What business insurance does an electrical or wiring installation contractor need in New Jersey?
Your electrical contracting business powers homes, businesses and infrastructure across New Jersey. Whether you’re wiring new construction or troubleshooting existing systems, your work involves high-risk environments and complex liability. That’s why it's important to have the right insurance to avoid shocks of the financial kind! We believe in your business and want to help you protect it, so here’s a guide to the best insurance for electrical or wiring installation contractors.
SHORT SUMMARY (because we know you have a lot going on!)
- Electrical contractors in New Jersey face industry-specific risks that require customized insurance coverage.
A Business Owner’s Policy for electrical contracting companies saves you money by bundling general liability, property insurance and optional business interruption coverage.
New Jersey requires general liability insurance for electrical contractors, which covers damages or injuries caused by your business.
- Electrical contractor property insurance covers damages to your office or warehouse from fire, theft and other surprise threats.
- Workers’ compensation is mandatory for all contractors in New Jersey who have employees
- Contractors tools and equipment covers damages from fire, theft & more to the important items you bring to jobs.
- Commercial auto is required in New Jersey to cover damages caused by the vehicles you use for transport or hauling.
Commercial umbrella insurance provides extra coverage when other key policies reach their limits.
Working with Mylo can help you find the right coverage at the best value!
FIVE BEST COVERAGES FOR NEW JERSEY ELECTRICAL OR WIRING INSTALLATION CONTRACTORS:
Here are five essential coverages every electrical contracting business should consider to stay protected and profitable:
1. Business Owner's Policy for electrical contractors
A business owner’s policy (BOP) for electrical and wiring installation contractors is a smart starting point. It bundles key coverages into one affordable package – ideal for new or growing businesses. Your BOP typically includes:
GENERAL LIABILITY FOR ELECTRICAL CONTRACTORS Covers legal and medical costs if a client or other non-employee is injured or their property damaged by your business. It also protects you from advertising-related claims. Examples:
- A client trips over extension cords and suffers a concussion
- A wiring error causes damage to a homeowner’s appliances
- A competitor accuses you of copying their logo or slogan
ELECTRICAL CONTRACTOR PROPERTY INSURANCE Helps repair or replace the property you don't take to jobs if disaster strikes – like fire, theft, or vandalism. This includes:
- Your office or warehouse
- Furniture and inventory
- Equipment that doesn't move
BUSINESS INTERRUPTION INSURANCE Replaces lost income if you need to temporarily pause your business due to covered property damage.
2. Workers' compensation for electrical contracting businesses (required in New Jersey)
New Jersey law mandates workers’ compensation insurance for all businesses with employees. It covers medical expenses and lost wages for employees injured on the job – and protects you from most employee lawsuits. Examples:
- A technician falls from a ladder and breaks their leg
- An apprentice suffers electrical burns during installation
3. Commercial auto for electrical contractors (required in New Jersey)
If you use company-owned or personal vehicles to transport materials, tools or employees, New Jersey requires commercial auto insurance.
- Helps pay for damages or injuries your vehicles cause to others or their property
- Can also pay for physical damage to your vehicles (optional)
4. Contractors tools and equipment insurance
This helps electrical contracting businesses protect the valuable tools and equipment they bring to jobs. If yours are damaged or stolen while in transit or temporarily stored at job locations, this must-have coverage can repair or replace them. Examples:
- Your generator hits the side of a swaying trailer and parts are broken
- Your power tools are stolen from a locked trailer at your client's home or business.
5. Commercial umbrella insurance for electrical contracting companies
Think of this as insurance for your insurance! A commercial umbrella insurance policy provides extra protection when other key policies like your general liability reach their limits, which helps you protect your company's financial assets.
THE BEST INSURANCE FOR ELECTRICAL OR WIRING INSTALLATION CONTRACTORS IN NEW JERSEY
Every business is unique. We’re fans of yours and here to help you protect it. Mylo has been innovating insurance for ten years. We know how to connect people and businesses to the coverage they need. Because we don’t sell our own insurance, we can give you an objective recommendation.
At no charge to you, we will:
- Recommend the right coverage for your needs
- Shop for you from leading top-rated insurance carriers
- Find you the best combination of coverage and price
- Keep you feeling confident about growing your business!