Insurance companies are financial institutions, like banks and are rated by institutions like Standard & Poor and a firm called AM Best that rate Insurance companies the same way they rate banks & bonds:: A++, A+, A, A-, B+, etc. make sure that you find out what each company's rating is while you are gathering quotes. It is hard to compare a rate with an A rated multibillion dollar insurance company with an insolvent insurance company with an unrated or low rated insurance company.
Commercial General Liability Insurance (CGL) is the focus of a slew of law suits. Accordingly, there are many things you need to know about securing a Commercial General Liability Insurance Policy for an Electrical Contracting Operation. Although this coverage helps to protect you and your company's assets by providing a layer of defense against several types of suits including negligence, there is a lot to know. That is what your Castle Rock Agent is here for. By covering the cost of defending or settling these claims and the award that may be handed down to the claimant, your Electrician's General Liability Insurance policy can help you keep your business in business.
Coverages Liability:
General Liability Insurance usually covers Five basic categories of business liability:
Bodily Injury
Physical harm to a person at your place of business, or an injury caused by your employee at a client's site.
Completed Operations/Products Liability
Losses after your business has completed work for a customer (such as repairing appliances or installing wiring), or from distributing products.
Personal Injury
Damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.
Advertising Injury
Losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.
Medical Payments
Pays the medical expenses of a person injured on your premises (a customer, client, visitor, or even a trespasser) up to a stated amount, regardless of fault — as a goodwill gesture to prevent lawsuits.
Independent Contractors Liability
Damage from the acts of an independent contractor hired by your business.
For Electrical Contractors the above insurance coverages are usually sufficient.
For GENERAL CONTRACTORS, the one coverage typically NOT INCLUDED, but perhaps the MOST IMPORTANT is the following.
Injuries to Sub Contractors Liability Coverage
If you are a General Contractor and sub out Electrical Work and Don't Have it or never heard of it you need to call us immediately.
Damages Covered Your General Liability Insurance Policy will pay three types of damages:
Compensatory Damages
Financial losses of the claimant, plus additional monetary losses resulting from the claim.
General Damages
For intangible losses ("pain and suffering.” “mental anguish,” etc.)
Punitive Damages
Penalties against your business for committing a wrongful act.
Exclusions: Although Commercial General Liability Insurance provides a wide range of protection for your business, it won't pay liability claims related to these areas (which you can cover with other policies):
On-the-job injuries to employees Workers Compensation
Operating autos or trucks in your business Business Auto Policy
Performing, or failing to perform, professional services Professional Liability Insurance, Errors & Omissions
Acts as a corporate director or officer Directors & Officers Policy
Pollution Environmental Liability
Products, such as light fixtures, appliances are subject to recall. The General Liability Insurance also excludes coverage for losses related to war, terrorism, or nuclear events. However it is available separately on a Products Liability Policy
As many people have already found out, Castle Rock Insurance Agency is the best stop for a quote on Electrical Contractors Insurance. We are the low cost solution for your Electrician Contractors Insurance Policy. Castle Rock Agency currently offers Electrical Contractors Insurance Policy Coverage in New York, NY, New Jersey, NJ and Pennsylvania, PA.
Castle Rock Agency - Electrician General Liability Insurance Coverage
Electrical General Liability Insurance
