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How much does business insurance cost for electricians?

Electricians' insurance costs depend on your policy limits, your business risks, your equipment value, and other factors. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs for electricians

Electrical contractors pay a median premium of $45 per month, or $540 per year, for general liability insurance. This policy provides protection against third-party injuries, third-party property damage, and advertising injuries.

Electricians can often save money by purchasing a business owner’s policy, which bundles general liability insurance with commercial property insurance at a discounted rate. It protects your own business property along with covering common business risks.

Median cost per year: $540
Policy limit: $1 million per occurrence

Learn more about general liability insurance.

Workers’ compensation insurance icon

Workers’ compensation costs for electricians

The median premium for electrician workers’ compensation insurance is less than $275 per month, or $3,275 annually. This policy, which is required in almost every state for businesses with employees, can help cover medical fees and lost wages for work-related injuries and illnesses.

Learn more about workers' compensation insurance.

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Commercial auto insurance icon

Commercial auto insurance costs for electricians

At a median premium of about $140 per month, or $1,700 per year, commercial auto insurance provides coverage for vehicles your electrical business owns. It can help pay for property damage and medical costs in an accident, along with financial losses caused by vehicle theft, weather damage, and vandalism.

Median cost per year: $1,700
Generic policy limit: $1 million

Learn more about commercial auto insurance.

Contractor’s tools and equipment coverage icon

Contractor’s tools and equipment insurance costs for electricians

Electricians pay a median premium of about $40 per month, or $490 per year, for contractor’s tools and equipment coverage.

A form of inland marine insurance, this policy helps cover the repair or replacement of lost, stolen, or damaged tools and equipment.

Median cost per year: $490
Generic policy limit: $10,000

Learn more about contractor's tools and equipment insurance.

Professional liability insurance icon

Professional liability insurance costs for electricians

Electricians pay a median price of about $90 per month, or $1,060 per year, for professional liability insurance. This policy, also known as errors and omissions insurance, protects electricians from client lawsuits claiming unsatisfactory, negligent, late, or incomplete work. An electrician may be able to combine professional liability insurance with a general liability insurance policy for increased savings.

Median cost per year: $1,060
Policy limit: $500,000 per occurrence
Deductible: $1,750

Learn more about professional liability insurance.

Get free quotes and compare policies with Insureon

Insureon’s construction and contracting insurance agents work with top-rated U.S. carriers to find coverage that fits your electrical business, whether you operate independently or hire employees. Apply today to compare quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in the unique risks facing electricians.

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