Electrical Contractor Insurance in Ohio

General Liability insurance

General Liability insurance protects businesses against the risk of customer injury and property damage.

It is thought by the majority to be an essential coverage for electricians. This coverage protects electrical contractors from legal action and financial responsibility arising from accidents. It covers:

• Damage to property belonging to a third party
• Injuries to third parties

Business Owner Policy

Business Owners Policy is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

Professional Liability Insurance

Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

Professional Liability insurance covers a variety of incidents, that include*:

• Not giving the correct advice to customers about accessibility or other requirements within the building
• If your work is flawed the client will have to pay for additional material or work
• The client claims that you were negligent, even though it is false

Workers Compensation insurance

Workers Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

Ohio law requires businesses with one or more employees to have Workers’ Compensation coverage.

Tools and equipment coverage

The tools and equipment you use for an electrician in Ohio are vital to your success.

You can protect yourself financially from unexpected incidents by purchasing tools and Equipment insurance.

Cyber Liability insurance

Electrical contractors should be aware of cyber security risks. Our modern world is experiencing an increase in data breaches.

Cyber Liability insurance protects your business against malicious software attacks, data breaches, viruses, and phishing. It also covers legal fees, notifying customers of a breach, credit monitoring, and fines that your company may be ordered pay. This coverage also applies to Personally Identifiable Information (aka Non-Public Information) such as names, addresses, phone numbers, social security numbers, credit card and banking info, email addresses, etc.

How to save money on Ohio electrician insurance

These tips can help you save money on your business insurance.

• Compare quotes – Comparing quotes will assist you in selecting the policies that meet your requirements and are within your price range.
• Manage risk – If you take the proper steps to minimize risk, you will be able to lower the cost of insurance.
• Pay your premiums upfront – If you pay your premiums annually (instead of a monthly payment), you can save money over the course of time.
• By increasing your deductible – If you do not have the funds to cover any potential claims, then you may want to reconsider.
• Review policy annually – It is crucial that you review and update your policy each year to ensure it meets your needs.