Electrical Contractor Insurance in North Carolina

General Liability Insurance

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

This coverage is considered by many to be a basic insurance for electricians. It protects against lawsuits and other financial liabilities that may arise from accidents. This coverage includes:

• Damage to third party property
• Third-party injury

Business Owners Policy

Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.

Professional Liability Insurance

Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.

This coverage, which is also called Errors & Omissions Insurance (E&O) will protect you from financial losses that result from errors or negligence made when offering services.

Professional Insurance covers incidents like:

• Giving incorrect advice to clients about accessibility or other standards within the building
• Your work is flawed and may make it necessary for the client to purchase new materials or labor
• A customer claims that you acted negligently, even if though this is untrue

Workers Compensation Insurance

A Workers’ Compensation 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.

North Carolina law requires employers with three or more employees to carry workers comp coverage.

Tool and Equipment insurance

As an electrical contractor the tools and equipment you use are essential to your success.

The Tools and Equipment policy can offer financial protection against unforeseeable events.

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.

Tips to save on North Carolina electricians insurance

These tips can save money on your insurance.

• Compare quotes – Comparing quotes can help you to find a policy which meets your needs and is within your budget.
• Risk management – By taking steps to reduce risk, you will be able to reduce the cost of insurance.
• Make your payments in advance – You can save money by paying your premiums in advance.
• Increase deductible – By raising the deductible you may be able to reduce your insurance premium. You must carefully consider whether you have enough funds to pay for any claim.
• Check the policy annually – It is crucial to examine your policy and make changes every year to ensure that it is in compliance with your requirements.