Insurance for Electricians in Virginia
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What is Electrician Insurance?
Electricity can be hazardous. You could still make a mistake that leads to personal injury or property damage. And, even more importantly, you could face costly legal action.
Electrical contractor insurance offers financial protection against losses that may be devastating due to accidents, damage to property or other risky situations.
(Electric contractor insurance is the shorthand name for the insurance policies that you might think about protecting your Virginia electrical company.)
Why do Virginia Electricians need insurance?
Electrical systems are a risk in Virginia regardless of whether you work as an electrician for residential use or commercial one. Every electrician is at risk of fires, injury from live wires as well as accidental damages to their client’s property.
Without the various insurance coverage, you could be liable for costly legal costs and other unexpected bills that could take your bank account to the limit.
What types of coverage do Virginia electricians need?
There are several types of insurance you can choose from as an electrician. BizInsure offers a range of insurance options for electricians at affordable costs.
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 insurance. This protects the electrical contractor against legal action or financial liability arising from accidents. The coverage covers:
- Damage to third party property
- Third-party injuries
Business Owner’s policy
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 covers incidents like:
- Giving incorrect advice to clients about accessibility or other requirements within the building
- If your work is flawed the client will have to pay for any additional materials or labor
- The client asserts that you were in error, even though it is false
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.
Virginia law requires a business with more than two employees to have workers compensation coverage.
Insuring Tools and Equipment
The tools and equipment you use to be electricians in Virginia are vital to your success.
You can be financially protected from unexpected incidents with tools and Equipment insurance.
Cyber Liability insurance
Electrical contractors should be aware of cyber security risks. In the modern age data breaches are on the rise.
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 much does electrician insurance cost in Virginia?
Electrical insurance costs are affected in Virginia by a range of elements. These include contractual obligations and the number of employees or exposures relating to your occupation.
Insurance costs for a business with multiple electricians are higher than when the electrician works alone. Cost of insurance for electrical business is affected by:
- Revenue and size of the company
- The total number of employees covered
- The types of services offered (i.e. residential or commercial)
- The location of the business
- Your claim history
- Coverage level
Tips for saving on Virginia electricians insurance
These tips could help you save money on your business insurance.
- Compare rate – Comparing quotes will help you choose a policy that meets your requirements and is within your budget.
- Manage risk – By taking the necessary steps to reduce risk, you will be able to lower the cost of insurance.
- Pay your premiums upfront – By paying your premiums each year (instead of a monthly payment) you will save money over the course of time.
- Increase your deductible – You could reduce your monthly costs by increasing the deductible. Nevertheless, you must be sure you can pay for the cost of any claim.
- Check your policy each year – It is important to review and revise the policy every year to ensure it meets your needs.
How to get electrical contractor insurance in Virginia?
As an electrician, you are subject to specific dangers. BizInsure made it easy for electricians and electrical contractors to obtain insurance.
Our team will be able to answer your questions to ensure you’re informed and are able to select coverage for your business.
Learn more about insurance for electricians in the states where you work.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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