Electricians and New Mexico Insurance

For anyone starting their own electrical contractor business there are many rules and regulations regarding safety when operating in such a hazardous line of work. There are some insurance issues unique to electricians, so perhaps you should get some advice from an agent that handles New Mexico Insurance needs for those who provide electrical services. The right agent can offer you many types of insurance policies that should be considered in order to provide you with the coverage you’ll require.

Some insurance options to consider

There are many insurance options for an electrical contractor, but there are also some basic requirements as well, such as liability Insurance.An experienced electrician has likely encountered the need for a certificate of insurance at some point in time. There’ll be customers who will require proof that the electrician they’ve hired has liability insurance on his or her electrical contractor business.

Anyone with a certain number of employees needs workers comp coverage, although some smaller operations would prefer not to buy this policy.But what most people fail to realize is that by not purchasing this policy the company ends up responsible for paying all claims, basically becoming the workers comp insurance company.

Equipment coverages worth the cost of the policy

This protection can provide coverage for equipment as well as for tools. There is a serious need for equipment coverage since losing those items could ultimately jeopardize the ability to stay in business and get the work done.Often this coverage can be added for a small limit of coverage to a general liability policy at very little cost annually.

Electricians just starting up a business will often title one or more personal vehicles in the company name due to the fact that they’ll receive certain tax advantages. Realize that if all of the vehicles owned are listed on the commercial auto policy (with no personal auto policy), this may create coverage gaps.

Finally, disability insurance is a worthy solution in case a worker (or the owner) becomes temporarily or permanently disabled.Many electricians fail to remember to cover for this exposure and a loss of this type could put you out of business.

Its clear that buying New Mexico Insurance for an electrical company can be a complicated process, so talk to an agent who specializes in electricians insurance, one who can help navigate through the maze of policies and accompanying underwriting rules.