- The number of employees covered
- Types of services offered.
- The location of a business
- Your claim history
- Coverage level
New Hampshire electricians insurance: Save time and money
Our top strategies to save on businesses insurance
- Compare quotes – Comparing quotes can help you to find a policy which will meet your requirements and falls within your budget.
- Risk management – By taking steps to lower risk, you may reduce your insurance cost of insurance.
- You can pay your premiums upfront – By paying the annual cost of your premium (instead monthly) you can save a lot of money.
- Raise your deductible – You may be able reduce your insurance costs by raising your deductible. You must carefully consider whether you have enough funds to cover any claims.
- Review your policy every year – You should review and update your insurance policies every year.
How to electrician insurance in New Hampshire?
Managing a business is hard work. Electricians face unique dangers every day. BizInsure provides fast and easy insurance for electrical contractors.
Our team is available to answer your questions, help you understand your coverage needs and select a solution that works for your small business.
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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