Best Electrician Insurance of 2022

Bryan Keith

Electrical work is a dangerous trade and can cause accidents and property damage even when you work carefully. Carrying electricians insurance is a way to shield your business and its assets from potential lawsuits. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

Tailored Amazon seller insurance

$1,000,000+

Coverage Up To

$100+

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is electrician insurance?

Also known as electricians liability insurance, this type of insurance can help cover claims of bodily injury or property damage that may happen as a result of your business’s actions. It will also cover other common risks associated with electrical work.

Who needs electrician insurance?

Any person or business working in the electrical field should consider electrician insurance. Being one of the more dangerous trades, risks of electrocution and electrical fires are higher than usual. Electricians insurance protects the individual or business from the financial burden that lawsuits can bring due to injuries or property damage that may occur.

What insurance do electricians need?

Depending on which region or state you are working in, electricians insurance may or may not be mandatory by local government law. In metropolitan cities, it is almost always required in order to operate at all. Here are a few of the typical types of insurances that electricians should have in order to protect themselves and whoever happens to be affected by unfortunate events.

General liability insurance

To protect your business on the job, a general liability policy can help pay for any third-party claims that arise. Usually, they will fall under the following categories:

  • Bodily injury: Someone is injured at the job due to you or your employees’ negligence and they decide to file a claim. For example, a client is walking through looking at your work with you and gets electrocuted by touching a live wire that someone forgot to cover or disconnect. The bodily injury component would cover it.
  • Advertising: Protects against claims that ideas were stolen, slander, invasion of privacy, copyright infringement, and libel. For example, You run an ad campaign that says your work is guaranteed safe, unlike your competitor (Company X). Company X then files a claim for slander due to lost business from your ad campaign. The advertising insurance component would cover it.
  • Property damage: Something happens (like materials falling on a car or an electrical fire) due to negligence by you or your employees. For example, you are working on the second story of a house running electrical wires. The spool rolls off of the second story and crashes through the client’s windshield. The property damage component would cover it.

Professional indemnity insurance

Sometimes a job is just to give a professional opinion and advise on electrical components of a project without actually doing the work. This insurance protects you from backlash if the advice given is problematic and causes bodily injury or property damage.

Workers compensation insurance

Required in almost every state, this type of insurance is for businesses with multiple employees. It typically covers lost wages and medical fees for injuries and/or illnesses that occur in the workplace.

Commercial auto insurance:

This type of insurance provides coverage for accidents that occur while on the job. They cover medical costs and property damage, along with any other financial loss relating to vandalism, theft, or weather damage.

  • Light vehicles: Sedans, small trucks, vans, SUVs, and other smaller vehicles.
  • Heavy vehicles: Equipment trucks, dump trucks, etc.
  • Trailers: Utility trailers, container trailers, etc.

Contractors tools insurance

If tools are damaged, stolen, or lost, this insurance helps cover the costs necessary to repair or replace them.

Professional liability insurance

Also known as errors and omissions insurance, it helps protect electricians in the event that their work causes bodily injury, property damage, or if a client deems it unsatisfactory.

What are the limits of electrician insurance?

The standard limit for electricians insurance is $1M per occurrence and $2M in aggregate limit. The tier-up in limits for a policy is usually around $2M per occurrence and $4M in aggregate limit.

How much does electrician insurance cost?

There are several factors that affect the cost of business insurance premiums. Factors that can impact your insurance are:

  • Years of experience: Generally, the more years an electrician is in business, the lower the premium will be in this category. More experience statistically means less claims.
  • Size of the company: Larger companies with more employees carry a higher risk of a claim being filed than a smaller one.
  • Policy limits: With higher per occurrence and aggregate limits usually comes an increased insurance premium.
  • Policy deductibles: If a deductible is smaller, the premium is usually higher due to the payout being larger for the insurance company.
  • Location: Depending on where the project is, the cost for this category will fluctuate up or down. A location that is statistically lower in theft will have a lower premium than one with a high crime rate.

Electrician insurance can cost between $700-$1200 annually (depending on the above variables).

How to choose the best electrician insurance

Each electrician has a unique situation and way of doing business. The best way to choose a policy is to assess your company’s needs and see what the best options are. Here are some questions you can ask yourself when talking to different providers about your options:

  • Are they responsive to your questions and concerns? Do they answer in a timely manner?
  • Do they cover all the normal items in the standard electricians insurance policies? Does this coverage match what you need for your business?
  • Are they knowledgeable on their products and laws pertaining to insurance? Are you satisfied with their answers? Do they address your concerns?
  • Are they able to be flexible with the products that are offered? Do they tailor the products to fit your needs?
  • Are they flexible with payment options?
  • Do they cover your area of operation?