Insurance for Electricians in South Carolina

General Liability Insurance

General liability insurance protects businesses against the risk of customer injury and property damage.

For many electricians it is essential to have this coverage. This coverage shields electrical contractors from lawsuits and financial responsibility arising from accidents. The coverage covers:

• Property damage caused to third parties
• Third-party injuries

Business Owner 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

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 such as:

• Giving incorrect information to clients regarding accessibility or any other standards of the building
• Your work is flawed and may make it necessary for the client to pay for new materials or work
• Even if it is not true, a client may assert that you acted negligently

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.

South Carolina law requires that employers with four or more employees carry workers comp coverage.

Insuring Tools and Equipment

As an electrical contractor, your tools and equipment are essential for your success.

Insurance coverage for tools and equipment will help you avoid losses in the event of an unexpected event.

Cyber Liability insurance

Electrical contractors must be aware to cyber-security risks. 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.

Save on South Carolina electrical contractor insurance

Here are the top tips for saving on your business insurance costs.

• Compare quotes – You can find policies that fit your budget by comparing quotes.
• Risk management – It is possible to lower your insurance rates by taking measures to reduce the risk.
• Make your payments in advance – You could save cash when you pay your premiums ahead of time.
• Deductible increase – By raising the deductible you could be able to reduce your insurance premium. Nevertheless, you must be sure you can pay for the cost of any claim.
• Review and update your policy annually – It is recommended to review your policy annually to ensure it is still meeting your needs.