Electrical Contractor Insurance in New Jersey

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 thought by the majority to be an essential coverage for electrical contractors. It protects them against lawsuits and other financial liabilities that result from accidents. It covers:

• Damage to third party property
• Third-party injury

Business Owners Policy

Business Owners Policy (BOP) 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

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional Liability insurance protects incidents like:

• Giving incorrect information to clients regarding accessibility or any other requirements of the building
• There is a defect in your work that necessitates the client to pay new materials or additional labor
• Customers may accuse you of negligence, even when it’s not true

Workers Compensation insurance

Workers’ Compensation insurance 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 Jersey law requires every business that employs one or more employees to carry workers comp coverage.

Insurance for tools and equipment

Electrical contractors in New Jersey must have the right tools and equipment to succeed.

The policy on Tools and Equipment will provide financial protection against unexpected circumstances.

Cyber Liability insurance

Electrical contractors need to be aware of cyber security risks. Modern society is seeing an increasing number of data security 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 to save on New Jersey electricians insurance

These tips can help you save on your business insurance.

• Compare quotes – Comparing rates will help you find a plan that fits your needs while staying within your budget.
• Risk management – You can reduce your insurance premiums by taking steps to lower the risk.
• Pay for premiums up front – By paying premiums annually instead of monthly you will save money on insurance expenses.
• Raise your deductible – You may be able lower your insurance premium by increasing your deductible. It is important to consider if you can afford to cover any claims.
• Review your policy annually – It is crucial to review and update your policy each year to ensure that it is in compliance with your needs.