Running a business comes with its own set of risks. For one, employees can decide to file a lawsuit against their employer for one reason or another. Customers or clients can also sue the business owner if they are injured in any way. There’s also the risk of burglaries, property damage during disasters and many other risks that every business owner needs to be aware of. By getting Smart Business Insurance, also known as business owners’ insurance, you can protect yourself and your business from these risks and many others. Fortunately, there are many insurance companies with insurance policies that are tailored to meet the specific coverage needs of different types of businesses.

Electricians Liability insurance

If you are an electrical contractor, you will need to protect yourself from the risks that come with the job. While electricity may be one of the most useful and most widely used form of energy, it can be incredibly dangerous. In fact, it can cause serious injuries and fatalities if not properly handled. That is why every electrician needs liability insurance to protect their business. The following are the risks that electricians have to contend with every single day:

Electrocution

Electrical systems are sophisticated, so there is always the risk of injury due to electrocution. Electricians can be electrocuted while installing, repairing, testing, or maintaining electrical systems. They can also work on systems that may cause injury to third parties due to electrocution. To avoid the risks that come with personal injury lawsuits occasioned by electrical accidents, such as electrocution, electrical contractors and electricians need to carry sufficient liability insurance protection.

Equipment Damage

Electricians often work on costly electrical systems. They handle appliances and computer systems that cost thousands of dollars. Poor wiring and other forms of malpractices can cause serious damage to electrical appliances. The owners of these appliances will demand a replacement and compensation for any losses, such as data losses. To avoid paying for these losses out of pocket, electricians need to purchase liability insurance in advance.

What Electricians Liability Insurance Covers

Legal Fees

The best thing about liability insurance is that it pays all the legal fees incurred during an injury lawsuit. Whether the case is won or lost, the insurance company will pay the defense team for their services. It’s worth noting that the legal fees incurred while fighting injury lawsuits can be quite substantial, and this can hamper your operations even before you consider the damages awarded by the court. By paying your legal fees, liability insurance will enable you to continue with your normal operations without any difficulties.

Medical Costs

Personal injury lawsuits are often initiated by injured parties. Depending on the nature of the injuries suffered by the plaintiff, medical bills can be in the tens of thousands of dollars, or even higher. There is also the cost of future medical procedures and rehabilitation, which can be substantial. Liability insurance caters for all medical costs that may be awarded by the court.

Lost Income

After getting electrocuted or getting injured in any way, most people will spend weeks, months or even years on a hospital bed recuperating. This means that they will not be able to earn any income during the period. The lost income will be compensated if they win the injury lawsuit. Your insurance provider will heed the court’s ruling regarding the lost income compensation.

Pain and Suffering

Electrocution can cause immense pain and suffering to the victim. This pain and suffering can only be approximated. If you lose the injury lawsuit, the court will order you to pay a certain amount of money to compensate the plaintiff for the pain and suffering experienced due to your negligence. Your insurance provider will pay the full cost of pain and suffering, which means that you and your business will be protected.

Property Damage

If your errors & omissions or negligence led to the damage of property, you will be required to pay for the property loss. In case computers were damaged, compensation must also be paid for the information lost during the incident.

When you add up the legal fees and cost of damages awarded by the court, you’ll come to realize that you cannot do without liability protection. That’s why it’s recommended you purchase liability insurance before you start serving the public.

Choosing the Right Liability Insurance Policy

There are many things to consider when choosing an insurer. Ideally, you should not be in a hurry to decide. Consider consulting a business insurance broker to help with the search. Only independent brokers should get your attention. Be sure to compare the premiums charged by different firms’ hand in hand with the extent of liability coverage they offer for the quoted premiums. The reputation of the insurance providers on your list should also be checked because you want to hire a trusted and reliable insurer with a track record of paying claims on time.