Electrical Contractor Insurance in New York

General Liability Insurance

General Liability insurance protects businesses against the risk of customer injury and property damage.

For many electrical contractors it is essential to have this insurance. This protects the electrical contractor against lawsuits or other financial liability arising from accidents. The coverage covers:

• Damage to Third Party Property
• Injuries to third parties

Business Owner’s Policy

Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

Professional Liability insurance

Professional liability insurance otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.

Professional Liability insurance covers events such as*:

• Not giving the correct advice regarding accessibility or other building standards
• If your work is flawed, and the client has to pay for any additional material or work
• You’re accused of being negligent by a client even though it’s not true.

Workers Compensation insurance

A Workers’ Compensation policy protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

New York law requires employers with one or more employees to have Workers’ Compensation coverage.

Coverage for tools and equipment

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

Insurance coverage for tools and equipment can help protect you from financial loss in the case of an unexpected incident.

Cyber Liability insurance

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 York Electricians Insurance

Here are some great tips to help you reduce your insurance costs.

• Compare quotes – Comparing quotes can help you in selecting policies that meet your requirements and fall within your price range.
• Risk management – If you take steps to reduce your risk, it may be possible to reduce the cost of insurance.
• Pay your monthly premiums upfront – By paying your annual premiums (instead each month) you can save a lot of money.
• Increase your deductible – You could be able to reduce your insurance costs by increasing your deductible. You must carefully consider whether you have enough funds to cover any claims.
• Review your policy every year – It is crucial to review and revise your policy every year to make sure it meets your requirements.