Electrical Contractor Insurance in Texas

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.

The coverage is regarded by many as a fundamental coverage for electrical contractors. It protects against lawsuits and other financial obligations that could arise from accidents. The coverage includes the following:

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

Business Owner’s policy

Business Owners 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 covers incidents like*:

• Giving incorrect advice to clients about accessibility or other standards within the building
• If the work you did is not perfect, the client will have to pay for additional materials or labor
• You’re accused of being negligent by a client, even if this isn’t true

Workers Compensation Insurance

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

Tools and Equipment insurance

Your tools and equipment as an electrical contractor in Texas are essential for your success.

Coverage for Tools and Equipment will help you avoid financial loss in the case of an unexpected incident.

Cyber Liability insurance

Electrical contractors must be familiar with cyber security threats. Data breaches are on the rise 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.

Top tips on Texas electricians insurance

Here are some great tips for reducing your business insurance cost.

• Compare quotes – Comparing rates can help you find policies that fit your requirements while still being within your financial budget.
• Manage risk – If you take the proper steps to reduce risk, you can reduce your insurance premiums.
• Pay your premiums upfront – If you pay your annual premiums (instead each month) you can save money.
• Increase your deductible – You could lower your premiums by increasing the deductible. But you must decide if you have enough funds to cover any claims.
• Review the policy every year – It is crucial to examine your policy and make changes each year to make sure that it follows your requirements.