Things to Know About Workers Comp Insurance for Electricians
Electricians install and fix power, communication, lighting, and control systems in homes, offices, factories, and businesses. Many would assume that electrical burns are electricians’ most common cause of injury. It’s actually from slips and falls. However, electrocutions and burns are possible. That being said, electrical companies pose a significant risk to employees. These are just a few causes why workers’ compensation is so important for employees’ safety.
Electrician workers comp insurance should be on your radar if you are an electrician. It is a good thing, as the potential risks and exposures for professionals who work with electrical wiring, conduits, underground electric cables, and near overhead power lines are very high.
It would help if you got insurance for your electrical company that is highly customized and specialized. It will provide targeted protection to your employees and security to your business.
What does worker’s comp mean for Electricians?
Workers’ compensation is available to both the employer and the employee in the event of an accident. Workers’ comp covers injuries or falls, such as a fall from a ladder. Workers’ compensation will pay for the costs associated with the accident. In addition, workers’ comp will cover their medical bills even if the victim is severely burned or falls from a defective harness.
Workers’ compensation covers the cost of some lost wages if an employee is hurt to the point that they cannot return to work.
Employers can also get electrician workers comp insurance to cover the cost of paying for injured employees’ medical bills and lost wages. So, again, it is a wise investment that will protect your employees’ safety and your company’s liability.
Do you need electrician insurance for your business?
Your business as an electrician is essential to the maintenance of the infrastructure in your community. But, unfortunately, it’s also a dangerous trade. Consequently, you and your workers may be exposed to dangerous situations that could cause injury to yourself or others.
Defective wiring and connections can lead to electrocution or fire. In addition, many parts used in electrical components are no longer made the same way as they were.
Your company vehicles, tools, equipment, and commercial property investments are at risk. What happens if these assets are stolen, damaged, or destroyed? Is it possible to replace them with your own money, or would it prove financially tricky?
Electricians need insurance to run their businesses without worrying about legitimate concerns. A lot of states require that electricians have some business insurance. It includes electrician workers compensation insurance. Insurance is essential for your electrical company’s financial protection and compliance.
What type of insurance do electricians require?
Electricians require both general insurance and tailored coverage. General liability insurance and workers’ compensation are essential for nearly all electrical contractors.
Before you determine which types of insurance your business needs, you must understand all the specific risks.
Do you have commercial vehicles? Commercial auto or commercial property insurance would be required in those cases.
It’s essential to have sufficient coverage to protect your clients, employees, and business. So, various kinds of coverage are available for your business.
Conclusion
Each business is subject to liability. However, electricians work with active wires and circuits. They also have to deal with special equipment and situations that can increase the risk.
Running a business as an electrician is enough work. It is essential to be aware of possible scenarios that could cause your business to be temporarily or permanently disrupted.
It is essential to discuss your insurance options with an experienced and licensed electrician insurance professional who knows the industry and the challenges they face. Then, you can find the right insurance coverage for your company.
