Do electricians need workers compensation insurance?
Workers compensation insurance is an important coverage that helps protect against certain workplace injuries. It’s required by state law in most cases where a business hires employees, and this generally includes electrical companies hiring workers.
Electrical companies that hire workers as employees are normally required to purchase workers compensation for those employees. Companies that only hire subcontractors might be able to forgo the coverage, but they should consult with an insurance agent who knows both electrician policies and workers compensation well.
Self-employed electricians who are a one-person operation usually don’t need workers compensation to be part of their insurance coverages.
Does errors and omissions cover electrical consultations and inspections?
Errors and omissions can cover many potential mistakes when working, usually including mistakes when giving customers advice.
Most E&O coverage included within small electrical business policies does cover consultations and inspections. If an electrician misses a key detail, gives wrong instructions, or otherwise makes an error during a consultation, this coverage will likely help with any financial fallout.
How much does small electrical business insurance cost?
The cost of small electrical business insurance can vary from one policy to another. Factors such as business location, business size, services offered and vehicles used are just some of the details that insurers commonly look at when setting rates.
To find out how much insurance will cost them specifically, electricians can get quotes with the help of an independent insurance agent. Independent agents aren’t connected with any one insurance company, but instead can show customers quotes from several different companies.