Unsurprisingly, electricians face severe risks in their line of work. The tiniest mishap can lead to significant bodily harm, not to mention massive financial losses. As an electrician, therefore, protecting yourself with proper insurance is as crucial as working with insulated tools.
In addition to cushioning your wallet against unexpected medical bills, the right coverage will give your clients the confidence to allow you to work in their home or site. Electrical insurance is essential for the well being of not just you, but your business as well.
What the Right Insurance Can Do for You
Like any other business, electricians require several insurance coverages to protect their operation. Below are three ways in which a proper insurance coverage can protect you while you work.
Workers’ compensation
Electrical injuries often result in medical expenses, rehabilitation costs and diminished income. Depending on the extent of the losses, these injuries can qualify for workers’ compensation.
If you run an electrical works business, workers’ compensation insurance can help you to pay employees for the losses they sustain while at work. Most states require businesses to provide their employees with workers’ compensation, and in most cases, you’ll be expected to pay an employee regardless of whatever it was that caused the job-related injury.
General liability
A Commercial General Liability (CGL) cover is a must-have for any electrician, as it is the most basic mode of protection against financial losses and lawsuits. A typical CGL policy covers claims of physical and emotional injury, as well as property damage that could have resulted from your operation.
Let’s say, for instance, that you’re working at a slaughterhouse, installing a new compressor for one of their cold rooms. However, it is later determined that you didn’t set the correct temperature after you finished your job, and this error is the reason all the meat went bad. As a result, you’re facing claims of thousands of dollars in property damage.
As a safeguard against such liability, CGL will enable you to deal with the claim, whether real or fraudulent, without sinking your business. The right CGL policy will also provide coverage for the legal expenses that come with defending and settling claims.
Equipment protection
The loss of certain electrical equipment can be a major blow to a business. Therefore, in addition to protecting yourself against injury and unforeseen financial responsibility, you may also want to cover your tools of work.
The standard Commercial Property Insurance (CPI) policy only covers your equipment against loss or damage when they’re in your premises. So, if you tend to visit different sites regularly, you’ll need an Inland Marine policy. This cover will provide compensation if you lose your tools while working on client property.
Besides your equipment, it is also a good idea to get Commercial Auto Insurance for the vehicles your business is using. A Commercial Auto Insurance will cover your vehicle for physical damage, liability when you or one of your employees causes injuries to others while driving — or both.
Conclusion
Finding the best insurance policy can be confusing and time-consuming, but the right cover is crucial to the success of your business. Without it, you’re one nasty claim away from closing up shop. Protect yourself, your employees and your equipment by signing up for electrician insurance online today.
Photo Credit: fedecomite
