As an electrician in Idaho, 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 Idaho electricians need, including costs based on our analysis of actual quotes from leading carriers.
Power through uncertainty by reading about electrical contractors insurance.
General Liability Insurance for Idaho Electricians
Based on our analysis of over 1,200 quotes from leading carriers, here are the typical general liability insurance costs for Idaho electrical contractors:
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$150K | $1,200 | 0.8% | $700 | 42% |
$500K | $3,200 | 0.6% | $1,700 | 47% |
$1M | $6,000 | 0.6% | $3,800 | 37% |
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
Key coverage includes:
- Property damage from electrical work
- Bodily injury from electrical hazards
- Completed operations coverage
- Products liability for installed components
- Faulty workmanship claims
Worker’s Compensation Insurance for Idaho Electricians
Worker’s compensation insurance is mandatory for Idaho electrical contractors with employees. Based on our analysis, Idaho electricians typically pay:
- Average premium per employee: $1,584 annually
- Rate per $100K payroll: $3,090
Key factors affecting premiums:
- Job classification (code 5190 for electrical work)
- Total annual payroll
- Claims history and safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Idaho
1. Tools & Equipment Coverage (Inland Marine)
- Annual premiums: $200-$2,000
- Coverage limits: $5,000-$15,000+
- Protects electrical tools, testing equipment, and gear
- Coverage at job sites and during transit
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K bodily injury, $100K property damage
- 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
- Cost varies by credit score:
- Excellent credit: $100-$500
- Good credit: $150-$1,000
- Poor credit: $200-$2,500
4. Contractor’s E&O Insurance
- Annual premiums: $50-$500
- Coverage limits: $10,000-$1M+
- Protects against professional mistakes
- Covers faulty work claims
5. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Based on property value and location
- Covers buildings, contents, and inventory
- Protection against fire, theft, and weather damage
Get Idaho Electrician Liability with ContractorNerd
ContractorNerd makes electrical contractor insurance simple and data-driven through:
- Instant online quotes from A-rated carriers
- Side-by-side coverage comparisons
- Electrical contractor insurance specialists
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of electrical insurance experts helps you:
- Optimize coverage for your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with Idaho regulations
Contact ContractorNerd today for tailored quotes and expert guidance on your electrical contractor insurance needs.