The work that electricians and electrical contractors do exposes them to a range of risks, and they typically need several insurance coverages to protect against those risks. If you perform electrical work in Massachusetts, getting electrician insurance that includes the following coverages is probably a good idea.
What Coverages Should My Massachusetts Electrician insurance Include?
General Liability Coverage for Common Accidents
General liability coverage normally protects against a range of common accidents, and it’s purchased by businesses in many different industries.
You’ll almost certainly need this coverage, for many commercial contracts and some homeowners will only hire electricians who carry this coverage. If they were to hire someone who didn’t have coverage and became hurt in an accident, the company or homeowner themselves might be held responsible for any injuries that were sustained.
Exactly what a policy’s general liability coverage includes protection for depends on that particular policy’s terms and conditions, but the list of covered incidents usually includes things like trips and slip-and-fall accidents.
In addition to accidents, general liability frequently also covers defamation and some other lawsuits. Libel, slander and false advertising suits may fall under a policy’s coverage conditions.
Errors and Omissions Coverage for Mistaken Advice
Errors and omissions (E&O) coverage is a form of professional liability insurance that typically provides protection if a covered professional makes an error when offering advice. This coverage is widely used by professionals who primarily dispense advice, such as investment advisors and lawyers, but it can also be helpful to those who work in the trades.
Should you make a mistake when giving advice on an electrical matter, clients and/or other affected parties might try to hold you financially responsible. If they were to file a covered lawsuit, E&O coverage would likely help cover legal fees and settlements associated with the suit. Some policies’ coverage would even cover other types of errors that weren’t directly linked to providing advice.
While the risk of being sued by a client for mistaken advice may seem unlikely, it should still be taken seriously. As everyone in the field knows, electrical work is a serious matter and just one error can have devastating effects.
Commercial Umbrella Liability Coverage
Commercial umbrella liability coverage is a supplemental form of liability protection. This coverage often offers high protection limits and comes with comparatively low premiums. It’s used by many businesses, and you may want it since mistakes and other claims can result in potentially long and lengthy lawsuits.
Commercial Property Coverage
Regardless of whether your electrical business owns commercial real estate, you’ll probably want commercial property coverage. This coverage can be adapted to cover both commercial buildings, as well as a lot of the equipment and supplies kept in them.
If you do have a building, your commercial property coverage likely should include structural coverage for the building itself. Contents coverage is the portion of commercial property coverage that normally helps protect equipment, supplies and inventory.
If you don’t have a building, commercial property coverage that only has contents coverage might be an option. An experienced insurance agent can help you determine whether this form of commercial property adequately meets your particular needs.
Commercial Auto Coverage
Assuming you have a commercial vehicle that’s driven to and from work sites, you’ll almost certainly need commercial auto coverage. Massachusetts requires most vehicles that are driven on public roads in the state to be insured, and commercial auto is usually the most appropriate form of coverage for work vehicles.
Other Electrician Insurance Coverages
Along with the above insurance coverages, there are numerous others that might be worth considering. For example, you might need workers compensation coverage if you have employees. Alternatively, inland marine coverage may be a wise selection if you regularly transport expensive machinery between work sites.
Selecting these additional insurance coverages requires careful consideration of your business’ risk exposure. An insurance agent who specializes in electrician insurance policies will know how to review your situation for potential risks and make informed coverage selections.
Talk with an Insurance Agent in Massachusetts
To speak with an agent who’s familiar with electrician insurance, contact Haberman Insurance. Our independent agents have helped many electricians and electrical contractors in Massachusetts, and we’re here to assist you too.