As an electrical contractor in New York, you will benefit from a comprehensive electrical contractor insurance policy customized to your needs, and an independent insurance agent is one of the best sources to turn to. If you try to cut corners on insurance, you could end up with some serious problems, like Fred R in our example story.

Fred worked as a construction electrician for over ten years and learned a great deal about the business. In fact, when he received a financial windfall from an inheritance, he decided to start up his own business. At first, Fred took out a standard BOP insurance policy and didn't give much thought to risk management. After all, he reasoned business insurance was all the electrician insurance he needed.

Fred's business grew rapidly. In fact, as soon as one project was completed, there was another one to replace it. One day, a large local construction company needed an electrical subcontractor to take care of luxury bathrooms in a condo development in Long Island. Fred needed performance bonds so he contacted his insurance agent.

Fred's agent told him that his insurance company did not issue bonds, so Fred would need to contact a bank, and the agent seemed to know very little about bonds. Then Fred remembered a previous customer who was an independent insurance agent and he gave Fred his card about 3 months ago. Fred decided to contact the agent.

The independent agent was very knowledgeable on performance bonds and helped Fred get everything he needed. Plus, they went over all of Fred's business risks and the agent told him about several other electrical contractors insurance options, which seemed like a good idea. This was an important turning point for Fred and his crew's financial future.

Six months later, one of Fred's crew members wasn't wearing his reading glasses and accidentally installed a 60 amp GFI breaker instead of a 40 amp GFI breaker, in a hot tub circuit. This was the reason for a fire starting behind the bathroom wall, and the condo and two other units suffered major damage. After the fire investigator discovered the oversized breaker, Fred's business was on the hook for the damages. Thankfully, his independent agent made sure he carried sufficient errors and omissions coverage with his electrical contractor insurance policy, so the claim was settled.

Because electricians deal with dangerous voltage all the time, there are many risk factors to consider, in addition to standard risks. Electrical contractor insurance is designed to meet all the major risk factors and preserve the business owner's financial future.

If you run a business making electrical installations or repairs, you should consider special electrician insurance. This can include these businesses:

• Electrical contractors
  
• Electrical subcontractors
  
• HVAC contractors
  
• Handyman services
  
• Home improvement contractors
  
• Lighting contractors
  
• Landscape services
  
• Building contractors
  
• Water and fire restoration services

If you are interested in basic coverage, you should at least consider these business insurance options:

• General liability
  
• Electrician liability - this can include errors and omissions which is common reason for damages associated with electrical work.
  
• Business property insurance - do you own the building that houses your office? If so, you need to protect it from a wide range of hazards.
  
• Building contents - can cover your stored equipment, computers, printers, and other office equipment. This is important whether you own or lease the building.
  
• Business auto insurance - covers all the vans, trucks, and autos you use for business.

The best way to understand all your insurance options, is to talk to an experienced insurance professional. This person may advise the following coverage options:

• Installation floater - this can be taken out on a "per project" basis. For example, you may be installing some very expensive equipment and an installation floater will protect this equipment from the time you receive it, until it is installed for the customer.
  
• Inland marine insurance - covers your equipment, supplies, and materials, while they are in transit. This is important because standard commercial auto insurance does not usually cover items considered to be cargo.
  
• Special tools and equipment
  
• Equipment breakdown insurance
  
• Cyber liability
  
• Performance bonds
  
• Umbrella liability insurance

When you see a "standard" insurance agent (who works for one insurance company) your insurance options are limited. However, Newbridge Coverage Corporation is an independent agency and our experienced insurance professionals are not insurance reps. We work for you and make sure you have the best insurance options from some of the best insurers doing business in New York.

Two insurance professionals founded this business 60 years ago and today we have 30 insurance specialists serving thousands of people and businesses in the Tri State Area. We provide more than insurance coverage. We also are here with loss control services and claims services.

Our rating computer can give you instant rate comparisons from some of the best insurance companies in the country. Getting a free, no obligation quote on your electrical contractors insurance is as simple as clicking on "get a quote". You may also call us at 877-684-1326 for more information.