Massachusetts Electrical Contractor Insurance
When you work with electricity, you are constantly facing danger. As an electrical contractor, it is crucial that you be equipped to deal with all of the hazards of this profession. You may fully understand all of the risks that come with working with electricity, yet you may not know the dangers of working without a proper Electrical Contractor Insurance policy. It is important that you know how to evaluate the risks of your industry and completely understand the types of coverage that you need to ensure the success of your business.
More than thirty thousand non-fatal accidents from electricity take place each year across the nation and more than two hundred people die per year from electrical shock that occurs in the workplace. This means that you cannot afford to go another day without making certain you, your employees and your business are properly protected with insurance.
Understanding Your Electrician Insurance Options
Your agent at the Allan M. Walker Insurance Agency will design a policy to protect you against the specific risks that you face in your industry. A basic policy will include three primary components, which include:
- General liability Insurance - This will protect you are your business against any claims made by a third-party that has suffered bodily injury or property damage as a direct result of the activities of your work.
- Commercial Property Insurance - With this coverage, you will be protected against damages to any warehouse or office space that you own, rent or lease. You may also want to include an endorsement or clause that will provide coverage for your expensive equipment and tools.
- Workers Compensation - Any company in the state of Massachusetts that has one or more employees is required by law to carry this type of insurance, which will cover an employees work-related illness, injury or death. This includes medical expenses, recovery, loss of income and death benefits.
There are a number of additional coverage types that you may want to include in your Electrical Contractor Insurance to make certain your business is fully protected, such as:
- Business income insurance - Your income will be protected in the event of a covered business interruption that halts work performance.
- Commercial auto insurance - It does not matter if you are the only electrician working for your company or if you have a team of electricians, you probably have one or more company vehicles that you use to transport employees, materials, tools and equipment to and from job sites. Even you drive your personally owned vehicle to conduct business, you cannot rely on your personal auto insurance policy to cover you when you use the vehicles for business purposes.
- Equipment breakdown coverage - This insurance will provide you with coverage against mechanical issues and equipment breakdowns.
- Inland marine insurance - This type of insurance will provide you with coverage for the equipment that you transport to and from job sites. In addition, it will also provide you coverage for your specialize equipment as well.
- Life insurance - When it comes to adding life insurance coverage to your Electrician Insurance policy, you have several flexible options available to you. For instance, you can opt for a policy that is designed to meet the financial needs of your family in the event of your death or you can choose to structure the policy so that it will provide support for business continuity.
Your Electricians policy can be customized to meet the needs of your specific business. For instance, if you do not have storage space, an office building or payroll obligations that you need to meet, then you may only need general liability coverage. Your agent will be able to help you evaluate your risks to make certain you have the exact coverage that you need.
Why Electricians Need Workers Compensation Insurance
As stated previously, an electrical contractor with employees is required by state law to carry workers compensation insurance. In Massachusetts, it does not matter how many hours per week that these employees work for your company, you will still be required to obtain coverage.
With workers compensation insurance, your employees will be covered if they are injured or killed while performing the duties of their employment. They will also be covered for work-related illness. This includes the cost of medical expenses as well as reimbursement for any time that they must take off work to recover from illness or injury.
As an electrical contractor, you face on-the-job hazards every day, all day long. It is important that you protect yourself, your employees and your bottom line with the right Electrician Insurance policy. Click on the quote request button now to find out more about adequate coverage at a price that will fit your budget. When you know you have the right coverage in place, you are able to focus on the more important details of running your business with your mind at ease.