If you work as an electrician, it helps to have insurance to cover your job. Not only will the coverage allow you to work with peace in mind, but if anything should ever go wrong, you won’t have to pay the full price for it. That said, one of the best insurances you can ever go for are bespoke insurances, as they’re tailored to precisely what you need.
With that in mind, when developing your bespoke package, here are the different insurance types you’ll need to consider:
1. General Liability
General liability is aimed at protecting the assets your company has, as well as any other general issues you might face. This type of coverage is also sometimes required if you’re working on large electrical projects to cover any problems that might occur on-site.
Let’s say, for instance, that your facilities flooring has just been mopped. Before it dries, a customer walks in and slips, injuring himself. Rather than you having to pay for the customer’s injury, it’ll be covered by your insurance instead.
2. Worker Compensation
Worker compensation targets your workers while they’re carrying out their job in case of any injury that occurs.
Often, when your workers get hurt, you’ll have to cover their medical expenses if you do not have worker compensation as part of the package. Seeing as you work as an electrician, the risk for injury is quite high. Worker’s comp is one aspect of an insurance plan that you should not miss.
3. Health and Life Insurance
There are many kinds of health insurance you can opt for, depending on your needs. Remember to not put off the purchase too long. It’s crucial to have your health insurance plan in place as fast as possible, as you might face penalties for not having it for yourself as well as your employees.
That said, when you look for health insurance, purchase the one that’s appropriate for yourself. If you’re self-employed, you can look for health insurance that is focused on the individual, which is you. If you’re in business, opt for one that covers yourself and all the other workers.
Insurance that covers work-related medical payments is often included under commercial insurance.
4. Professional Liability
Unlike general liability we mentioned earlier, professional liability covers any services you or your workers carry out.
For example, if you were wiring a home that shorted out and caused a small fire, that’s counted as a professional liability because it is damage caused directly by your job. Not only will this cover any costs to restore the damage that’s done, but it’ll also protect your business against a lawsuit if you are proven to have been negligent while carrying out your duties.
Other than the considerations we’ve shared with you above, there are many insurances that you should keep in mind, such as business interruption insurances, commercial auto insurances, and so on. That said, what you’ll need will depend on you. However, rather than purchasing these insurances one by one from different providers, we highly recommend that you get them from a bespoke insurance provider. With their help, you’ll get to tailor your coverage to cover everything you need.
Need a bespoke insurance plan created for you? We’re here to help! Check out our business insurance offerings today!