What Do You Need To Know About Master Electrician Insurance?

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As a master electrician, many people depend on you and your services. That’s great for your business—especially since Florida ranks in the top three states for the highest levels of employment for electricians with an average salary of $50,000.

In fact, the U.S. Bureau of Labor Statistics predicts that electrician employment will rise 7% over the next decade.

So now that you know you’re in a thriving business, you need to make sure you’re protected with the proper insurance.


What Insurance Policies Do You Need As a Master Electrician?

The insurance policies you need as an electrician are similar to ones many business owners need. As an electrician, your work carries a threat of danger to both employees and customers.

These policies will protect you and your employees when you’re on the job, and they show to your potential customers that you’re taking the necessary precautions with your work.

General Liability

Every business owner needs liability coverage, and electricians are no different. Electrical work can result in property damage, injuries, or possible financial loss for your customers, and your liability insurance can help cover legal fees if they arise within the scope of your policy.

Errors & Omissions insurance is another policy that can help cover legal costs if you are sued.

Workers Compensation

If you or an employee is hurt while on the job, workers compensation can help cover lost wages and pay for medical expenses. It’s required for all certified electrical contractors in Florida.

Equipment Insurance

The tools you use as an electrician are expensive and not easy to replace. So make sure they’re covered with the right commercial property insurance in case they’re lost, damaged, or stolen.

If you have a warehouse or office building where you store your equipment, make sure that facility has the proper coverage as well.

Commercial Auto Insurance

If you are using a vehicle primarily for your business or your electrician company owns several vehicles, you will need the proper commercial auto policy. Your personal car insurance will not cover you if you’re involved in an accident while on the job.

Based on your particular business, you might need additional policies such as flood insurance or cyber liability coverage.

That’s where an independent insurance agency can help tremendously because you can get coverage that’s built entirely with you, your business, and your budget in mind.


How Much Does Master Electrician Insurance Cost?

The cost of insurance is typically a struggle for many business owners, especially when there isn’t one policy that covers everything you need.

But like all insurance coverage, it’s there to give you peace of mind in the good times and to take care of you when times get tough. And while it might be another business expense, it’s priceless when you need it.

The cost of master electrician insurance will vary based on your business size, your location, the type of work you’re doing, and more.

Larger companies with more employees present a greater risk, so naturally their premiums will be higher. Companies that work more on high-voltage and large commercial projects will also pose a greater risk to insurance carriers and will have higher premiums.

If your business has a long history of making insurance claims, you’re also likely to see higher rates.

Finally, the amount of coverage you select plays a major factor in your premium costs. When it comes to saving money on your insurance, make sure you’re not cutting coverage you need just to save a few bucks up front.

Get the Master Electrician Coverage You Need

Business insurance is necessary no matter what line of work you’re in—whether you’re a master electrician working as an independent contractor or you’re a business owner with 50+ employees.

Master electrician insurance in particular is a crucial investment because it offers a safety net against a wide range of risks that could otherwise disrupt your business and cause financial strain.

Remember, the goal isn’t to find the cheapest policy you can, but to secure one that provides comprehensive coverage to help your business thrive amidst challenges.

Harry Levine Insurance is here to help you find the exact coverage you need. As an independent insurance agency, we take a personal approach to your business insurance and build a policy just for you with affordable premiums with comprehensive coverage.

Whether you’re just getting started in the electrical business or you know your current coverage isn’t right, contact us today to get the security you’re looking for.

The post What Do You Need To Know About Master Electrician Insurance? appeared first on Harry Levine Insurance.

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