Electrical Contractor Insurance in Oklahoma

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.

Many electrical contractors consider this as their primary insurance policy. This coverage shields electrical contractors from legal action, and financial responsibility arising from accidents. The insurance covers the following:

• Damage to Third Party Property
• Third-party injuries

Electrician General Liability covers you regardless of whether the claim is legitimate.

Business Owner Policy

A 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

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.

The insurance policy, also called Errors & Omissions, (E&O) is designed to safeguard your business against losses resulting from negligence or errors that occur during the execution of services.

Professional Liability insurance covers events such as:

• Giving incorrect information to clients about accessibility or other requirements of the building
• The client is responsible for new materials and work because your work has defects
• A client alleges that you were negligent, even if though this is untrue

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.

Oklahoma law requires employers to obtain Workers’ Compensation coverage for their employees.

Insuring your tools and equipment

You will not be successful without the tools and equipment that you require as an Oklahoma electrical contractor. Tools and Equipment coverage can protect you financially from unexpected events.

Cyber Liability insurance

Electrical contractors must be aware that cyber security is a serious issue. In the modern age, data breaches are increasing.

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 Oklahoma electrician insurance

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

• Compare quotes – Comparing quotes will help you in selecting policies that meet your requirements and fall within your budget.
• Risk management – By taking steps to reduce risk, you can reduce the cost of insurance.
• Pay for premiums up-front – by paying your premiums each year instead of every month you will save money on insurance expenses.
• Increase deductible – You could reduce your monthly costs by increasing your deductible. It is important to consider if you have enough money to cover any claims.
• Check the policy every year – It’s important to review your policy and make changes each year to make sure that it meets your needs.