SunGate Insurance Agency Blog
Running an electrical contracting business requires more than the professional skills required to correctly install and repair wiring and circuits.
Regardless of whether you operate on your own or you employ a skilled team of electricians, you need to be able to identify clients and jobs and schedule them properly, purchase and potentially stockpile the necessary tools and equipment, and bill clients and maintain accurate bookkeeping and records. When all of these (and many other) necessary pieces come together, your electrical contracting business will be a success. Yet there is another piece critical for ensuring the success of your business: the right insurance coverage that will protect your business against financial loss.
Small business insurance for your electrical contracting business does, unfortunately, add to the cost of your overhead, so it may be tempting to forego it to keep your operating costs down. However, before pursuing this route, there are a few factors to consider. First, many prospective customers will not hire an electrician who does not carry the appropriate level of insurance for the size of the job, because they need to ensure that their property is protected against any damages caused by your electricians. Second, you may be legally required to carry insurance; in Florida, for instance, all small businesses are required to carry commercial vehicle insurance for any work-related vehicles and employers in the building industry are required to carry worker’s compensation insurance if they hire even one employee. Third, paying for damages and/or a lawsuit out-of-pocket can be financially ruinous for even the most financially successful business.
Yet the insurance required to protect your electrical contracting business doesn’t have to break the bank. Once you have identified the type of coverage you require, as well as the level of coverage you require, the next step is to shop around! The fact is that insurance is a highly competitive business, and gathering competing quotes can help you find the right insurance at the right price. That’s where Sungate Insurance Agency comes in. We are a local, independent insurance agency with a team of experienced insurance experts. As an independent insurance agency, we work with many of the large insurance companies out there, so we can do the ground work for you by gathering quotes from different companies and comparing them to find the best price. So contact our insurance experts today for a free quote!
Cost Factors to Consider for Electrical Contracting Insurance
At Sungate Insurance Agency, our goal is to help you find the best insurance policy for your business, at the best possible price. To do that successfully, we will work with you to correctly identify the factors that will impact the cost of your insurance. Important cost factors to consider may be:
And another great reason for working with an independent insurance agency? We can often bundle different coverages together into one package or umbrella policy to help you save even more money! Talk to our insurance experts today for a free quote!
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Contact SunGate Insurance Agency today learn more about the type of insurance you need. Click here to contact us or call (407) 878-7979.
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