Category Archive Contractors Insurance

The Basics of Electrical Contractors Insurance

Electrical contractors have a lot to think about. When they approach a job, they must isolate the particulars from among the thousands of hours that they’ve spent training and working to do it correctly. It may be something that they have not done before, or done so long ago that procedural knowledge has been forgotten. 

To get the job done properly and efficiently, the contractor cannot be thinking about what might happen if things go wrong. Such a lack of focus can create problems. By carrying insurance, the contractor knows that when bad things invariably happen, a team will swoop in to advocate that understands how to keep things moving forward.

What Is Electrical Contractors Insurance?

Electrical contractors insurance covers electricians in the event of damage to person or property related to the job. Requirements vary by state, so they will need to be reviewed and met before licensing will be granted. 

Besides electrical contractors insurance, there are bond options, and these also vary by state. The three types of bonds are performance, bid and payment, and carrying them can add credibility to your business.

The last thing that you need is to be worried about what happens if something goes wrong. Electrical contractors insurance protects you from the worst potential scenarios on the job. 

Contractors Insurance

The Advantages of Contractors Insurance

If you own a business, there is always the possibility of incurring devastating financial debts from work-related accidents. Because of this, it is vital that you adequately protect your business. This is where contractors insurance comes in.

What is Covered by Contractors Insurance?

This type of insurance generally covers business liability exposures. Examples of these are injuries or damage to someone’s property caused by your business. Additionally, contractors insurance can provide coverage for your business’s vehicles and your employees.

Who Needs Contractors Insurance?

If you are a contractor, a subcontractor, or an independent tradesman, you need contractors insurance. Not only does contractors insurance provide protection for your business, but it also is often required by employers before you can start working for them. Some of the trades that need contractors insurance are:

  • Construction
  • Plumber
  • Carpenter
  • Electrician
  • Landscaper
  • Painter
  • Handyman
  • Pressure Washer

What is The Cost of Contractors Insurance?

Contractors insurance generally doesn’t have a set price that applies across the board. Rates can differ depending on a variety of different things. The biggest deciding factor in the cost is the amount of risk you are exposed to. For example, someone that works on high-up roofs will have to pay more than someone who is an HVAC technician.

Running a business can be hard and risky. Having the right kind of contractors insurance can make all the difference.