Electrical supplies and equipment companies provide materials that are used in many different capacities, from safety switches at construction sites, to transformers utilized in HVAC projects, to outlet strips mounted in doctors’ and dentists’ offices. Their employees may transport electrical boxes, enclosures, and raceways to job sites, work with receptacles and conduits, or repair damaged wiring or fuses. Because of the risks, there is business insurance for electrical supplies and equipment companies that goes beyond basic commercial insurance coverage.
Owners of electrical equipment businesses know that while employees are fixing, installing, and delivering – all the while using company vehicles, potentially dangerous equipment, and working with customers in other businesses, the government, or the general public – these workers and their company could be subject to legal or financial liability exposure. In the event of an accident, or loss involving their electrical supplies or services, they could face a lawsuit, which may require fees for legal defense, and leaves open the potential for a damages award against their company. This is why electrical equipment and supply companies need to have sufficient commercial insurance coverage.
An independent business insurance agent has worked with electrical equipment and supplies businesses, and companies in similar industries, and will help owners choose commercial insurance suited to their operations and needs. Whether an owner is looking to change the current coverage for their business, or wants to buy an entirely new commercial insurance policy, an experienced independent insurance agent can discuss options for policies available from different insurance companies to help owners find the right insurance for their electrical supplies company.
Depending on an electrical equipment and supplies business owner’s familiarity with insurance, an independent insurance agent may provide an overview about the essential kinds of coverage that should be included their commercial insurance policy. She will probably discuss how organizations should have a commercial general liability (CGL) policy, along with business property insurance, building coverage, and business personal property insurance. She might also recommend that they purchase professional liability coverage, commercial auto insurance, and inland marine insurance, and will probably want to talk about workers’ compensation, crime, and umbrella insurance. And, she will answer any questions that electrical supply business owners have when it comes to choosing adequate coverage.
After having a conversation about the basic kinds of commercial insurance coverage that are important to include in an electrical equipment and supplies insurance policy, owners of these businesses should expect that an independent insurance agent will want to discuss their particular company to determine the appropriate coverage. If a loss control survey is required by a certain insurance company, she may come to a business’s offices to make an in-person inspection of the premises, or if not, she might be able to ask questions and fill out a survey over the phone. She will want to know whether a company owns or leases the building used for its operations, and if it is owned, she will ask about the age of the building, whether it is listed on a historic register, and if it is accessible by vehicles all year-round. She will also want to make sure that there are security and fire alarm systems inside, which are in working order, and will likely inquire about whether there are any high risk exposures adjacent to the business, like an abandoned building next door, discarded waste receptacle containers in the parking lot, or a wall shared with another operation that does not contain a firewall.
Electrical equipment and supply company owners can anticipate that an independent commercial insurance agent will ask them about the kinds of electrical supplies and equipment they keep on site, and about the specific nature of their business. She will want to know whether they work with things like solar panels and solenoids, transformers and voltage equipment, or wire and cables, or a combination of different supplies. Also, an independent insurance agent might ask if a business performs any electroplating, electrical equipment recycling, heat processing work, or other procedures that might be considered a risk that is prohibited from being covered by certain insurance carriers.
An independent agent might discuss deductibles for property damage that occurs with some frequency, such as if an electric supplier business often causes a certain kind of nuisance. In these cases, some commercial insurance providers allow coverage to be written on either a per claim, or per occurrence basis. On a per occurrence basis, one occurrence results in the application of one property damage deductible, and on a per claim basis, single property damage deductibles apply for each individual claim. Often, an endorsement to a policy is required, and the deductible chosen must be indicated as being on a per claim, or per occurrence basis. She will explain this in detail if it applies to a certain business.
Electrical supply and equipment company owners will probably be asked about their annual business income, and an independent commercial insurance agent will also discuss the importance of valuing their organization’s building if they own it. She may mention that most insurance companies provide coverage for either the replacement cost, or agreed value of a business’s building, and might also talk about target theft items on the premises, like certain specialized supplies such as programmable logic controllers (PLCs), encoders, and transformers.
There are many factors to take into account in selecting a business insurance policy, but an independent insurance agent can guide electrical supply company owners in choosing the appropriate coverage. Based on discussions about available policies, the needs of a company, its location, and other considerations, an independent agent will help business owners buy an electrical equipment and supplies insurance policy with coverage to keep operations going, and shield them and their employees from personal liability, in case of a claim.
Electrical equipment wholesale businesses and distributors manage their own operations, and take care of customers’ needs. Whether they are installing a new transformer at an office complex, hauling a shipment of circuit breakers across the city, or providing electric switchboards to a smaller supply shop, these companies and their employees face any number of risks. If a customer claims that a promised supply of wiring is incomplete, a worker is injured while lifting crates of materials, or their warehouse is damaged during spring storms, electrical wholesalers and distributors need to know that they have commercial insurance coverage that they can depend on to allow their business to keep functioning while they go through the claims process.
Owners of electrical equipment distribution and wholesale companies should know that an experienced independent business insurance agent in the area has worked with companies in their line of business before and can guide them in choosing the right commercial insurance coverage. Because an independent insurance agent works one-on-one with his customers, he will probably request to meet with electrical wholesalers and distributors before recommending a policy.
In meeting with an independent commercial insurance agent, business owners in the electrical equipment field should expect that, since many insurance companies require that a company’s building premises be inspected before a policy is issued, the agent may request to visit them on site in order to conduct a survey. He will want to see the electrical equipment wholesaler or distributor business’s building to determine what kind of shape it is in, and whether important systems like heating and cooling have been recently updated and maintained over time. He will also want to make sure that there are no high risk exposures on the premises, like workers failing to properly operate machinery or use safety harnesses as needed, or the absence of a security system, or centrally-monitored fire alarm.
Because of the detail that goes into evaluating an electrical equipment business’s commercial insurance needs, an independent insurance agent will ask questions like how long a company has been in operation, the amount of its annual sales and receipts, and whether it has ever been cancelled by a prior insurer for any reason other than that the company stopped writing that class of insurance. He may also want to know whether a business, or its owner, has ever been named as a defendant in a lawsuit related to the company’s operations or services, and will probably also ask about whether an owner owns or leases the building out of which the electrical equipment wholesale or distribution business operates.
An independent insurance agent will review these and other factors to assess the kinds of commercial insurance coverage that are best suited to a particular business. He can discuss the available options with owners, including building coverage, business property insurance, business personal property insurance, and liability insurance. He might also mention workers’ compensation insurance, crime coverage, and inland marine insurance, depending on the geographic areas in which an electrical distribution company operates.
By contacting and working with a seasoned independent insurance agent, owners of electrical distribution companies, and electrical equipment wholesale businesses can find out what they need to know about buying commercial insurance coverage to adequately protect their business. They can get answers to their questions about the differences between policies offered by various insurance providers, and learn about exclusions and limitations in coverage included in each. An independent insurance agent will guide them in finding the appropriate electrical equipment wholesalers and distributors insurance coverage to safeguard their business in the event of a loss or claim.
Owners of businesses in the electrical supplies industry probably do not think about their company’s commercial insurance coverage on a daily basis, but it is important for their organization to have a policy they can count on in case of a loss or claim. These companies may specialize in electrical boxes for small businesses, transformers for government plants, or wire connectors, cables, and wireways for apartment building complexes. Whether they do business on a large or small scale, in a big city, or a sparsely populated town, electrical supply business owners need commercial insurance coverage to keep their company, and its assets and employees, protected.
If the solar panels supplied by a business malfunction, or turn out to be defective, or a worker is injured while installing temperature controls on a customer’s industrial freezer, electrical supplies businesses will need commercial insurance coverage. In the event of a lawsuit, having business insurance can mean that the owners of these companies, and their electrical supplies operation, can avoid being held personally responsible for legal or financial consequences of an alleged loss, or harm. An independent commercial insurance agent can explain the advantages of having a policy in greater detail.
For electrical supplies business owners interested in finding out more about buying commercial insurance coverage, or changing or adding to their current policy, an independent insurance agent in the area is a valuable resource. She has worked with others in the electrical supplies, and electrical equipment and distribution industries, and is familiar with the primary risks to these kinds of businesses, and their owners. She will meet with owners of electrical supply companies to help evaluate their insurance needs, and select a policy with the appropriate commercial insurance coverage.
In connecting with owners of electrical supply businesses, an independent insurance agent will want to know about the kinds of equipment that they keep on the premises, like relays, conduit fittings, and fuses; and the average number of clients or customers that they work with at a given time. She will also ask about annual sales and receipts of the company, and she will want to know about the number of employees of the business, and how long the owner has operated the supply company. She will also probably ask to tour the business’s facilities, and she will inquire about whether any hazardous, combustible, or flammable materials are stored on site.
If an electrical supplies business routinely delivers products, or transports materials from a wholesaler in the course of its operations, an independent insurance agent will probably recommend that an owner purchase commercial auto insurance. She will also discuss workers’ compensation coverage, which is mandated by statute, and inland marine coverage. Additionally, she will probably go over crime insurance, business property insurance, and building insurance. And, an independent agent will probably describe the importance of having liability insurance coverage in case of damage or loss to another caused by an electrical supply business’s employee.
With the assistance of an experienced independent insurance agent, owners of electrical supplies business can buy a commercial insurance policy with coverage suited to their particular company. Then, in the event of a claim, they will know that they can rely on their independent insurance agent, a trusted advisor, to guide them in navigating the claims process. With insurance through an independent commercial insurance agent, electrical supplies companies will have coverage that can keep their business shielded from legal exposure, and help deter financial loss.
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