Calgary Electrician Insurance
We've only had the ability to harness electricity for a relatively short time in human history, and it has changed almost everything about the way we live. But as professional electricians already know, it would be a mistake to think we've tamed electricity completely—it still has the potential to surprise us in dangerous and unexpected ways, which is why it's so important to have electrical contractors who know how to work with it safely. Still, no matter how careful and cautious you are, there's still the potential to cause injury and property damage that could leave you dealing with major financial setbacks without the protection of electrical contractors insurance.
Krywolt Insurance will work with you to determine the on-site risks and public liability. We will assess the material damage exposure and product liability. As an electrician, you're subjected to complete operations exposure, which, as you are likely well aware, means that you are liable for defective workmanship on electrical items under repair and faulty installation of wiring. There are many more considerations for your electrical contractors insurance. Get in touch with us today to get a no-obligation quote on Calgary electrician insurance for your company.
What is Electrical Contractors Insurance?
Electricians insurance, or electrical contractors insurance, is a package of business insurance coverages designed to address the risk exposures that are most common for electricians so they can get insurance compensation to deal with unexpected costs that arise from an insured peril. Everyone's insurance needs are a bit different based on a number of important factors, such as how they choose to operate their business, their location and much more, but those perils could include everything from damage or loss caused by fire, flood, natural disasters, theft, vandalism and more to litigation and settlement costs should you be forced to defend yourself in court against allegations that you caused third-party bodily injury or third-party property damage.
Who Needs Electrician Insurance?
Anyone who directly installs or repairs electrical systems or provides any type of electrical service needs the financial protection of a Calgary electrician insurance policy. This way, they can avoid paying out of pocket for expenses such as property damage restoration, legal defence costs and much more. That includes professionals such as:
- Residential electricians
- Commercial electricians
- Industrial electricians
- Master journeyman electricians
- Electrical contractors
- Electrical technicians
- Self-employed electricians
- Electrical repairmen
- Lighting installation technicians
- HVAC technicians
- Heating and cooling contractors
What Coverage is Available for Electrical Contractors Insurance?
No two business insurance policies are exactly alike because they are written to address the unique insurance needs of the policyholder and protect them against financial losses caused by the perils they are most likely to encounter in their line of work. Naturally, that applies to insurance for electricians as well. There are both standard types of coverage that are necessary for any commercial insurance policy, such as commercial general liability and commercial property coverage, as well as additional insurance coverage that is well worth considering for your electrical contractors insurance. Here are some of the types of coverage you should know about.
Commercial General Liability (CGL)
Commercial general liability insurance is a part of pretty much every business insurance policy, and for a good reason—no matter how careful you are as a business owner, there's always the potential for mistakes, accidents, oversights, mishaps and incidents that are totally beyond your control that could lead to third-party property damage or third-party bodily injury.
For example, you're working at a client's property, and the client is touring the site when they trip over an extension cord that you left stretched across the room a couple of inches above the floor and are seriously injured. The client could sue you to recover the cost of their medical expenses, along with compensation for the loss of income while they're too injured to work. Or, you drill into a wall without checking and make a hole in a plumbing line, causing severe water damage inside the wall. That prompts the property owner to take you to court for the cost of water damage restoration and a new plumbing line. In those types of situations, the commercial general liability portion of your electrical contractors insurance would provide funds to cover costs such as legal mediation, your legal defence costs, court fees, settlement costs should you be found liable and more, up to the CGL limit on your Calgary electrician insurance policy.
Professional Liability Insurance
Also known as errors and omissions insurance, a professional liability insurance policy is a highly recommended addition to electrical contractors insurance. This coverage is different from commercial general liability because it applies to situations in which you are liable for negligence, misconduct, bad professional advice or failure to deliver a service. For example, a customer asks you to complete a full safety inspection of their electrical system, but you fail to notice that they have a faulty outlet. Shortly after the electrical inspection, the outlet causes an electrical fire that causes extensive damage to your client's home and belongings. They bring a lawsuit against you to sue for the cost of restoring the fire damage, and your litigation costs, as well as the settlement expenses you are assessed with, are covered by your professional liability insurance up to your coverage limit.
Commercial Vehicle Insurance
You may have a specialized vehicle that you only drive for work purposes, and of course, it stands to reason that you need mandatory commercial auto insurance in order to drive it legally. But some people don't realize that they also need commercial vehicle insurance coverage if they use their personal vehicle for work purposes. Suppose you have a pick-up truck that you drive everywhere, and you throw your tools and equipment in the back when it's time to get to work. In that case, your personal auto insurance does not cover you while you're driving your truck between job sites, transporting materials to a client's property and performing other work-related tasks. Hence, it's necessary to include commercial auto insurance on your Calgary electrician insurance policy.
Equipment and Tools Coverage
As an electrician, you likely do a lot of work with your hands—but you also have tools, equipment and gear that are necessary to complete your electrical wiring properly, safely and to the highest industry standards. If that gear is damaged, destroyed or stolen, you can't work until you get it replaced. But, you may not have the funds available to replace them all right away, especially without putting a major strain on your business's bottom line. That's why tools and equipment insurance is an important addition to your electrical contractors insurance. This type of insurance covers the cost of replacing or repairing equipment and tools that you need to do your job, so you can get back to work as soon as possible without causing even more financial hardship.
Additional Electrical Contractors Insurance Coverage
- Commercial Property Insurance
- Legal Expenses Coverage
- Pollution Liability Insurance
- Business Interruption Insurance
- Crime Insurance
- Employee Dishonesty Coverage
- Cyber Liability Insurance
- Surety Bonds
How Much Does Electrical Contractors Insurance Cost?
The amount you can expect to pay for Calgary electrician insurance can vary widely depending on a range of factors that influence your risk exposure assessment. That includes considerations such as:
- Location
- Years of experience
- Coverage limits
- Annual and projected revenue
- Number of employees
- Whether you do commercial or residential work
- Specific services you provide
- Tools and equipment you use
- And more
When it comes to commercial general liability coverage, a minimum of $2 million is recommended for the coverage limit. That may seem high, especially if you haven't been involved in a legal dispute before, but the fact is that the costs of litigation and settlement can easily exceed $1 million. Most people don't have that much money available to spend on defence costs, court fees, settlements and so on, and they don't want to have to pay out of pocket for the amount that exceeds their coverage limit, which is why it makes sense to be on the safe side with at least $2 million in CGL coverage on your electrical contractors insurance.
Is Calgary Electrician Insurance Legally Required?
No, electrical contractors insurance is not legally mandatory (except for commercial auto insurance). But it is absolutely necessary to protect the success of your business and prevent yourself from suffering major financial setbacks. Keep in mind that it is not just about getting insurance compensation after a destructive or injurious incident—not having the right coverage for Calgary electrician insurance can also prevent you from getting the work you need to stay in business. Many general contractors, property owners and clients simply will not hire an electrical contractor who can not provide them with proof of adequate insurance coverage in the form of an up-to-date certificate of insurance. Without that proof, you'll be forced to walk away from contracts that will go to your competition instead, leaving you with just the odd job from someone who doesn't know or care why it's important to hire electricians with proper electrical contractors insurance in place. So for your peace of mind and that of your clients, we guarantee that acquiring Calgary electricians insurance will go a long way. You’ll be able to do your electrical work worry-free.
How Can I Get a Quote for Calgary Electrician Insurance?
That's easy—just give the reliable insurance brokers at Krywolt Insurance a call at 403-879-8660 to find out more about electrical contractors insurance and get started on a quote. We have partnered with the best insurance companies to find you the coverage you need for protection against financial losses at a competitive rate.
