Electrical Contractor Insurance in New York
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What is Electrician Insurance?
Electricity is a risk. Even if your skills and experience are impressive, you could make a mistake that results in causing injuries to yourself or fire damage, as well as property damage. What’s more, a lawsuit could be costly.
Insurance for electrical contractors (sometimes referred to as electrician insurance or electrical contractor insurance) covers financial losses that could be devastating due to accidents, property damage or other risks associated with the business, depending on the types of coverage you choose.
Why do New York electricians need insurance?
It is possible to be injured working on electrical systems whether you are an electrician for commercial or home use. Electricians are susceptible to injuries or fires due to the live wires. They may even cause damage to their customers or their property.
New York electricians are covered by business insurance to help them to protect themselves from the risks that electricians confront. If you do not have insurance, you could be liable for expensive legal costs, compensation and other bills that are unexpected.
Common insurance for electrical contractors in New York
Electrical contractors can choose from several types of coverage. BizInsure offers comprehensive and cost-effective insurance for electricians 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 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 much does insurance cost for electricians in New York?
Electrical insurance costs in New York are affected by a number of variables, including contractual requirements, the number of employees employed, or other exposures related to your job.
Insurance costs for a business that has multiple electricians is typically more than when the electrician works alone. Insurance for electrical businesses is affected by:
- Business size and revenue
- Number of employees
- Types of service provided (residential commercial, residential or both)
- Business location
- Your claim history
- Coverage level
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.
How do I obtain electrical contractor insurance in New York?
As electricians, you are exposed to unique risks every day. BizInsure simplifies the process for electricians to obtain insurance.
Our team will be able to answer any questions you may have to ensure that you are informed and are able to select coverage for your business.
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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