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Independant and Commerical electrical contractors; Your guide to electrical contractors insurance

Updated on January 26, 2010

Electrical Contractors Insurance broken down

By no means am I an Insurance specialist, I just recently got the itch and wanted to see how Insurance markets worked as it related to Artisan Contractors. Please contact your local Insurance agent should you have further questions. Without further adieu.. Your guide to Electrical Contractor Insurance.

What are Commerical and Independant Electrical Contractors?

I recently had my electrical wires replaced throughout my entire house. The process took nearly two days with many a contractor stumbling in circles in and around my home. Did you know that if items in your home are damaged in anyway during construction you can go back against the companies General Liability Policy? In going back to my original thought Electrical Contractors scope of work includes the following: wiring, rewiring, installing and maintaining various other electrical systems.

Some contractors focus on large commercial and industrial jobs while others are strictly residential. What separates an electrician from an electrical contractor is specialized licensing which is state specific. Most license requirements include over a hundred hours of classroom instruction as well as thousands of hours of on the job training. Once these prerequisite are completed one must pass the states electrical contractor examination with a minimum score of 70. After completion of said exam one gains an electrical contractor status and is subject to have their license renewed annually. Most contractors charge hourly for their work. Costs typically include materials, labor, and any additional subcontractors used.

Contractor Insurance anyone?

What Liability Company do you prefer?

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Possible claims hazards Insurance Companies review when determining Electrical Contractor premiums

  • Slips, Trips, and falls occurring on insureds premises
  • 3rd Party property damage or bodily injury ( While rewiring a lamp, the lamp falls to the ground injuring bystanders
  • Electrical fires from defective wiring
  • Loss of use claims ( A contractor caused power outage)
  • Improperly installed switches which may result in burns

Several factors to review when choosing a Surplus Lines Insurance Company

  • The ability to pay claims
  • A.M. Best Financial Rating
  • Service (How quickly can my endorsement be processed)
  • Can the company offer admitted paper so I may be subject to the guarantee fund?
  • How is the policy pricing in the Insurance market place?

What has been your experience in purchasing Contractor's Insurance?

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