Do Electrical Contractors Need Insurance?

As an electrical contractor in the Ontario area, you probably already know that homes and businesses can’t turn their lights on and off without having the right circuits installed. And, they can only keep those lights working by maintaining a safe, continuous flowing of electricity. Regardless of how much electrical circuits are cared for and maintained there are going to come times when they break down. This is where your services can come in handy. However, before you just run out and start offering your services all over the Ontario area, you need to make sure that you are properly protected. This is exactly where the buying the right electrical contractor insurance policy can come in handy in Ontario, Canada.

Protecting You Against Property Damage

Electricians are always working in buildings, offices, and homes. While this might seem like a thriving and suitable working environment, it really opens you up to tons of risks. When you are working inside these domiciles there is always a chance that you might damage something. Working on ladders and in attics opens you up to many risks. There is always a chance that a tool could slip out of your belt and crack a piece of tile or destroy a piece of art. Whatever situation you find yourself in, the right insurance policies can offer protection against these risks. Check out the RBC Insurance website to read about tips to minimize property damage that you can educate your clients about.

electrician checking wiring again to look for damage

 

Protecting You Against Bodily Harm

Once again, working inside office buildings and homes brings many risks. Another one of these risks is causing bodily harm to a customer. It is not unrealistic to think that you could fall off a ladder and land on your client. They could in return break their arm. Ontario has some affordable healthcare options, but is your company flush enough to pay that kind of out of pocket cost? Probably not and with electrical general liability insurance, you won’t have to worry about paying it. This type of policy will protect you in this exact situation.

client injured after tripping on electrician tools

 

Protecting You Against Lawsuits

Some customers can be much more difficult than others. Unfortunately, rectifying the issue by making repairs or paying for medical expenses might not satisfy everyone. In these situations, you might find yourself staring down the barrel of a long and lengthy lawsuit. Even if you are found not at fault the whole situation is going to run your company thousands of dollars. There will be lawyer fees, deposition fees, and court costs. And, what if you loose and have to settle? A situation like this could put many small contractors out of business. However, with general liability insurance you won’t have to worry about these types of situations.

General liability insurance will not only pay for your lawyer, but it will pay any court costs that are incurred throughout the trial. There are some specific policies that will go as far as paying a portion of the suit in the event that you lose.

electrical contractor gets sued by third party for short circuiting their house

 

Protecting You Against Vehicle Accidents

Electrical contractors in the Ontario area find that they spend the biggest portion of their time on the road. Traveling from job to job can give you time to catch your breath and gather your thoughts, but the road is a dangerous place. Looking at the Canadian motor vehicle collision stats for 2016, there is no question that there is always a risk of a vehicular accident. Even if you aren’t the one that causes the accident you are at risk. What if you are hit and badly injured by an uninsured driver? What if a ladder comes loose from your van and kills someone? These are all realistic scenarios that could happen to any electrician.

In order to properly protect yourself from these risks, you are going to need to invest in auto commercial vehicle insurance. There are a variety of polices available, but the most basic one will cover damages to the opposing party’s vehicle, property damage, and medical expenses. The most basic policy won’t cover medical damages to you or your vehicle. Even though there are a number of factors that can determine your overall auto insurance costs and it is no doubt expensive, you should consider going with a high coverage just to make sure that you and your employees are protected.

Some of the factors that will impact your overall costs are the number of vehicles you have, the claims you have made in the past, you and your employee’s driving records, the type of vehicle you are driving, and where you keep the vehicles stored.

electrician's truck coverage provided by a commercial auto policy