Even when performed by experienced hands, electrical work is potentially dangerous. Mistakes can result in injuries, property damage and death, and these risks don’t even take into account the potential property losses that electrical workers and their companies can experience. Electrician insurance won’t prevent a workplace mishap, but it may help an electrician or electrical contractor in Massachusetts financially recover from the consequences that follow an incident.
Electrician insurance policies are specialized commercial policies that have been uniquely crafted to meet the insurance requirements of electricians. Most policies are package policies, meaning they combine several individual coverages together in a single policy. Electricians can often select the exact coverages that are included in their package policy.
Most Massachusetts businesses that work with electrical currents ought to consider purchasing an electrician policy. This includes electricians, electrical contractors and electrical service companies regardless of whether they’re set up as a sole proprietorship, limited liability corporation, S-corporation or other entity.
Since electricians can frequently customize the coverages in their policies, there isn’t necessarily a single set of coverages that comes with ever policies. Nonetheless, there are several common coverages that many policies make available:
Commercial Property Coverage, which may insure an owned building and equipment
Inland Marine Coverage, which may insure equipment while it’s in transit
General Liability Coverage, which may insure against common accidents
Errors and Omissions Coverage, which may insure against work-related errors
Commercial Auto Coverage, which may insure company-owned vehicles
Commercial Umbrella Coverage, which may offer additional liability insurance
There are many other coverages that an electrical business, depending on its situation, might want to consider. For help selecting an appropriate combination of coverages, electricians and business owners should talk with an insurance agent who specializes in these types of policies.
While some electricians and electrical businesses need or want workers compensation coverage, this normally isn’t included in electrician policies. Instead, it’s usually purchased separately when needed. An insurance agent who assists with electrician policies likely can also help with workers compensation.
As with most insurance policies, the exact claims that electrician policies cover are determined by a specific policy’s terms and conditions. Depending on those details, a policy might cover claims related to incidents such as the following:
Electrical tools are stolen from a work site
An employee causes an accident while driving between work sites
A bystander is electrocuted while work is being performed
A fire is caused by a mistake made while working
A knowledgeable insurance agent can give businesses a more precise explanation of what incidents a particular policy would likely cover.
Insurance companies consider many items when setting premiums for electrician policies. A few of the factors that sometimes influence how much policies cost are:
Where a business is located
Where a business provides electrical services
What kind of electrical work a business does
What sort of equipment a business owns and uses
What coverages and limits are selected
How many recent insurance claims a business made
If you’re in the electrical industry and need insurance contact the independent insurance agents at The Feingold Companies. Our Massachusetts-licensed agents are able to help you compare electrician insurance policies from multiple insurance companies, and they have the expertise necessary to help you make an informed and wise policy selection. With their assistance, you can be confident in the insurance your business purchases.