As a licensed electrician in Mississippi, 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 Mississippi electricians need, including costs based on our analysis of actual quotes from leading carriers.
Avoid resistance – read our overview of electrical company insurance.
General Liability Insurance for Mississippi Electricians
Based on our analysis of over 1,200 Electrician quotes from leading carriers, here are the typical costs for Mississippi Electricians:
Average Annual Premiums and Potential Savings
| Revenue Size | Avg. Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $1,600 | 1.1% | $1,100 | 31% |
| $500K | $4,700 | 0.9% | $2,700 | 43% |
| $1M | $8,800 | 0.9% | $4,600 | 48% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential and commercial work
- Approximately 10% subcontractor costs
Key coverage includes:
- Property damage during operations
- Bodily injury protection
- Completed operations coverage
- Products liability
- Faulty workmanship (optional add-on)
Worker’s Compensation Insurance for Mississippi Electricians
Worker’s compensation insurance is mandatory for Mississippi Electricians with employees. Based on our analysis:
- Average premium per employee: $1,634
- Premium per $100K payroll: $3,280
Key factors affecting premiums:
- Job classification codes (typically 5190 for Electricians)
- Total annual payroll
- Claims history and safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Mississippi
- Commercial Auto Insurance
- Annual cost: $1,500-$3,050 per vehicle
- Standard limits: $100K per person, $300K per accident
- Higher limits ($500K-$1M) recommended
- Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limits typically $5,000
- Contractor’s E&O Insurance
- Annual cost: $50-$500
- Coverage limits: $10,000-$1M+
- Protects against professional negligence claims
- Surety Bonds
Premium costs based on credit score: Bond Amount Excellent Credit Good Credit Bad Credit $5,000 $100-$150 $150-$200 $200-$400 $10,000 $100-$300 $300-$500 $500-$1,000 $15,000 $150-$400 $400-$750 $750-$1,500 - Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Based on property value and location
- Covers buildings, contents, and equipment
Get Mississippi Electrician Liability with ContractorNerd
At ContractorNerd, we make Electrician insurance simple, efficient, and data-driven through:
- Instant online quotes from A-rated carriers
- Side-by-side coverage comparisons
- Mississippi-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy support
Our team of specialists helps you:
- Navigate Mississippi insurance requirements
- Find competitive rates through our carrier network
- Bundle policies for maximum savings
- Ensure compliance with state regulations
- Manage certificates and policy updates
Visit our online quote tool or speak with a specialist today to get customized coverage for your Mississippi Electrician business.