Electrical Contractor Insurance in Washington
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What is Electrician Insurance?
Electricity can be hazardous. Even if you’re experienced and skilled, a mistake can result in personal injury, damage to property or even a fire. It could also lead to a costly lawsuit.
Insurance for electrical contractors protects against financial losses resulting from injuries or property damage, as well as other risks that are associated with this trade.
Electrician insurance and electrical contractor insurance refer to the different types of coverage available to Washington electricians.
(Electrician insurance and electrical contractor insurance refer to the different types of coverage available to Washington electricians.)
Why do electricians need insurance in Washington?
If you’re an electrician, you’ll know that working with electrical systems could be hazardous in Washington. Electrical systems in Washington can be hazardous for both commercial and residential electricians.
Washington electricians benefit from insurance for businesses to protect against the most common risks. If you don’t have insurance, you could be liable for the cost of legal costs, compensation payments and other costs that can take a huge chunk of your bank account.
Common insurance types for Washington electrical contractors
BizInsure offers electricians a range of comprehensive and affordable insurance options.
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 electricians. It protects against lawsuits and other financial obligations that could arise from accidents. The coverage includes the following:
- Property damage to third party property
- Injuries to third parties
Business Owner’s Policy
A Business Owner’s 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.
The insurance policy, also called Errors & Omissions, (E&O) is designed to protect your company from losses that result from negligence or errors that occur during the execution of services.
Professional Liability insurance protects against incidents that include:
- Not giving the correct advice about accessibility, or any other building standards.
- If your work is flawed, the client will have to pay for any additional materials or labor
- You’re accused of negligence by a customer, even if this isn’t true
Tools and Equipment Insurance
You will not be successful without the equipment and tools you need to be a Washington electrician. The Tools and Equipment policy can provide financial protection against unexpected circumstances.
Cyber Liability insurance
Electrical contractors must be aware of the risks of cyber-security. Modern society is seeing an increase in data security breaches.
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 electrical contractor insurance cost in Washington?
The cost of electrical insurance in Washington is based on a range of factors including the contractual requirements of your company, the number and type of employees you employ, and any other exposures to which your company is subject.
A business that has several electrical contractors usually pays more in insurance costs than a contractor who only works by himself. Cost of insurance for electrical business is affected by
- Business size and revenue
- Number of employees are covered
- Types of service provided (residential commercial, residential or both)
- Business location
- Your claim history
- Coverage level
Save on Washington electricians insurance
Here are top tips to save money on your business insurance costs.
- Comparing quotes – You can determine the most suitable policy for you by looking at quotes.
- Risk management – By reducing the risk you face; it may be possible to lower insurance premiums.
- Pay for premiums in advance – By paying premiums each year instead of every month, you can save on your insurance expenses.
- Increase your deductible – If you don’t have the funds to cover any potential claims, you might consider rethinking your decision.
- Review your yearly – You must review and update your insurance policies each year.
How do I get electrical contractor insurance in Washington?
There are unique risks to be aware of as an electrician every day. BizInsure makes it easy for electricians to get insurance.
Our team will be able to answer your questions to ensure that you are 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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