As an electrician in Oregon, 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 Oregon electricians need, including costs based on our analysis of actual quotes from leading carriers.
Power through our comprehensive guide to electrical trade insurance.
General Liability Insurance for Oregon 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 from leading carriers, here are the typical costs for Oregon electricians:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $1,500 | 1.0% | $1,100 | 27% |
| $500K | $3,900 | 0.8% | $3,100 | 21% |
| $1M | $7,500 | 0.8% | $4,900 | 35% |
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 during electrical work
- Bodily injury to clients or bystanders
- Completed operations coverage
- Faulty workmanship protection
Worker’s Compensation Insurance for Oregon Electricians
Oregon requires workers’ compensation insurance for all electrical contractors with employees. Based on our analysis, Oregon has some of the most competitive rates in the nation:
| Measurement | Cost |
|---|---|
| Premium per Employee | $895 |
| Premium per $100K Payroll | $1,160 |
Key factors affecting premiums:
- Job classification codes (primarily 5190 for electricians)
- Total payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Oregon
1. Tools & Equipment Insurance (Inland Marine)
- Annual premiums: $200-$2,000
- Coverage limits: $5,000-$15,000+
- Protects electrical tools and testing equipment
- Coverage follows equipment to all jobsites
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K/$100K
- Recommended limits: $500K-$1M
- Covers work vehicles and tools in transit
3. Contractor’s E&O Insurance
- Annual premiums: $50-$500
- Coverage limits: $10,000-$1M+
- Protects against claims of faulty work
- Includes professional negligence coverage
4. Electrical Contractor Bonds
| 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 |
5. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Protects offices and storage facilities
- Coverage for equipment, inventory, and buildings
- Protection against fire, theft, and natural disasters
Get Oregon Electrician Liability with ContractorNerd
ContractorNerd makes electrical contractor insurance simple and data-driven by offering:
- Instant online quotes from A-rated carriers
- Side-by-side coverage comparisons
- Electrical contractor expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy when needed
Our team of electrical insurance specialists can help you:
- Optimize coverage based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with Oregon regulations
Get started today with customized quotes for your electrical contracting business through our online platform or speak with one of our electrical insurance specialists.