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Artisan contractors are experts in their craft, often spending years focusing on one specialized field. With a constant need for artisan work, electrician businesses are steady and lucrative. However, without the proper insurance policies, electricians subject themselves to a variety of exposures and legal risks in their daily operations. In this article, we’ll cover the basic Artisan Contractor Insurance policies that no electrician should go without. Remind your agents that these necessary policies should be included in their client’s portfolio as part of a comprehensive specialty insurance package.
This coverage, also known as commercial liability insurance, provides policyholders with financial protection against any lawsuits that customers, visitors to a property or other third parties file against them because of bodily injuries or property damages that the contractor might have caused.
A good general liability policy covers everything involved in defending against a lawsuit. This can include attorney fees, witness fees, settlement costs, court costs and any court-ordered judgments. General liability insurance also covers the medical expenses suffered by an injured party and the cost of repairing or replacing damaged property, explains Net Quote.
Electricians who employ others within their business need to carry Workers’ Compensation insurance. While state laws vary on when insurance is required, a high-risk job working as an electrician leaves ample room for injury. If an employee were to become seriously injured on the job, the employer would be responsible for paying hospital bills, subsequent medications, legal fees and other fees, all of which add up quickly.
Commercial Property Insurance.
This provides an additional safety net for electricians as it extends coverage to owned items and damage to the business itself. Regardless of the size of the business (or office), a commercial property policy will cover everything in the event of a fire, vandalism, or burglary.
About Mavon Insurance
At Mavon Insurance, we specialize in crafting custom-tailored solutions for personal, commercial, professional and national programs. Our wholesale insurance policies offer access to premier and competitive markets and products, offering comprehensive front-to-back coverage. For more information regarding our products and services, or to become an agent with us, contact our knowledgeable experts today at (877) 426-2866.