What Insurance Does An Electrical Contractor Need

What Insurance Does An Electrical Contractor Need?

You NEED The Right Kind of Insurance, Or You May Be Held Liable

If you are an artisan, a contractor that specializes, you may have asked yourself, "What insurance does an Electrical Contractor Need?"  You could ask this if you were looking into insurance as a plumber, HVAC, or other type of artisan.

Or, if you are a real estate investor that is looking for additional coverage for the contractors you hire, you may have also considered the question:

What Insurance Does An Electrical Contractor Need?

First and foremost, General liability is needed to protect you, even if you are the real estate investor who is contracting out employees.  It is important to remember that, if you are a real estate investor that is subcontracting work, then this automatically makes you a General Contractor.  Thus, you need the right coverage.

In addition, for specific artisans, specialized insurance, such as Electrical Contractor General Liability Insurance would offer additional coverage that General Liability would not cover completely.

Why General Liability Isn't Enough!

General liability, true to its name, is very general and thus, only gives you the basic in insurance.  This means that you are left exposed if you do not have the right coverage, or if the coverage you have has insurance gaps.

Don't be left exposed!  Let us help you find the right insurance for your needs!

Contractor Insurance, Minimizing Risks With New Contractors

ARE YOU A REAL ESTATE INVESTOR LOOKING INTO CONTRACTOR INSURANCE?

IF YOU HAVE HIRED A NEW CONTRACTOR FOR YOUR INVESTMENT PROPERTY THEN THEY NEED CONTRACTOR INSURANCE

If you are a real estate investor who has hired contractors to work on your investment property, then you need to have general liability contractor insurance.  This is especially true if the contractor is new and/or uninsured themselves.

Here's what you need to know:

How Does Contractor Insurance Help

Contractor insurance will help you in the event that:

  • A construction default has occurred
  • A subcontractor suffers an injury
  • You get sued over an injury or accident that occurs

These are just some of the risks that you can face when it comes to new contractors.  In insurance, we often say, “not knowing is not an excuse – and someone has to get paid.”  That is simply the reality of insurance, even if you are a real estate investor looking into real estate properties casually.

Quite simply, having this type of  insurance can protect your assets and give you peace of mind.   When you are a real estate investor, it also allows you to focus on what really matters - investing.

Worker's Compensation and Contractor Insurance

Not only do you need contractor's insurance, but it is also a good idea to consider getting workers compensation as well.  This is also helpful because it allows you even more asset protection for your real estate investment.

What You Need To Know About Contractor Insurance

If You Are Hiring A Contractor To Work On Your Property, Then You Need Contractor Insurance

Contractor Insurance Can Help Protect Your Real Estate Investment

Do you know if your subcontractor has contractor insurance?   Further,  are you yourself a contractor or are you hiring a contractor for your investment property.

Why Contractor Insurance Is a Viable Investment

If you are hiring a general contractor, then you MUST make sure that they are insured. If they are not insured, then the insurance will ultimately fall on you, the real estate investor.  Most new investors are unaware of this fact; eager to begin or finish up an existing project.  However, even if the investor has all the right intentions, even going as far as getting homeowners insurance or general liability coverage, they must still make sure that their contractor is insured, or at least be aware of the status.

If you are hiring different subcontractors, then this makes you a general contractor by default.  This means that you need general contractor liability insurance, otherwise you can potentially put yourself at risk.

Contractor Insurance Is Not The Same As General Liability Insurance

As mentioned, general insurance is the most basic type of insurance and does not offer the full extent of coverage, especially if you are a contractor or are working with a contractor.  Thus, it is imperative to consider getting contractor insurance in order to better protect your real estate investment.