Electricians will always be in demand. They perform highly specialized, and at times, dangerous work. That’s why basic coverage just doesn’t cut it for many professionals.
When you seek out additional coverage, you’re covered during a variety of scenarios few would anticipate – and that means you stay in business longer. Beyond basic liability, here are six types of coverage you should look into.
- Worker’s compensation.
If you have a crew of your own, it’s a good idea to carry worker’s compensation coverage. If someone is injured on the job, there will be fewer sticky spots when that worker is compensated for their medical bills and lost wages. How you treat your employees plays a big part in your reputation and ability to get the best job candidates.
- Auto insurance.
Electricians are usually on the move, traveling to new homes and businesses daily. Company vehicles need a policy of their own, especially considering multiple people may be driving them. If you or an employee gets in an accident on the way to or from the job site, this coverage can help pay for repairs, as well as damages you may cause to others and their property.
- Equipment coverage.
Can your business really afford to replace all of your most valuable equipment? Even worse, will you be able to keep your current appointments if you have to delay them due to equipment loss? Don’t be caught without the right tools for the job; equipment coverage can help replace tools that have gotten damaged or lost.
- Errors and omissions insurance.
People pay you for specific services, assuming they’ll get good results from your expertise. But not every job goes exactly as planned. For instance, if you wire a ceiling fan or chandelier, and later on a small fire starts and damages the homeowner’s ceiling, they can sue you for damages. Coverage especially for errors protects your business from being shuttered by work that didn’t pan out perfectly.
- Life insurance.
How does life insurance tie into electrician insurance? If you’ve partnered up with someone that the business can’t survive without, life insurance coverage is key. If your money, knowledge, or time couldn’t fill the gap left by them in their absence, this kind of coverage can keep you afloat. Some companies even take out life insurance on their most valuable employees, knowing that replacing them won’t be easy.
- Interruption insurance.
There’s no shortage of circumstances that can come between you and your clients. You could face a long-term illness, or your office could be shut down after a storm. This can lead to customer loss and missed work opportunities. But when you have business interruption insurance, getting back on your feet is a lot easier.
Liability insurance is a great start. It covers a lot of common problems electricians face on the job. But because there’s a complex set of circumstances connected with your business, it may not be enough to cover you in every situation. Think critically about how your business operates, identify any holes in your current coverage, and pick the additional policies that will keep you secure.