Electrician Insurance Cost

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Cost of Electrician Insurance

Faulty wiring and improper electrical installations sometimes lead to fires, property damage, and potential injuries. Electrician insurance can help protect your business against these types of risks and help you avoid the shock of covering related costs entirely by yourself.

Let’s break down what electrician insurance typically costs, what can affect the price, and how Simply Business makes getting coverage easier and more affordable.

How Much Does Electrician Insurance Typically Cost?

Depending on your coverages, electricians have paid a median price of $42 per month, or $500 per year.

Here’s a snapshot of what our customers typically have paid for electrician insurance:

Monthly Electrician Insurance Costs¹

Under $25

2% of customers

$25 to $95

77% of customers

Over $95

21% of customers

¹Data from Simply Business customers specializing as “electricians” who purchased at least one or a combination of general liability, tools and equipment, or workers’ compensation policies from July 1, 2024 to December 31, 2024. Reflected price tiers may not include purchase of all available policies under electrician insurance.

What you pay usually depends on a few key things, including: the type of work you do, the size of your crew, and the type of coverage you choose. So most electricians generally pay under $95 per month.

These numbers are based on policies purchased through our site. But getting a great premium isn’t just about the numbers — it’s about working with a partner that understands your business. And because we work with a range of trusted insurers, you’ll see coverage options to match your business, so you can choose a customized option that works for you and your budget.

Coverage Options for Electrician Insurance

General liability

A foundational coverage to help handle costs from third-party accidents, property damage, and bodily injury.

Contractor’s Equipment and small tools

Also known as inland marine insurance, this coverage can financially help protect tools and equipment, and depending on the policy, even if it’s in transport or stored offsite.

Workers’ comp

Coverage to help take care of employees who get sick or injured on the job. Most states require this coverage for small businesses with full- or part-time employees. It also can benefit business owners who don’t have employees.

How Much Does General Liability Cost?

Based on the policies we’ve sold to electricians, the median cost is $37 per month, or about $444 per year, for general liability insurance. It’s a coverage many small businesses owners choose as part of their business insurance.

Here’s a snapshot of what our customers typically pay for general liability insurance:

Monthly General Liability Insurance Costs²

Under $25

0% of customers

$25 to $95

93% of customers

Over $95

7% of customers

²Data from Simply Business customers specializing as an “electrician” who purchased a GL insurance policy from July 1, 2024 to December 31, 2024.

What you pay typically depends on a few key things, including the type of work you do, the size of your business, and the amount of coverage you choose. But generally, most electricians have paid under $95 per month for general liability insurance.

To learn more about the cost of general liability insurance, check out our helpful general liability cost guide.

How Much Does Contractor’s Equipment and Small Tools Insurance Typically Cost?

Electricians can expect to pay a median cost of $23 per month, or about $281 per year, for contractor’s equipment and small tools insurance — also known as inland marine insurance. This coverage can help financially protect your tools, equipment, and inventory in your work space, onsite, or while on the way to a job, depending on your policy.

Here’s a snapshot of what our customers typically pay for contractor’s equipment and small tools insurance:

Monthly Contractor’s Equipment and Small Tools Insurance Costs³

Under $25

59% of customers

$25 to $95

41% of customers

Over $95

0% of customers

³Data from Simply Business customers specializing as an “electrician” who purchased a business property/inland marine insurance policy from July 1, 2024 to December 31, 2024.

The cost of contractor’s equipment and small tools insurance depends on the value of your gear and equipment and the type of work you do. But most electricians generally have paid less than $95 per month for insurance.

To learn more about this coverage, check out our helpful guide to contractor’s equipment and small tools insurance.

How Much Does Workers’ Compensation Insurance Typically Cost?

Electricians pay a median of $119 per month, or $1,424 per year for workers’ comp. Most states require workers’ comp for small businesses with full- or part-time employees –– it can help take care of your crew if they get sick or injured on the job.

Here’s a breakout of what our electricians typically pay for workers’ compensation insurance:

Monthly Workers’ Comp Insurance Costs⁴

Under $150

65% of customers

$150 to $250

25% of customers

Over $250

10% of customers

⁴Data from Simply Business customers specializing as an “electrician” who purchased workers’ compensation insurance policy from July 1, 2024 to December 31, 2024.

Your workers’ comp premium is calculated based on the type of work your crew performs, your claims history, and your payroll, among other factors. But most electricians generally have paid under $150 per month.

To learn more about workers’ compensation insurance, check out our helpful workers’ comp cost guide.

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What Affects the Cost of Electrician Insurance?

If you’ve searched online for coverage, you’ve likely seen a wide range of prices — and no clear reason why. The truth is there isn’t a set price since the cost can depend on several key factors, including:

Type of work you do

Do you handle residential work, commercial work, or both? Are you on roofs installing solar panels? Do you typically look for small jobs or more large-scale projects? The electrical work you do can require different types of insurance to help cover potential risks and costs.

Location

Where you work plays a role, as rates can differ by state and city due to local regulations, risk levels, and other factors.

Number of employees

The size of your crew typically increases the risk of accidents, which can lead to higher workers’ compensation premiums.

Coverage type & limits

The policies and amount of coverage you choose can affect your overall insurance cost.

Your claims history

Previous claims could push your premium higher, but a clean record could help keep them lower.

Your experience

A business with a good track record can be seen as lower risk, while newer businesses may face higher premiums.

How to Save on Electrician Insurance

Use proper personal protective equipment (PPE), de-energize equipment before working on it, and follow electrical safety procedures.

Some carriers offer monthly payments, which you can take advantage of to spread out the cost over the year.

Properly mark and label your gear to deter theft and regularly inspect and maintain your tools and equipment.

Analyzing prior insurance claims related to your work can help minimize risks.

Shop around

Simply Business provides customized coverage options from top-rated small business insurers — all in just 10 minutes. We do all the leg work so you can sit back, compare quotes, and save.

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Hi there, we’re Simply Business, and small business insurance is what we do. We work with top insurers who specialize in small business coverage—no one-size-fits-all solutions here. We’ve worked with thousands of business owners like you, so we have a good idea of what different businesses need. We get it: you do one web search, and the results can be overwhelming, and not in a good way. We can save you from that. We’re ready when you are. It takes just a few minutes online—enter some information about your business, and some pretty cool technology shops for great coverage at competitive prices in just seconds. You choose and purchase the coverage that works for you. Not to worry, we’ve got licensed insurance pros to help you over the phone. Then we zip your Certificate of Insurance and other policy documents straight to your inbox. That’s how easy it is to insure your business with Simply Business.

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More Electrician Insurance FAQs

It’s typically one or more policies that can help handle costs that can result from accidentally damaging a customer’s property, having your gear damaged or stolen, taking care of sick or injured employees, and other covered events.

Whether you’re an apprentice, journeyman, or master electrician, mistakes can happen. Having proper insurance can help financially protect you from paying thousands of dollars on your own to settle a claim or defend yourself in court.

Electrician insurance can help if a client’s property is damaged, your gear is stolen or damaged, or an employee becomes ill or gets hurt, depending on your policy.

Whether you need coverage depends on your state and if you have employees. But even if it’s not required, we recommend getting insured to help financially protect your business. And in some instances, clients or landlords may require it before they’ll work with you.

Yes it can be — insurance premiums are usually considered a business expense. But always check with your accountant and your specific state for certain.

You can get a full quote in about 10 minutes — and an estimate even faster, with just 3 quick questions from us.

The Simply Business Difference

We make small business insurance simple — so you can get covered without the hassle. We’re a digital insurance brokerage. That means we’re not tied to one insurer. Instead, we partner with a range of top-rated carriers. With one easy form, you can compare quotes and choose coverage that fits your business, your risks, and your budget.

No hidden costs. No guesswork. Just clear, affordable options built for small business owners like you — so you can move forward with confidence, knowing you’re not overpaying.

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