Electrical Insurance - Texas

Including Arlington, Burleson, Mansfield, Midlothian, Fort Worth, Keller, Southlake, Grand Prairie and Cedar Hill, TX

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The Matthews Insurance Group offers numerous commercial policy options for electricians, and we can tailor your coverage to your explicit needs. Call us at 817-563-5555 for more information.

Electrician Insurance Information

What’s electrician insurance?

Supporting your electrical service business means having the appropriate insurance if anything goes wrong. Numerous types of accidents might harm you, your employees, assets and customers. The right coverage that can rush monetary assistance to the source of problems as soon as they arise, saving you a lot of time, money and headaches.

Why does an electrician need business insurance?

Electricity is powerful energy that Texans rely on to power their homes, run their businesses, and keep their A/C running. If you are an electrician, you are probably the one they’ll call if the lights go out. Still, electricity is very dangerous; it causes countless fires, electrocutions and fatalities each year.

If problems occur in your operations or services, the losses could prove staggering, particularly in cases where you accidentally harm others. You have to be ready to respond if problems arise. Countless businesses fail because they don’t have the insurance to do so. Don’t let yours become one of them.

What types of insurance does an electrician need?

Business Owners Policies (BOPs): This is the asset protection necessary for small electrical companies and independent electricians. BOPs offer numerous types of coverage in one place, such as:
Property insurance: Coverage will pay for damage to your business property and contents should incidents like fires, storms or theft cause losses.
General liability insurance: Coverage helps electricians cover the legal costs and settlements that might result If you cause injuries or property damage to a third party. Accidentally breaking someone’s chandelier while trying to rewire it might qualify for a claim. Many policies also offer products/completed-operations coverage that insures you if you do a job which later fails.
Business interruption insurance: If a problem causes you to cease or partially halt operations for a period of time, coverage can help you recover the income lost during this time. Your agent can often bundle other protection like cyber-liability and personal injury coverage into your BOP. That way, you’ll always have coverage that’s specific to your operational needs.
Inland Marine/Builders Risk Insurance If you transport materials, equipment and supplies off your business property, then this coverage can cover those items if they sustain damage while they are in transit and at the work site.
Commercial Auto Insurance: Commercial auto insurance is necessary for business-owned vehicles because personal policies won’t cover them. Most policies offer tailored liability, collision, comprehensive, un-/underinsured and medical payments insurance. If you drive a personal vehicle for business, you might need your own commercial auto policy, or your business might need a non-owned/hired vehicle endorsement for their own policy. It will extend liability coverage to the business while an employee operates a personal vehicle on business purposes.
Workers’ Compensation: With a workers’ compensation policy, you can compensate employees for medical costs, lost income or related expenses if they get hurt or injured on the job. This is very important coverage to carry. Though Texas doesn’t require businesses to carry workers’ comp insurance, it does allow injured employees to sue the business if they can’t make a workers’ comp claim. Having coverage is always an easier option.
Surety Bonds: Many electricians are contractors, and they carry bonds as a guarantee that they will indemnify clients in case they fail in a portion of the contract. The bond requires the electrician to make such remittance.

How much does insurance cost for an electrician?

BOPs typically cost electricians $500 - $1,000/year, and additional policies might add to the costs. However, numerous factors might impact your unique insurance costs, such as: