Electrical Contractor Insurance in Oregon

General Liability insurance

General Liability insurance can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

Many electrical contractors view this to be their basic insurance coverage. It protects them from legal actions and financial obligations resulting in accidents. It covers:

• Damage to property of third parties
• Third-party injuries

Business Owner Policy

A 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

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional Liability insurance covers events like:

• Incorrect information being given to customers regarding accessibility or any other requirements of the building
• There is a defect in your work that necessitates clients to pay for new materials or additional work
• Even if this isn’t true, a client may assert that you committed a mistake

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.

Oregon requires most employers to carry Workers’ compensation coverage.

Insurance for tools and equipment

You won’t be able to succeed without the equipment and tools you need to be an Oregon electrical contractor.

Be prepared financially for unforeseeable events with Tools and equipment coverage.

Cyber Liability insurance

Electrical contractors must be familiar with cyber security dangers. In our modern world data breaches are on the rise.

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 money on Oregon electrician insurance

Here are our top tips to save money on the cost of your business insurance.

• Comparing quotes – You can decide on policies by looking at quotes.
• Managing of risk – If you take steps to reduce risk, you may be able lower your premiums.
• Pay your premiums in advance – If you pay the annual cost of your premium (instead each month) you will save money.
• Raise deductible – You could lower your premiums by increasing your deductible. You should consider carefully whether you are able to pay any claim.
• Review your policy every year – It is crucial to review and update your policy each year to ensure that it meets your requirements.