Electrical Contractor Insurance in South Dakota

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.

The coverage is regarded by many to be a basic insurance for electricians. It shields them from lawsuits and other financial liabilities that may result from accidents. The insurance covers the following:

• Property damage to third party property
• Third-party injury

Business Owner’s policy

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 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 protects incidents like:

• Giving incorrect information to clients about accessibility or other requirements of the building
• If your work is flawed the client will have to pay for additional material or work
• Customers may accuse you of negligence even when it’s not true

Workers Compensation Insurance

Workers’ Compensation policy 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.

Tools and equipment insurance

Your tools and equipment as an electrical contractor in South Dakota are vital to your success.

The policy on Tools and Equipment will provide financial protection against unexpected circumstances.

Cyber Liability insurance

Electrical contractors need to be aware of the cybersecurity risks. Data security breaches are increasing in the modern age.

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 electrical contractor insurance in South Dakota

You can save on your insurance premiums by using these suggestions.

• Compare quotes – Comparing quotes can help you find a policy which meets your needs and is within your budget.
• Risk management – It is possible to reduce your insurance premiums by taking steps to lower the risk.
• You can pay your monthly premiums upfront – If you pay the annual cost of your premium (instead each month) you will save money.
• The higher your deductible – You might be able to lower the cost of your insurance by increasing your deductible. If you do not have enough money to pay for any possible claims, then you may want to reconsider.
• Review your policy every year – It is crucial to review and update your policy every year to ensure that it meets your requirements.