Find the best Electrician Workers Compensation Insurance quotes
Electrician Workers Compensation Insurance is a vital element of the professional's organization protection policy. It’s crucial that you acquire a complete understanding of all the associated advantages and constraints that accompany this type of insurance.
It’s definitely vital that you learn as much about your prospective insurance company and your potential insurance coverage as possible. Always make sure you understand precisely what the insurance will or won't cover. If there are particular areas of your project that the insurance does not cover, do not hesitate to ask about those areas. If there are things you absolutely must have, make sure they are consistent in your policy.
The following are the most common electrician injuries:
- Electrical Burns
- Fractures and Broken Bones
- Lacerations and Shrapnel Injuries
- Hearing Loss and Tinnitus
- Electric Shock
How much does electrician insurance cost?
Clients typically pay approximately $2.50 per $100 of payroll for employee remuneration under the electrical contractor class code. The average cost of basic liability insurance is $750.00.
Workers' Compensation Costs
- Work Comp is priced based on payroll
- Your state and EMR Ranking will impact your expense
- The type of electrical work can modify rates
- Premium discounts and policy credits might apply
Electricians' Workers' Compensation Class Codes
Electrical Wiring-All Employees Class Code 5190
This is a wide category of companies that are mainly involved in the provision of electrical services in a range of contexts. Residential or commercial work may be done. Electrical repair inside a house or building is often included in the services, as is new wire installation, cable installation, installation, or repair of electrical fixtures, wiring of equipment within manufacturing facilities, and satellite dish installation.
While the class code is widely used, insurance underwriters recognize that the risk profile for home electricians wiring low voltage and 110 and commercial electrical contractors building electrical conveyor systems inside industrial facilities is very different. It is essential for agents representing electrical contractors to give a comprehensive description of the work performed by each contractor and the steps taken to mitigate the risk of insurance claims.
General Liability Expenses
- GL rates for electrical contractors are based upon payroll (rated per $1000)
- Gross revenue may impact prices
- The type of electrical wiring matters to underwriters
- Prior clams and years in the company impact prices
- SIC code 1731- Electrical Contractors