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Electrical Contractor Insurance in Georgia
Fuse Safety and Savings with Electrical Contractor Insurance
When you're working on electrical systems of any kind, there are an unfortunately large number of things that can go wrong. Things like live wires, active circuits, or even specialized equipment are all inherently dangerous and come with their own unique risks.
Not only can
the right electrical contractor insurance policy
help protect your business, your employees, and your clients from a safety perspective, but approaching the topic in the right way can also save you a significant amount of money as well.
Why is Electrician Liability Insurance Important?
Electrician insurance is essential because of the significant risk to people and property damage that comes with working on both residential and commercial projects. It's your responsibility as an electrical contractor to carry the correct coverages for compliance with state and local regulations. Additionally, clients are more likely to select a contractor who can prove they carry excellent coverage. Many general contractors or project managers will require proof of coverage before entertaining your bid on a project.
What Insurance Coverages Should an Electrical Contractor Have?
Workers compensation insurance is a required type of insurance for any business owners who hire employees, including electricians. It can cover medical expenses, lost wages, and even your own liability in situations where someone becomes injured on the job.
Note that in the state of Georgia general contractors - including electrical contractors - need to have general liability insurance coverage with minimum coverage limits that relate to the type of license they possess. A general contractor must have a minimum limit of $500,000, for example. A residential-basic contractor must have a minimum limit of $300,000.
In Georgia, it is always recommended that electricians have a contractor's E&O insurance policy. If you get accused of making a mistake and causing an electrical system failure, for example, there could be quite a bit of expensive damage involved. Contractors' E&O insurance can help defend against those costs.
This is a type of insurance policy that protects you from instances of professional negligence that are either actual or alleged. It helps cover legal defense costs, legal judgments, and more. It is not required, but always recommended.
This provides electricians with an extra layer of protection by covering expenses that may go beyond the limits of your other policies. This is a recommended type of coverage in Georgia.
If you drive a car for work purposes in a state like Georgia, you'll need to have commercial auto insurance coverage. Beyond that, there are a number of distinct types that you're not necessarily required to get but should absolutely consider.
A surety bond is recommended for electricians as a way to build trust with clients. IT helps make sure that the project will be completed to the specifications and satisfaction of the property's owner.
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Requirements for Electrician Insurance
Again, there are many situations where having electrician insurance isn't a recommendation, but a requirement. In addition to needing it for your license and it being required by clients, some other examples include ones like:
- You need it to own a work-related vehicle and drive for business purposes.
- It is mandatory to hire employees or subcontractors.
- It is necessary to either repair or replace property you own or rent like your inventory or equipment.
Our Carriers
All the top-rated carriers in Georgia including Selective, Hanover, Travelers, Hartford, Nationwide, Chubb, Liberty Mutual, and more.
Where We Work
BIS Benefits works with companies all around the state of Georgia, below are some of the cities our clients are located in:
Interested in our benefits?
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Business Insurance, Group Plans, and Employee Benefits? We're here to help! Our team is friendly, knowledgeable - and ready to answer your questions or put together a custom quote for your exact requirements. Contact us today!
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