As an electrician in Maine, 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 Maine electricians need, including costs based on our analysis of actual quotes from leading carriers.
Keep your circuits protected by reading about public liability insurance electrician.
General Liability Insurance for Maine Electricians
General liability insurance protects your electrical business 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 Maine electricians:
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$150K | $1,300 | 0.9% | $800 | 38% |
$500K | $3,700 | 0.7% | $2,900 | 22% |
$1M | $7,300 | 0.7% | $5,900 | 19% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- $150K Revenue: 1 owner with ~10% subcontracting costs
- $500K Revenue: 1 owner and 3 employees with ~10% subcontracting costs
- $1M Revenue: 1 owner and 5 employees with ~10% subcontracting costs
Worker’s Compensation Insurance for Maine Electricians
Worker’s compensation insurance is mandatory for Maine electricians with employees. Based on our analysis, Maine electrical contractors typically pay:
- Average Premium per Employee: $1,240
- Premium per $100K Payroll: $2,240
Key premium factors include:
- Employee classification codes (typically 5190 for electricians)
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Maine
1. Tools & Equipment Insurance
- 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 ($500K-$1M) recommended
- Required for business-owned vehicles
3. Contractor’s E&O Insurance
- Annual premiums: $50-$500
- Policy limits: $10,000-$1M+
- Covers professional negligence claims
- Protection for faulty work claims
4. Electrician License Bonds
- Bond amounts: $5,000-$25,000
- Premium: 1-3% of bond amount
- Rates vary by credit score:
- Excellent credit: $100-$500
- Good credit: $150-$1,200
- Bad credit: $200-$2,500
5. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Based on property value and location
- Covers workshops and storage facilities
- Protection against fire, theft, and weather damage
Get Maine Electrician Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Maine electricians. Our platform offers:
- Expert guidance from specialists in electrical contractor insurance
- Access to leading carriers with competitive rates
- Data-driven recommendations based on analysis of 1,200+ electrician quotes
- Streamlined application and policy management
- Ongoing support and claims advocacy
Our team of electrical contractor insurance specialists can help you:
- Find optimal coverage based on your specific risks
- Access competitive rates through our carrier network
- Bundle policies for maximum savings
- Ensure compliance with Maine regulations
To get started with tailored quotes for your Maine electrical business, contact one of our electrician insurance specialists today.