Electrical Contractor Insurance in New Jersey

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What is Electrician Insurance?

Electricity is a risk. Even if your abilities and experience are impressive, you could make a mistake that could result in personal injury or fire damage, as well as property damage. It can also result in a costly lawsuit.

Electrical contractor insurance protects against financial losses that can be devastating because of injuries or property damage, as well as other risks that are associated with the trade.

Electrical contractor insurance is used to describe the various kinds of insurance you might consider for your New Jersey electrical business.

Why do electrical contractors need insurance in New Jersey?

Electrical systems are a risk in New Jersey regardless of whether you are working as an electrician for residential use or a commercial one. Each electrician is at risk for fires, injuries from live wires, and accidental destruction to property of the client.

New Jersey electricians have business insurance to help them to protect themselves from the risks that electrical contractors face. Without the various insurance policies, you could be liable for costly legal costs as well as compensation and other bills that could drain your bank accounts.

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What insurance do New Jersey electricians need?

You have the option of choosing between different types of insurance as an electrician. BizInsure provides a range of electricians coverage at affordable rates.

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 much does electricians insurance cost in New Jersey?

Electrical insurance prices in New Jersey are based on a range of variables, including the contractual requirements of your company as well as the number and kind of employees you have, and any other exposures to which your company is exposed.

A company that employs multiple electricians will pay more for insurance than an electrician who works alone. Cost of insurance for electrical businesses is influenced by:

  • Size and revenue size of a business
  • The total number of employees covered
  • Services provided (residential or commercial)?
  • Business location
  • Your claim history
  • Coverage level

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.

How to get electrician insurance in New Jersey?

Management of small businesses is difficult. Electricians are exposed to unique risks every day. BizInsure offers fast and simple insurance for electricians.

Our team is available to answer your questions, help you to understand your insurance needs and help you select the right coverage for the needs of your small business.

Are you ready to get started? Call us now  or Compare quotes online and protect your New Jersey Electrical business today!

*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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