{"id":50147,"date":"2018-12-04T08:38:57","date_gmt":"2018-12-04T16:38:57","guid":{"rendered":"https:\/\/electricalnews.com\/?p=50147"},"modified":"2018-12-04T08:38:57","modified_gmt":"2018-12-04T16:38:57","slug":"five-of-the-most-common-insurance-types-for-electrical-businesses","status":"publish","type":"post","link":"https:\/\/electricalnews.com\/five-of-the-most-common-insurance-types-for-electrical-businesses\/","title":{"rendered":"Five of the Most Common Insurance Types for Electrical Businesses"},"content":{"rendered":"

\"Five<\/a><\/p>\n

Five of the Most Common Insurance Types for Electrical Businesses <\/strong><\/p>\n

By Jim Loughlin<\/strong><\/p>\n

 <\/p>\n

Electrical companies face a number of risks on a daily basis. Between property damage at a job site, auto accidents in company vehicles, employee injuries, theft of equipment, and any mistakes or errors that are made on a contract, it is a high-risk industry and businesses need to ensure they are prepared for any unfortunate scenario.<\/p>\n

 <\/p>\n

Insurance can be challenging to understand with dozens of different policies options to choose between. However, by evaluating the key risks that a specific business faces and understanding the different types of coverage, electrical companies and electricians are able to get the proper coverages to protect themselves.<\/p>\n

 <\/p>\n

To understand the basics of insurance for electrical contractors<\/a><\/u>, here is a breakdown of the five most common policies:<\/p>\n

 <\/p>\n

    \n
  1. \n
      \n
    1. \n
        \n
      1. General Liability<\/strong>
        \nGeneral Liability insurance covers a variety of scenarios and is the core insurance policy for a business. It covers third-party claims against a business for things like bodily injury and property damage. Plus, before starting a job, many clients will require an electrician to demonstrate they have this insurance coverage in place.<\/li>\n
      2. Commercial Auto<\/strong>
        \nCommercial Auto insurance is essential for electrical companies that have company vehicles. In the event of an accident, this insurance provides coverage for liability, collision, medical payments, and more.<\/li>\n
      3. Business Owners\u2019 Policy<\/strong>
        \nCalled a BOP, this packages together elements from General Liability, Commercial Property, and Business Interruption policies into one policy. The advantage of a BOP is that many carriers will provide a discount because it bundles many coverages into one convenient policy.<\/li>\n
      4. Workers Compensation\u00a0<\/strong>
        \nMost states require businesses with employees to have Workers Compensation. Workers Compensation covers an employees lost wages and medical treatment in the event that they are injured while at work.<\/li>\n
      5. Umbrella Insurance<\/strong>
        \nMany electrical companies and electricians also carry Umbrella Insurance in the event that their other insurance policies do not fully cover a claim. It acts as backup and provides additional coverage if a policy\u2019s limit is exceeded.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

         <\/p>\n

        When buying or renewing insurance, there are a lot of considerations for electrical companies, and no two companies are exactly alike. By speaking to a trusted agent who understand the ins and outs of the industry, businesses can be sure to be protected for any unfortunate scenario.<\/p>\n

         <\/p>\n

        Jim Loughlin is a well-respected insurance industry veteran with more than 20 years of experience. He is currently the Senior Sales Director at <\/em>CoverWallet<\/a><\/u><\/em>, a tech company that makes it easy for businesses to understand, buy, and manage insurance – all online and in minutes.<\/em><\/p>\n

         <\/p>\n","protected":false},"excerpt":{"rendered":"

        Five of the Most Common Insurance Types for Electrical Businesses By Jim Loughlin   Electrical companies face a number of risks on a daily basis.<\/p>\n","protected":false},"author":53,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[311],"tags":[],"class_list":["post-50147","post","type-post","status-publish","format-standard","hentry","category-contributor-blogs"],"yoast_head":"\nFive of the Most Common Insurance Types for Electrical Businesses -<\/title>\n<meta name=\"robots\" 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