Insurance for Electricians in Tennesse

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.

It is thought by the majority to be a necessary insurance for electrical contractors. It protects contractors from lawsuits and other financial obligations that result from accidents. The coverage covers:

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

Business Owner’s 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.

This insurance, also called Errors & Omissions Insurance (E&O), protects you against financial losses resulting due to errors or negligence made while offering services.

Professional Liability insurance covers incidents like:

• Not giving the correct advice about accessibility or other building standards
• If the work you did is not perfect The client will be required to pay for any additional materials or labor
• The client asserts that you were in error, even though this is a lie

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.

Tennessee law mandates that businesses with five or more employees must have Workers’ Compensation coverage.

Tools and Equipment insurance

The equipment and tools you use as electricians in Tennessee are vital to your success.

Coverage for Tools and Equipment can help protect you from financial loss in the event of an unexpected event.

Cyber Liability insurance

Electrical contractors need to be aware of cyber security risks. Data breaches are on the rise in our modern world.

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.

Saving on your electrician insurance policy

Here are our top tips for saving on the cost of your business insurance.

• Comparing quotes – You can find the most suitable policy by comparing quotes.
• Risk Management – By taking steps to lower risk, you could be able to lower your insurance premiums.
• Pay for premiums up-front – By paying premiums each year instead of every month you will save money on insurance expenses.
• The higher your deductible – You might be able to lower your premium by increasing your deductible. However, you should be sure you are able to afford any claim.
• Review your policy every year – You should examine and revise your insurance policies every year.