Are You An Electrician? Here Are 3 Insurance Policies You Can’t Do Without
Being a business owner takes a lot of risks, but when done correctly it can reap great reward. Which is why when working in the electrician industry, an industry packed with risk, it’s important to take a look at your insurance coverage to make sure all you and your employees (if you have employees) are covered should there be an accident.
What insurance does your electrician company include?
In addition to property damage and general liability coverages, which can be bundled together into what is known as a “BOP” or business owners insurance plan, there are 3 other types of insurance to look into.
Business income or loss of income insurance: This protects your income if you have a work disruption that prevents you from performing work. For example, if there is a huge storm this winter in Greenville that shuts your business down for one month, you won’t have to worry about the lost income.
Equipment breakdown insurance: This insures you against equipment breakdowns and mechanical issues.
Inland marine insurance: This covers your equipment as you are moving it to and from jobsites. This policy can also cover specialty electrical equipment.
Tailor your insurance to your needs
Keep in mind that you can tailor your business insurance into a plan that is specific to your exact business needs. If you are a contractor and work for yourself with no office, storage space or payroll obligations to other employees, you may just need to carry a general liability insurance policy.
But, before making an big decisions regarding insurance coverage, be sure to talk with your insurance agent. They can help identify any gaps in your coverage, or areas that are covered that may not apply to your business.
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