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General Liability + Property (bundle them with a BOP)
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
General Liability insurance covers the expenses related to property damage, personal injury, bodily injury, advertising mistakes and other related covered costs that can arise from your everyday business activities. If your business is sued, General Liability insurance can help pay for the legal expenses, attorney fees, and settlements.
A Surety Bond is a contract between three different parties. The Obligee serves the Principle for completion. The Principle carries out the Obligation and the Surety (insurance provider) ensures that the obligation is carried out. If the obligation is not carried out, the surety will find another Principle to complete the task and make sure the Obligee is compensated for the loss.
Workers' Compensation is a state-mandated insurance policy that provides wage replacement, medical costs, rehabilitation, etc. to employees who become sick or injured on the job. This saves you a lot of time and money from having to defend a negligence case, as the employee relinquishes the rights to sue your business for negligence in exchange for the benefits.
This insurance protects Electricians who are designing systems or training others for a fee against claims that your service has caused a customer financial harm due to the mistakes to carry out the contracted task. The insurance will safeguard your business against these risks and make sure that if it happens, you will not have to pay for the legal expenses, court fees, and settlements.
One wrong installation could lead your business to bankruptcy, should it cause financial or physical harm to your customer and they sue you. Monthly payments for your insurance are better than the need for huge amounts of cash over a short period of time to pay for court costs and legal fees.
Having an electrical contractor business is not without its risks, which include:
These are just a few of the many risks that electrical contractors can face.
There are several factors that determine the cost of insurance. Most of the time insurance carriers will need to know the type of business you own, the number of employees you have and the coverage you need. Some can also ask for additional information.
To get the cost of your insurance policy, apply for a free and no-obligation quote online or simply give our customer service agents a call.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
You wanted better protection and cheaper pricing. So did we. We baked that dream into everything we've set out to accomplish in building our award winning platform.
We have one! How much could we have really improved the insurance purchase process? Try us! We ask only the questions you need to answer, nothing more.
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