Electrical Contractor Insurance in New Mexico

General Liability insurance

General Liability insurance policy 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.

Many consider this coverage to be the basic coverage for electricians. It protects them from lawsuits and other financial obligations resulting in accidents. The coverage covers:

• Damage to property of a third party
• Injuries to third parties

Business Owner’s Policy

Business Owner’s 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.

Insurance for professional liability covers incidents such as:

• Incorrect information is being given to customers about accessibility or other standards of the building
• The work you have done is flawed and will make it necessary for the client to pay for new materials or labor
• Even if this isn’t true, a client may claim that you have committed a mistake

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 Mexico law requires that most businesses who have three or more employees to be covered by Workers comp coverage.

Protection for equipment and tools

Electrical contractors in New Mexico need the proper tools and equipment to succeed.

Coverage for Equipment and Tools will protect you from financial loss due to unexpected events.

Cyber Liability insurance

Electrical contractors need to be aware of the cybersecurity risks. Data security breaches are increasing in the modern age.

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 Mexico electricians insurance

Top strategies for reducing your business insurance cost.

• Compare quotes – Comparing prices will help you locate an insurance plan that meets your requirements and is within your budget.
• Manage risks – If you take the appropriate steps to reduce risk, you can reduce the cost of insurance.
• Pay for premiums up-front – By paying your premiums annually instead of monthly, you can save on your insurance expenses.
• The higher your deductible – You might be able to lower the cost of your insurance by increasing your deductible. It is important to consider if you have enough money to cover any claims.
• Review and update policy every Year – It is recommended to review your policy annually to ensure it is still in line with your requirements.