Electrical Contractor Insurance in New Mexico
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What is Electrician Insurance?
Electrical work is dangerous. Even if a person is skilled and knowledgeable, they could make a costly error. What’s more the possibility of a lawsuit can cost you money.
Electrical contractor insurance protects against financial losses resulting from injuries or property damage, as well as other risks related to this business.
Electrical contractor insurance is the shorthand name for the insurance policies that you might think about to protect your New Mexico electrical company.
Why do electrical contractors need insurance in New Mexico?
If you’re an electrician, you’ll know that working with electrical systems could be dangerous in New Mexico. Every electrician faces the danger of fires, injuries caused by live wires, and accidental damage to their clients’ property.
New Mexico electricians are covered by business insurance to help them to protect themselves from the risks that electrical contractors face. You may have to pay costs for legal fees, compensation, and other unexpected expenses if you don’t have different insurance policies.
What types of insurance do electricians need in New Mexico?
Electrical contractors have the option of choosing from several types of coverage. BizInsure can arrange comprehensive electrical contractor coverage at affordable rates.
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 much does electrician insurance cost in New Mexico?
The cost of electrical insurance in New Mexico is influenced by a variety of variables, including contractual requirements and the number of employees employed or other risks associated with your work.
A business that has multiple electricians will pay more for insurance than an electrical contractor who works alone. The cost of insurance for electrical companies are affected by:
- The size of a business and its revenues
- Number of employees covered
- Types of service provided (residential, commercial or both)
- Business location
- Your claim history
- Coverage level
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.
How to get electricians insurance in New Mexico?
As an electrician, you face different risks each day. BizInsure made it easy for electricians and electrical contractors to get insurance.
Our team is ready to answer your questions, help you to understand your insurance needs and choose coverage that suits your small business needs.
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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