Guide to Electrician’s Insurance
Electrical Business Insurance with Surex
When choosing electrical contractor insurance, the cost isn’t the only important factor.
You need the right coverage to protect your business against common risks such as property damage, bodily injury, and vehicle accidents. Your Surex Insurance Advisor – a real person – will help you find the policy you need at an unbeatable price.
What You Need to Know About Electrical Contractor Liability Insurance
Is electrician’s insurance mandatory in Canada?
When you apply for licensing as an electrical contractor throughout Canada, regional authorities will generally expect you to have proof of insurance (exact requirements may vary provincially). This demonstrates your ability to handle the many threats facing any electrical contracting company.
Why is electrical contractor’s insurance necessary?
Electricity can be a very dangerous force. Electrical business insurance shields you from financial liability in the event of an incident.
For example, say an employee makes a mistake, harming your customer or their property. The financial liability on your part could be tens – perhaps even hundreds – of thousands of dollars. Electrical business insurance may kick in to mitigate, possibly eliminate, the cost.
What does electrical contractor liability insurance cover?
Electrical contractor liability insurance typically provides coverage in a few key areas:
General Liability: This coverage protects you in the event of advertising or libel-related lawsuits. Businesses of all types usually have this coverage.
Professional Liability: This coverage is also known as “errors and omissions insurance.” It shields your company from claims of negligence.
Equipment Coverage: Electrical equipment can be expensive. This coverage will help you cover the cost of repairing or replacing it following damage or theft.
Employer’s Liability: If a worker is injured on the job and pursues you for damages, the financial fallout could devastate your company. This coverage mitigates that.
Vehicle Coverage: Travelling to and from work sites is an essential part of any electrical contractor’s day. If your company provides vehicles, associated insurance coverage is mandatory.
Employee Dishonesty Coverage: Unfortunately, employees don’t always behave as they should. This coverage protects you against incidents such as employee theft.
Commercial Property Insurance: This coverage shields you from liability related to incidents on your property. For example, if a guest slips and falls because you forgot to shovel the snow, commercial property insurance can shield you from the fallout of a potentially costly lawsuit.
Not all electrician’s insurance policies are equal, however. At Surex, we’ll help you find the combination of coverage that best meets your needs.
How much does electrical contractor insurance cost?
The cost of electrician’s insurance can vary drastically depending on the type of coverage you need and your company’s history of claims (if any).
General liability insurance on its own, for example, often costs well under $1,000 annually. Throw in additional coverage, however, and your total premiums could amount to several thousands of dollars annually.
This is why it’s so important to work with an insurance agent who has your best interest at heart. Your Surex Insurance Advisor has you covered! They’ll help you find the best deal on the coverage you need. No more, no less.
Frequently Asked Questions About Electrical Contractor Liability Insurance
What insurance should an electrician have?
General liability is the most basic coverage electricians typically have. Additionally, it’s wise to have coverage for professional liability, vehicles, equipment, and worker protection.
What insurance does a self-employed electrician need?
If you’re the sole proprietor of an electrical contracting business, you’ll likely need this coverage:
Your Surex Insurance Advisor can help you consider the various types of available coverage and select the ones you need.
Do electricians have insurance?
They certainly do! Electricians in Canada have insurance to protect them from a variety of risks, including those associated with harm done to employees, customers, or property. This coverage is essential given the many risks associated with running an electrical contracting business.
How do I get the best rates on electrical business insurance?
To find the best rates on electrical business insurance, shop using Surex! We compare rates from dozens of providers to help you find the best price on whatever coverage you need.
This is much simpler than filling out dozens of forms from various providers yourself.
How are electrical business insurance rates determined?
Many factors affect electrician insurance rates, including:
Your Coverage: Understandably, companies will charge different rates depending on the coverage you receive. A business receiving standard general liability coverage will pay a very different premium than one receiving coverage for its vehicles and equipment.
Your History of Claims: If you’ve filed numerous electrical insurance business claims in the past, providers will take this as a sign of greater risk. As such, you’ll likely pay higher premiums.
Your Deductible: Most insurance policies come with deductibles. In the event of a claim, your insurance provider will only cover amounts greater than your deductible. Higher deductibles typically translate into lower premiums.
Keep in mind that the criteria may differ from one company to another. A Surex Insurance Advisor will happily evaluate your company’s needs and help you identify the most suitable policy at the best price.
What documents do I need to apply for electrical contractor’s insurance?
When applying for electrician insurance, be prepared to provide information about your company’s services, licensing, location, and size.
A Surex Insurance Advisor can help you get the correct documents together based on the providers most capable of meeting your needs.
Can I tell whether my current electrical insurance is still the cheapest for my needs?
Absolutely! A Surex Insurance Advisor would be happy to evaluate the current market for insurance that meets your needs. If we find a lower rate, we can help you claim it.
For optimal results, speak to us within 30-60 days of your current policy’s renewal. It’s inadvisable to switch insurance policies in the middle of your term since this will affect your rating among providers.
How do I choose electrical insurance?
First, identify your needs. There are many different types of electrical insurance coverage out there!
Once you know which ones you need, get in touch with Surex. We’ll help you find the ideal policy at the best rate.