Electrical Contractor Business Liability InsuranceThis type will most likely be required by your State's licensing board. Many contractors may elect to get the bare minimum (required amount) but if you take a realistic look at what you're getting you'll probably come to realize that you're not fully protected and require substantially more. Be careful to read the fine print of your contract (what's covered, for how much and for what length of time, etc.), and don't be afraid to ask you insurance agent about these things. Keep in mind that many agents attract new business by offering a commercial insurance quote with initial low rates, but these low rate policies leave out many (common sense) coverage and provide absolutely bare minimum coverage. Take a close look at the type of work you commonly do and imagine what would happen if by some misfortune (accident) you are the cause of some major damage to the business or residence or to a person occupying the premises. Are you fully covered, or are you going to go out of business (declare bankruptcy)? Now that we've established why you need this type of insurance, make sure that you call several insurance brokers and get a business liability insurance quote from each, and carefully compare each for coverage point by point!
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