From falling off ladders to shocks and burns to unsafe coworkers, potential danger is just part of a day’s work for an electrician. Whether you do commercial, industrial, residential, new-builds or retrofits, not only do you have to worry about personal safety, you’re responsible for the safety of anyone who comes in contact with your work. And that’s just the starting point for the risks you face. Without electrical power, businesses lose money and homes are uninhabitable which means a mistake or delay on your part could also mean thousands in lost income.
While you help insulate users from the dangers of electricity, Insurance Hero can shield you from the dangers of legal liability and losses with electrician insurance coverages that, like the panels you build, we can custom-fit for your electrician business.
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Every electrician business is different. Depending on the size of your company, the type of work you do and where you do it, the amount of coverage you need will be unique to your business. Having said that, these are basic coverages that every electrician needs and a brief description of each.
Professional Liability / Errors and Omissions Insurance
We all make mistakes and that includes the most seasoned electricians. Those mistakes could lead to fires, costly downtime, lost or spoiled product or delays for homeowners moving in. If that happens, your client may sue to recover their losses and for other damages. The costs to defend against a lawsuit alone, whether warranted or groundless, are an expense few businesses can afford. And if your lawyer decides it’s best for you to settle or you go to trial and lose, the costs could mean lights out for your electrician business.
Professional liability or Errors and Omissions (E&O) insurance can provide you with the coverage you need in case a mistake results in litigation. That coverage can include:
- Lawyer’s fees and defence costs
- Losses sustained by a client
- Out-of-court settlement amounts
- Damages awarded by a court or tribunal
Even with proper testing, mistakes still happen and sometimes you don’t realize how complicated a job is going to be until you start working on it. Having E&O insurance gives you peace of mind that a mistake or a delay won’t land you in bankruptcy.