Insurance for Electricians in Utah

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 considered by most to be an essential coverage for electrical contractors. It protects them from lawsuits and other financial obligations resulting in accidents. The coverage covers:

• Damage to property belonging to a third party
• Third-party injury

Business Owner’s policy

A Business Owners 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

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 coverage, which is sometimes referred to as Errors & Omissions Insurance (E&O) can protect you from financial losses that result from errors or negligence made while providing services.

Professional liability insurance covers incidents like:

• Giving incorrect information to clients about accessibility or any other standards of the building
• The client must pay for new materials and work because your work has defects
• Customers might accuse you of negligence even when it’s not true

Workers Compensation Insurance

A 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.

Most employers in Utah must obtain Workers’ Compensation coverage for their employees.

Tools and equipment coverage

Your tools and equipment for an electrician in Utah are essential 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 must be aware of cyber-security risks. 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.

How to save on Utah electricians insurance

These tips can help you save on the cost of your business insurance.

• Compare quotes – Comparing quotes will help you in selecting a policy that meets your requirements and falls within your budget.
• Risk management – By lowering your risk, it may be possible to lower the cost of insurance.
• You can pay your premiums in advance – By paying for your premiums annually you’ll save money in the long run.
• Increase your deductible – You may be able reduce your insurance costs by raising your deductible. However, you should carefully consider if you have the money available to pay for any claim.
• Check your policy yearly – It is crucial that you review and update the policy every year to make sure that it is in line with your requirements.