Electrical contractors perform a variety of services, which can vary from job to job. At times, they may be asked to complete a quick installation of some wiring at an office, while other occasions may require that they perform week or month-long contract projects. In the course of providing electric work to businesses and homeowners, contractors face a variety of work-related risks. By purchasing electrical contractor business insurance, they can shield their business from financial exposure, or potential liability, in the event of a claim related to an accident, or damage, or unanticipated economic loss. A local independent insurance agent, familiar with the electric work industry in the region, will assist electrical contractors in choosing coverage suited to their company’s needs.
In evaluating the options for commercial insurance tailored to a particular business’s coverage requirements, an independent insurance agent will need to gather information about an electrical contractor’s annual receipts and payrolls, and will want to know about the costs of subcontractors hired by a contractor in comparison to the business’s total annual receipts. The agent might ask about certificates of insurance required and those collected from subcontractors. It is likely that an independent insurance agent will also ask about the number of years that an electric contractor has worked in the business, the states in which they have performed commercial or residential electrical work, and whether they have serviced, or installed any burglar alarm systems, automatic fire extinguisher systems, elevators, or escalators in the course of any of their projects. Whether a contractor has performed services in a building more than three stories tall, has worked in real estate development, or has ever been the subject of a construction defect claim may also be considered by an independent insurance agent.
An experienced independent insurance agent will explain the kinds of commercial insurance coverage available to electrical contractors, including property insurance, building and personal property insurance, and builders’ risk coverage, which covers certain kinds of damage or loss to a commercial property that is being built. Depending on factors like the structure of an electrical contractor’s business, whether services are typically performed on commercial properties or residences, and the number and responsibilities of employees, an independent insurance agent will assess the options for commercial insurance coverage that are right for a particular business.
In meeting with a local independent insurance agent, commercial and residential electrical contractors can gain a better understanding of business insurance. Whether they are interested in modifying their current coverage, or buying a new commercial insurance policy, an independent insurance agent will guide them through the process. With the help of an independent insurance agent, electrical contractors can select adequate commercial insurance that, even in the face of risk, can allow their business to continue to operate and maintain its financial stability.
Other Enhanced Insurance articles related to Contractor’s Insurance:
Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.