As a Utah electrician, 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 Utah electricians need, including costs based on our analysis of actual quotes from leading carriers.
Transform your business knowledge with our guide to electrical specialist insurance.
General Liability Insurance for Utah Electricians
General liability insurance protects electricians 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 Utah electricians:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $1,300 | 0.9% | $900 | 31% |
| $500K | $3,900 | 0.8% | $3,000 | 23% |
| $1M | $7,300 | 0.7% | $5,800 | 21% |
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 Utah Electricians
Worker’s compensation insurance is mandatory for Utah electricians with employees. Based on our analysis, Utah electricians typically pay $1,820 per $100,000 of payroll for workers’ compensation coverage, making it one of the more affordable states for this coverage.
Key premium factors include:
- Job classification codes (typically 5190 for electricians)
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
The average premium per employee is $942 annually, which is among the lower rates nationally.
Additional Business Insurance for Electricians in Utah
Beyond general liability and workers’ compensation, Utah electricians should consider:
1. Tools & Equipment Insurance (Inland Marine)
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Coverage for electrical tools and testing equipment
2. Contractors’ E&O Insurance
- Annual premiums: $50-$500
- Policy limits: $10,000-$1M+
- Protection against faulty workmanship claims
3. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K per person, $300K per accident
- Higher limits recommended ($500K-$1M)
4. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Protects workshops, storage facilities
- Coverage based on property value and location
5. Electrician License Bonds
- Premium: 1-3% of bond amount
- Costs vary by credit score
- Required for licensing in Utah
Get Utah Electrician Liability with ContractorNerd
ContractorNerd makes liability and business insurance simple, efficient, and data-driven for Utah electricians. Our expert team:
- Provides instant online quotes from top-rated carriers
- Offers side-by-side coverage comparisons
- Specializes in electrician-specific insurance needs
- Streamlines the application process
- Manages ongoing policy requirements
- Provides claims advocacy when needed
Our platform leverages data from over 1,200 electrical contractor quotes to help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with Utah regulations
Contact ContractorNerd today to get tailored quotes for your Utah electrical business.