Electricians face unique risks and need specialized protection. A general business insurance policy does not protect you properly. At Spivey Insurance Group, we tailor your insurance to your needs so you focus your insurance dollars on your greatest risks and not on unnecessary frills.
Whether you’re an independent electrician, a construction company, or a general contractor, we can provide you with coverage you need. We’re an independent North Carolina insurance agency that works for you, not the insurance companies. Policies for electricians and electrical contractors typically include the following coverages.
General Liability Insurance for Electricians
Liability is a critical issue for any North Carolina business, since the state does not have caps on damage awards. Additionally, the North Carolina civil statute of limitations laws provides a three-year time limit for personal injuries, fraud, and many other causes of action; and a one-year limit for defamation.
Consequently, injury or property damage caused by you or your employees can lead to expensive lawsuits long after an incident which can cripple your company, wipe out your assets, or destroy your business.
Spivey Insurance Group ensures you’re protected against the costs associated with lawsuits. General liability insurance includes protection and compensation for a legal defense and judgment caused by the following:
- Property damage resulting from your, or you employee’s actions while conducting your business.
- Customer claims for libel, slander, copyright infringement, and other actions that could potentially damage a person or business’ reputation or rights.
- Customer claims for losses caused by your advertising.
- Bodily Injury caused by you or an employee in a customer’s residence or business.
Many electricians assume $500,000 or $1 million liability coverage meets their needs. However, if you work in the building trades or deal with the public often, this may not be sufficient.
When you choose Spivey Insurance Group you can rest assured we’ll recommend appropriate coverage to protect you now, and as your business grows.
Workers’ Compensation for Electricians
North Carolina law demands all businesses that employ 3 or more employees, part-time or full-time, have workers’ compensation insurance or qualify as self-insured employers.
Spivey Insurance Group is your North Carolina workers’ compensation insurance expert. We stay up-to-date on state law and access to a number of insurers for improved coverage and rates. Many insurers also offer loss control and risk management services specifically for the electrical business to help reduce risk, improve your EMR and lower costs.
Commercial Auto Insurance for Electricians
Relying on your personal auto insurance policy for business is very risky. Your insurance company may not pay claims for damages incurred if they discover you’re using it as a commercial vehicle. It may also lead to a lawsuit, leaving you to pick up a very large bill for a legal defense and settlement if you’re found responsible.
If you visit client locations or provide your service for a fee, which electricians do, you need commercial auto insurance. Spivey Insurance Group tailors your policy to your needs for the best coverage and rates.
Electrician’s Business Owner Policy (BOP)
Electricians can rely on superior coverage at very competitive rates when they choose a Business Owner Policy. It combines all major property and liability risks into one package and one premium.
Typically, a BOP includes property insurance for the building and contents you own or lease such as your office furniture, equipment, and inventory, as well as any improvements you’ve made to the property.
A BOP also includes general liability coverage with greater limits to address your high risk. It can also provide additional coverage for business income, data breach, tools, maintenance equipment, and other electrical supplies. Spivey Insurance Group can craft a policy to suit your specific needs and save you money.
License Bonds for Electricians
When applying for an intermediate or unlimited electrical contracting license, you’ll need a bonding ability statement verifying you’re qualified for performance bonds for high value projects. We can help.
Spivey Insurance Group offers a one-stop service for all your insurance needs. Rely on us for expert, unbiased advice and high-quality insurance products for your electrical business.