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Insurance for Electrical Contractors
Melendez Insurance's electrician insurance options are designed to meet the unique needs of today's electrical contractors. We handle electrical liability insurance for electrical contractor businesses of all sizes—from large corporations to self-employed entrepreneurs.
The Shocking Truth About Being Sued
When you're working with 120 volts, anything can happen. One simple mistake as an electrical contractor can lead to:
- fires or damage to customer's property
- misunderstood instructions from the customer
- slips, trips & falls
- lost or stolen materials & tools
- project delays
- injuries to customers or employees
Many small business owners mistakenly believe that the incorporation process (Inc, LLC, etc.) completely separates their business from their personal assets. Unfortunately, any prosecuting attorney can easily attack your personal assets. Electrician liability insurance makes sure that you are covered no matter what type of legal entity you have chosen for your business.
There are other risks too. Expensive tools have a habit of getting lost, damaged or stolen - and, typically, at just the wrong time. What if you can't afford to replace them immediately? There could be costly delays to the job. But if your electrician insurance includes tools and equipment coverage, your problems are solved.
And don't forget that if you have anybody working for you - even on a casual basis - you'll need workers compensation insurance as part of your electrician insurance package.
Melendez Insurance - Specialists in Electrician Insurance
You may be shopping around for insurance. But you don't need to settle for the first electrician liability insurance policy that you find—and in fact, you shouldn't do it. Comparing electrician insurance policies and premiums is just good business practice.
As an independent insurance agent, Melendez Insurance in Chicago (Pilsen) is able to research a variety of insurance carriers to find the absolute best policy for electrical contractors.
Electrician Insurance in Chicago and Nationwide
Electrician General Liability Insurance
Unfortunately for every business owner, the chances of getting sued have dramatically increased. A general liability insurance policy that is designed for electricians can prevent a legal suit from turning into a financial disaster by providing insurance protection in case your business is ever sued or held legally responsible for some injury or damage. Your policy may include:
- bodily injury coverage
- contractual liability coverage
- products liability coverage
- property damage coverage
- legal defense costs
- and more…
Injuries to Subcontractors Liability Coverage
If you sub out electrical work, then this coverage is very important. It is not typically included in general business policies, but it is essential for electrical contractors.
Workers Compensation Insurance for Electricians
Workers Compensation Insurance is designed to help electrical contractor companies pay benefits to employees who are injured on the job. In most states, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.
Bonds are commonly used in the construction or electrician industries, as an assurance between the contractor and the client as well as between a general contractor and his or her subcontractors.
- Bid Bonds
- Subcontractor bonds
- Contract Bonds
- Payment and Performance Bonds
- License bonds
- and more…
Inland Marine Insurance
Any contractor who regularly moves expensive materials, equipment, or supplies from one job site to another job site should have some type of inland marine insurance. This way, in the event of an accident, the goods or materials being shipped are protected separately from your auto policy.
An umbrella insurance policy plugs holes in your existing coverage. It provides additional protection that kicks in when the primary electrician insurance coverage has been exhausted.