What is Electrician Insurance?
Businesses that offer electrical services are exposed to a variety of risks that they need to protect themselves from. These include property, liability and other perils. While electrician insurance won’t prevent an accident or incident, it can help financially protect electrical businesses in Massachusetts if something bad does happen.
Electrician insurance is a form of commercial insurance that’s designed to meet the needs of electricians and electrical businesses. Because these businesses are exposed to multiple risks, most policies bundle several coverages together into a package policy.
What Massachusetts Businesses Need Small Electrical Business Insurance?Most Massachusetts businesses that provide residential or commercial electrical services should probably have small electrical business insurance in place. Without insurance, businesses may be dangerously and unnecessarily exposed to potentially devastating risks.
In a few cases, select businesses may have risk exposure beyond what small electrical business insurance is designed to cover. For example, large businesses with operations throughout the state might need more protection than what a small electrical business policy offers.
Businesses that are unsure whether a small electrical business insurance policy will sufficiently meet their needs can talk with an insurance agent who specializes in this type of commercial coverage. A specialized agent will know what policies are available and be able to make an informed recommendation after going over a business’ particular situation and risk exposure.
What Coverages Does Small Electrical Business Insurance Offer?
Some of the more common coverages that a small electrical business policy might offer include:
- General Liability Coverage, which may cover common accident in which other parties are injured or have property damaged
- Errors and Omissions Coverage, which may cover errors in work that negatively impact other parties
- Commercial Umbrella Coverage, which may cover especially expensive claims with supplemental liability coverage
- Commercial Property Coverage, which may cover owned buildings, equipment and inventory
- Inland Marine Coverage, which may cover owned equipment and inventor while it’s being transported between locations
- Commercial Auto Coverage, which may cover company-owned vans and trucks
- Business Income Coverage, which may cover decreases in revenue that are caused by certain calamities
The exact coverages included in policies can vary and might include additional protections.
Do Electrical Businesses Need Workers Compensation Coverage?Most businesses in Massachusetts that have paid employees are required by state law to carry workers compensation coverage in case their employees sustain a covered work-related injury or illness. Self-employed electricians might not be legally required to carry the coverage for themselves, but having it can is often still a wise decision because some health insurance plans exclude work-related injuries.
An insurance agent who helps with electrician policies can likely also assist with workers compensation coverage. Often, the coverage is purchased in a stand-alone policy that provides the one protection.