Electrical Contractor Insurance in Wisconsin

General Liability Insurance

General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

This coverage is considered by many to be a basic insurance for electricians. It protects electrical contractors against legal costs or financial liabilities due to accidents. This coverage includes:

• Property damage caused to third parties
• Third-party injuries

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

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional Liability insurance covers incidents such as:

• Giving clients incorrect advice about accessibility or other requirements within the building
• The work you have done is flawed and will require the client paying for new materials or labor
• Customers might claim that you are negligent, even when it’s not true

Workers Compensation Insurance

A 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.

Wisconsin law requires employers to obtain Workers’ Compensation coverage unless they are self-insured or qualify for an exemption.

Insurance for tools and equipment

As an electrical contractor, your tools and equipment are essential for your success.

Insurance coverage for tools and equipment will help you avoid losses in the event of an unexpected event.

Cyber Liability insurance

Electrical contractors must be aware that cybersecurity is a major issue. In our modern world, 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 can Wisconsin electrician save on their business insurance?

You can save money on your insurance with these tips.

• Compare quotes – Comparing quotes can help you to find a policy that meets your needs and is within your budget.
• Risk management– By taking steps to reduce risk, you could be able to reduce the cost of insurance.
• Pay your premiums in advance – You could save money by paying your premiums in advance.
• Increase your deductible – You may be able lower your insurance premium by raising your deductible. It is important to consider if you can afford to cover any claims.
• Check your policy annually – It is crucial to review and revise your policy each year to ensure that it is in line with your requirements.