As an electrician in Hawaii, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Hawaii electricians need, including costs based on our analysis of actual quotes from leading carriers.
Energize your business by exploring our overview of electrical contracting insurance.
General Liability Insurance for Hawaii Electricians
General liability insurance protects electrical contractors from third-party claims of property damage and bodily injury. Based on our analysis of over 1,200 electrician quotes, here are the typical costs for Hawaii electricians:
Average Annual Premiums and Potential Savings
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $900 | 0.6% | $600 | 33% |
| $500K | $2,600 | 0.5% | $1,500 | 42% |
| $1M | $5,500 | 0.6% | $3,500 | 36% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential and commercial electrical work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Hawaii Electricians
Worker’s compensation insurance is mandatory for Hawaii electrical contractors with employees. Based on our analysis, Hawaii electricians typically pay:
- Average premium per employee: $2,989 annually
- Premium per $100K payroll: $3,970
Key factors affecting premiums:
- Employee classification codes (primarily 5190 for electrical work)
- Total annual payroll
- Claims history and safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Hawaii
1. Tools & Equipment Coverage (Inland Marine)
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Covers electrical tools and testing equipment
- Protection during transit and at job sites
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K per person/$300K per accident
- Higher limits recommended ($500K-$1M)
- Required for work vehicles
3. Electrician License Bonds
- Bond amounts: $5,000-$25,000
- Premium: 1-3% of bond amount based on credit
- Essential for licensing requirements
- Three-year terms available
4. Commercial Property Insurance
- Protects workshops and storage facilities
- Annual premiums: $1,000-$5,000
- Coverage based on property value
- Protection against fire, theft, and natural disasters
5. Contractor’s E&O Insurance
- Annual premiums: $50-$500
- Policy limits: $10,000-$1M+
- Covers professional negligence claims
- Includes faulty workmanship protection
Get Hawaii Electrician Liability with ContractorNerd
ContractorNerd makes electrical contractor insurance simple and data-driven through:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Electrician-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy when needed
Our team of insurance specialists understands Hawaii’s unique requirements and helps you:
- Optimize coverage for your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations
Visit our online quote tool or speak with one of our electrical contractor insurance specialists to get started with tailored quotes for your Hawaii electrical business.