Electrical Contractor Insurance in Ohio
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What is Electrician Insurance?
Electrical work can cause serious injury. You could still make an error that causes injuries to your property or personal injury. What’s more, the possibility of a lawsuit can cost you money.
Electrical contractor insurance covers financial losses that can be devastating due to accidents or property damage, as well as other risks that are associated with the trade.
You can protect your Ohio electric business by obtaining the appropriate insurance.
(Electrician insurance or electrical contractor insurance is a quick way of describing the many different kinds of insurance coverage available to electricians.).
Why do Ohio Electricians need insurance?
It is possible to be injured working on electrical systems whether you are a home or commercial electrician. Ohio’s electrical systems can be dangerous for residential and commercial electricians.
Business insurance helps Ohio electricians to cover the typical risks faced by electrical contractors. If you don’t have insurance, you could be liable for the cost of legal costs, compensation payments and other unexpected costs that can drain your bank account.
What types of insurance do electrical contractors need?
There are different kinds of insurance options for an electrician. BizInsure offers electricians a wide selection of insurance options at reasonable costs.
General Liability insurance
General Liability insurance protects businesses against the risk of customer injury and property damage.
It is thought by the majority to be an essential coverage for electricians. This coverage protects electrical contractors from legal action and financial responsibility arising from accidents. It covers:
- Damage to property belonging to a third party
- Injuries to third parties
Business Owner Policy
Business Owners Policy 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
A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.
Professional Liability insurance covers a variety of incidents, that include*:
- Not giving the correct advice to customers about accessibility or other requirements within the building
- If your work is flawed the client will have to pay for additional material or work
- The client claims that you were negligent, even though it is false
Workers Compensation insurance
Workers Compensation insurance 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.
Ohio law requires businesses with one or more employees to have Workers’ Compensation coverage.
Tools and equipment coverage
The tools and equipment you use for an electrician in Ohio are vital to your success.
You can protect yourself financially from unexpected incidents by purchasing tools and Equipment insurance.
Cyber Liability insurance
Electrical contractors should be aware of cyber security risks. Our modern world is experiencing an increase in data breaches.
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 Ohio electrician insurance cost?
Electrical contractor insurance cost in Ohio is influenced by a variety of aspects. This is the case for contractual requirements, the number of employees employed, or any other exposures which are connected to your work.
A business that has multiple electrical contractors pays more insurance premiums than a contractor who works solely for himself. Insurance costs for electrical businesses are affected by:
- Business size and revenue
- Number of employees covered
- The types of services provided (i.e., residential or commercial)
- Business location
- Your claim history
- Coverage level
How to save money on Ohio electrician insurance
These tips can help you save money on your business insurance.
- Compare quotes – Comparing quotes will assist you in selecting the policies that meet your requirements and are within your price range.
- Manage risk – If you take the proper steps to minimize risk, you will be able to lower the cost of insurance.
- Pay your premiums upfront – If you pay your premiums annually (instead of a monthly payment), you can save money over the course of time.
- By increasing your deductible – If you do not have the funds to cover any potential claims, then you may want to reconsider.
- Review policy annually – It is crucial that you review and update your policy each year to ensure it meets your needs.
How to get electrical contractors insurance in Ohio?
Electrical contractors face new challenges each day. BizInsure simplifies the process for electricians to obtain insurance.
We are ready to answer your questions and help you understand your needs to help you select insurance for your small-sized 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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