6 Best Electrician Insurance Providers for 2023

We received a quote with an estimated premium of $1,979. This quote was for a business owner’s policy (BOP) that contained $1 million per occurrence and $2 million aggregate liability limits. It also had $5,000 in property coverage with a deductible of $1,000 as well as contractor equipment and contractor tool coverage.

Because it is a larger carrier, your company can grow with it by increasing limits or adding coverage like workers’ compensation if you hire employees.

For most policies, including electrician insurance, you can get a quote and purchase the policy online. As the quote progresses, it will provide more options tailored to your industry.

The Hartford has developed a high-quality digital experience for its clients and has an online portal for managing policies and obtaining an instant certificate of liability.

An established company with two centuries of insurance experience, AM Best has rated The Hartford A+ (Superior).

For a surety bond, you need to contact an agent. Typically, surety bonds cost 1 to 2% of the total bond value—most providers calculate credit scores into the cost of the bond. Nationwide offers multitiered rating plans and has bonds for small, medium, and large contractors.

Nationwide has 24/7 call centers for claims and online policy management. Surety claims are filed by email.

In J.D. Power’s customer satisfaction survey, Nationwide ranked third. This high ranking is confirmed by it having the lowest complaint rating of all companies reviewed by the National Association of Insurance Commissioners.

Nearly 100 years old, Nationwide has the proven financial resilience that you want in a carrier, with a rating of A+ (Superior) by AM Best.

We received a quote for a BOP that cost $673 annually. The policy had liability limits of $1 million per occurrence and $3 million aggregate, $5,000 content coverage for an office, blanket additional insureds, $2,500 inland marine coverage for tools with a deductible of $250, and many other features. This was the highest overall liability limit we were quoted by any provider.

For most lines of business, you can get a custom quote online. After it generates a quote, you have the option to purchase it or review it with an agent.

After purchasing a policy, Acuity creates an online account for you where you can file a claim, manage your policy, pay bills, and create an instant COI.

More than 58,000 contractors have chosen Acuity for its insurance. It’s financially stable, with an A+ (Superior) rating from AM Best.

We received an online quote for a BOP costing $595 annually—this is the second lowest quote we received from all providers. On top of that, you can get a 10 to 15% discount on your commercial auto policy if you purchase other lines of business through Progressive.

The policy had a liability limit of $1 million per occurrence and $2 million aggregate. It also had a $2 million limit for products and completed operations.

Progressive business insurance is available in every state except Hawaii, and you can get a quote and purchase a policy online. It also works with independent agents if you would like to review coverages.

While there is an online account portal for some policy maintenance, you will need to call to get a COI, which can be made available within 48 hours. Claims can be filed online or over the phone, and its in-house claims team will handle the loss.

When it comes to having the resources to handle claims, Progressive is in a good position. It has a rating of A+ (Superior) from AM Best.

After answering a few questions, we received five quotes in just minutes. The price range was $500 to $956 annually. The most affordable policy was a general liability policy from Hiscox. It had limits of $1 million per occurrence and $2 million aggregate. There were two payment options: pay in full or $125 down and then 10 monthly payments of $37.50.

As an online broker, Simply Business allows you to get quotes and purchase a policy in minutes. While you can manage your policy and get instant COIs, the claims process requires knowing which carrier the policy is through and then contacting that carrier directly. It does offer a list of contact information for the carriers.

Simply Business is owned by Travelers Insurance, which has a rating of A++ (Superior) from AM Best.

We received three quotes for Next’s basic, premier, and deluxe policy packages:

• Basic cost of $97.50 monthly and was liability only with limits of $1 million per occurrence and $2 million aggregate and $50,000 in professional liability.
• Premier was $142.41 monthly with the same liability limit, except it also had $5,000 for stolen or damaged tools. This coverage followed the tools around and wasn’t tied to a specific location.
• Deluxe was $222.60 monthly and had the same liability limits but had increased coverage for your property: $10,000 for tools and $10,000 for office equipment and furniture. It also had equipment breakdown coverage.

Next is a newer company that is already available in 48 states. It excels at bringing convenience to the front of the user experience with quick online quotes, online policy, and claim management.

It has an app for iOS and Android that allows you to manage your policy, obtain an instant COI, and file a claim.

While it is a newer company, Next is in a good financial position. AM Best has rated it A- (Excellent).