5 Best Electrician Insurance Companies

Insureon specializes in small business insurance, so it’s an excellent provider for small electrician companies. Whether you recently started working solo as an electrician or have a small team, Insureon offers a variety of policies that can provide the protection you need.

Some of the coverage types that Insureon sells include BOPs, professional liability, general liability, workers’ compensation, business personal property, commercial auto, builder’s risk, and equipment and tools insurance. You can also add business renter's insurance, data breach insurance, and electronic data liability coverage.

Insureon operates as a digital insurance marketplace and relies on highly rated partner insurers to underwrite its policies. Some of the insurance companies in Insureon’s network are Nationwide, Liberty Mutual, The Hartford, and Chubb.

Depending on your coverage needs and location, you may get matched with quotes from several of Insureon’s partner companies. However, you don’t always get to choose the underwriter. And electricians that bring in more than $1 million in annual revenue will need to consider another provider for a BOP.

Based on our review of some of the top commercial insurance providers, we found that NEXT is the best option for BOPs.

NEXT's BOPs are available with up to a $2 million aggregate limit for general liability insurance, and a $3 million aggregate limit for commercial property insurance to small businesses with less than $8 million in annual revenue. NEXT’s BOPs are available in 46 states. 

In addition to BOPs, NEXT also sells many common types of business insurance, like professional liability insurance, workers’ compensation, inland marine insurance, cyber liability insurance, and equipment and tools coverage.

You can get a BOP quote and purchase coverage through NEXT’s website. You can also download the free iOS or Android mobile app to download certificates of insurance (COIs), file claims, and pay your premiums. You can also save up to 10% by bundling two or more commercial policies from NEXT. 

The Hartford stands out for its high revenue and coverage limits, which can be beneficial for larger small electrician businesses.

Businesses can have up to $50 million in annual revenue and still qualify for a BOP or stand-alone general liability insurance from The Hartford. For BOPs, general liability limits are available up to $2 million per occurrence and $4 million aggregate; commercial property liability limits are available up to $1 million per occurrence and $1 million aggregate.

Other policies available from The Hartford include data breach insurance, professional liability insurance, workers' compensation, commercial auto insurance, commercial property insurance, general liability insurance, and business income insurance.

Although The Hartford is a reputable insurance provider with excellent financial strength, there are some downsides to consider. For example, the company has more complaints than expected for its size, according to the National Association of Insurance Commissioners (NAIC), and you can’t purchase a policy online.

If you’re looking for comprehensive insurance protection for your electrician business, Farmers may be a good choice.

Farmers sells many types of insurance that can benefit electricians, including BOPs, general liability insurance, workers’ compensation, business personal property insurance, commercial auto insurance, builder’s risk insurance, and equipment and tools coverage.

We also like that Farmers offers high coverage limits for certain policies. For example, you can get general liability insurance with a $5 million per occurrence limit and a $5 million aggregate limit, which are some of the highest general liability limits for small businesses of providers we reviewed.

While Farmers can be a good option for electricians who want the most coverage, you won’t be able to get a quote or purchase a policy online. Additionally, Farmers doesn’t sell business insurance in all states, and annual revenue must be under $1 million annually to qualify for a BOP.

Nationwide ranked third in J.D. Power’s 2022 U.S. Small Commercial Insurance Study, out of 10 of the largest insurance companies for small business insurance. These rankings are based on factors like claims, agent interactions, price, and policy options.

In addition, Nationwide has an A+ (Superior) financial strength rating from AM Best, which is one of the highest financial strength ratings of the companies we reviewed.

Nationwide offers a good selection of policy options for electricians in select states, including BOPs, general liability insurance, workers’ compensation, business personal property insurance, builder’s risk insurance, accounts receivable insurance, and equipment and tools insurance. 

You can also purchase professional liability insurance from Nationwide, but policies are only available to retail businesses. It’s not the best option if you’re looking for this coverage for your electrician business.