How often should I review my insurance coverage?
Review insurance coverage annually and whenever your business undergoes significant changes, such as expanding operations or purchasing new equipment.
Related FAQs
How much does electrical contractor insurance cost?
Insurance costs vary based on business size and location. General liability insurance typically ranges from $400 to $1,500 per year. Workers' compensation costs about $2 per $100 of payroll in most states.
Do I need commercial auto insurance if I use my personal vehicle for work?
Yes, commercial auto insurance is required when using a personal vehicle for business purposes. Personal auto policies don't cover accidents that occur during business activities.
What's the difference between general liability and professional liability insurance?
General liability covers third-party bodily injury and property damage. Professional liability (errors and omissions) covers mistakes in professional services, such as faulty wiring claims or negligence allegations.
Can I bundle different insurance policies to save money?
Yes, many insurers offer a Business Owner's Policy (BOP) that combines general liability and property insurance at a lower cost than purchasing them separately.
How often should I review my insurance coverage?
Review insurance coverage annually and whenever your business undergoes significant changes, such as expanding operations or purchasing new equipment.
Read the full guide
Electrical Contractor Insurance Requirements: Everything You Need To Know
