INSURANCE FOR ELECTRICIANS
HOW CAN ELECTRICIANS PROTECT THEMSELVES FROM INHERENT RISK ON THE JOB
WHY DO ELECTRICIANS NEED INSURANCE COVERAGE?
HERE'S WHY ELECTRICIANS NEED INSURANCE COVERAGE
As an electrician, one must know the risk of small fires, accidental power cuts, live wires, electrical currents, and more surprise accidents that may happen. As a business owner you also have to take into consideration the accidents that may happen away from the power lines and occur anywhere on the job site.
Here at ISOM Coverage, we provide your business with the best insurance policy that fits your needs. We will customize a general liability policy that will provide the best coverage for the job.
WHAT IS COVERED UNDER GENERAL LIABILITY INSURANCE FOR ELECTRICIANS?
Bodily Injury
You’re rewiring the kitchen in a client’s home. As they pass by your work area, the client trips over your extension cord and injures themselves. They want you to cover their medical costs.
3rd Party Property Damage
While working on an electrical panel in a client’s office, a small fire starts. You’re able to contain it, but not before their nearby office equipment was damaged, including an expensive projector, computer, and monitor worth several thousands of dollars. The client expects you to reimburse them for the costs of replacing these items.
Defense Costs
One of your subcontractors performed faulty wiring work on one of your client’s homes. Weeks later, an electrical fire burns their entire house down. The client sues you, and you need to hire an attorney to defend yourself against the claim.
Medical Coverage
While you’re on your lunch break, your client’s child walks by your worksite and burns themselves on the exposed wiring. Despite your warnings to the client that everyone needed to stay away from the area while you completed the job, they now expect you to cover the costly medical treatment for their child’s injury.
ELECTRICIANS GENERAL LIABILITY POLICY FOR SUBCONTRACTORS
GENERAL LIABILITY
Commercial general liability insurance provides coverage for any bodily injury, personal injury, and property damage that are caused by a business’s operation or products. It also covers injuries that occur on the business’s premises. For general liability coverage, Ascinsure offers various deductible amounts. We will work with you to tailor general liability policies that make the most sense for your clients’ needs.
WORKERS' COMPENSATION
Worker’s compensation insurance provides coverage for an illness or injury that an employee sustains while on the job. If a worker slipped and fell on your client’s scaffolding, this insurance could provide coverage.
Worker’s compensation benefits can include medical expenses, lost wages, and any vocational rehabilitation that is needed. If an illness or injury resulted in the death of an employee, death benefits may be paid out to survivors such as a spouse or dependents. We can obtain worker’s compensation in most states, and dividend plans are available in some states.
Property
PROPERTY INSURANCE
Property insurance protects a business’s physical property from any damage or loss. Physical property includes tangible goods like equipment, materials, and tools. In most states, we can obtain coverage for damage caused by floods and earthquakes.
Specialty coverage can also compensate for any loss of income and extra expenses. We provide replacement cost valuation, meaning your clients won’t be shortchanged if they need to buy new equipment.
Any physical property that is located off site may be covered, including property that is in-transit or on a job site. We can also tailor coverage to include property that your client has rented out to a third party.
EXCESS
Simply put, excess insurance extends the limit of coverage for another insurance policy. This coverage fills in the gap if your client is found liable for an amount greater than the coverage limit on one of their policies.
AUTO
Commercial auto insurance will protect any vehicles owned by your client’s business. One aspect of this coverage is protection if an object, such as a portion of scaffolding, falls and impacts a company-owned vehicle. We offer preferential pricing for qualified accounts, as well as fleet and loss experience discounts.
INLAND MARINE
The term inland marine insurance can be confusing and is a bit of a misnomer. It refers to the coverage of any goods that are being transported on land, such as by semi-truck or rail. (As opposed to marine insurance, which covers any transportation via water.) We can underwrite difficult, high volume inland marine exposures.
CRIME
Business crime insurance protects against any business-related crime including fraud, embezzlement, robbery, theft, and misrepresentation. Your clients should not overlook this coverage. It is a myth that crime insurance is only for white collar industries. Business crime can be far-reaching, with devastating financial consequences. Every year, just fraud and abuse alone account for $400 billion in liabilities for companies in the U.S.