Insurance for Electricians in Vermont

General Liability Insurance

Your General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

The coverage is regarded by many to be a basic coverage for electricians. It protects electrical contractors against legal action or financial liability arising from accidents. This coverage includes:

• Property damage to third party property
• Third-party injury

Business Owner’s policy

Business Owners Policy (BOP) 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

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Professional liability insurance covers a variety of incidents, that include:

• Incorrectly advising clients about accessibility or other requirements within the building
• Your work has flaws which require the client paying for new materials or labor
• Even if this isn’t true, a client may assert that you committed a mistake

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.

Vermont law requires that employers with at least one employee to carry workers comp coverage.

Protection for equipment and tools

The tools and equipment you use as an electrician in Vermont are essential for your success.

Coverage for Equipment and Tools will protect you from financial loss due to unexpected events.

Cyber Liability insurance

Electrical contractors need to be aware of cybersecurity risks. The modern world is witnessing an increasing number of data security 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 on Vermont electricians insurance

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

• Compare prices – Comparing prices can help you find an insurance plan that meets your requirements and is within your budget.
• Risk management – By lowering the risk you face; it may be possible to lower the cost of insurance.
• Pay your premiums upfront – If you pay your premiums each year (instead of monthly), you can save money over time.
• Increase deductible – By raising the deductible you may be able to reduce your insurance premium. However, you should carefully decide if you have enough funds to cover any claim.
• Review your policy yearly – It is crucial that you review and update the policy every year to ensure it meets your needs.