Electrical Contractor Insurance Tennessee
Regardless of your experience as an electrical contractor, accidents can happen. That’s why an insurance policy is important to everyone in the contractor’s field, including electricians. With a relatively small premium each year, the insurance policy will protect your property from claims for property damage, personal injury, etc. arising from an accident. Need help in Atlanta?
If you obtain general liability insurance, for example, the cost of damages, settlement fees, and also attorneys’ fees will be covered by the company offering the insurance coverage. Need help in Nashville?
Then, what is the average insurance cost for electrical contractors?
On average, an electrician contractor will pay $700 to $1,200 each year in insurance. Most insurance companies will accept payments in installments paid over 10 months.
How Insurance Works
Insurance is no longer a luxury for electrical contractors. This is because most customers do not allow a contractor to start working on their site without valid proof of insurance.
With an insurance policy, the cost of damages or settlement fees, as well as attorney’s fees, will be taken into account, but this cannot exceed the policy maximum. Therefore, with a $250,000 policy and a $500,000 settlement, you will have to get the additional $250,000. For this reason, electrical contractors who handle large projects are advised to pay a premium for as much coverage as possible. It’s always a fraction of what you could lose if a lawsuit goes against you!
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