Electrical
Workers' Comp Coverage for Electricians
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Workers' Compensation Class Codes Related to Electricians
Employees are grouped into classification codes based on what they do for their job. The National Council on Compensation Insurance (NCCI) currently utilizes nearly 800 class codes to help insurance companies categorize employees. Insurance companies create a manual rate for each class code in order to price a policy.
Properly classifying workers is an important part of the quote process. Mis-classified employers may end up paying too much for coverage or owing too much after an audit.
Class Code 5190
Electrical Wiring- All Employees
This is a broad class of businesses primarily engaged in providing electrical related services in a variety of circumstances. Work may be performed on a residential or commercial basis. Services often include electrical repair within a home or a building, new wiring installation, cable installation, installation or repair of electrical fixures, wiring of equipment within manufacturing facilities and satellite dish installation.
Even though the class code is very common, insurance underwriters understand that risk varies substantially between residential electricians wiring low voltage and 110 and commercial electrical contractors installing electrical conveyer systems within manufacturing facilities. Its important for agents representing electrical contractors to provide a detailed explanation as to what each contractor does and what measures they take to minimize the risk of insurance claims.
Alternative State Class Codes for Electrician:
Sometimes a state will deviate from the industry class code recommended by NCCI. Instead of the NCCI code, they may require the utilization of a state specific class code for certain business segments.
Synonyms: electrician, electrical contractor, electric repair, cable installer, satellite dish installation, electrical apparatus installation and electrical fixture installation.
How Does Workers' Comp Work?
Workers' comp coverage protects employees when injured. It makes good financial sense for both parties.
- Loss of income for employees unable to perform job duties
- Medical expenses for employees injured on the job
- Retraining expenses for employees unable to return
- Permanent injury or disability for lasting injuries
- Survivor benefits if employees are killed on the job
Coverage does not protect employers from everything. Sometimes employees and employers can be negligent.
- Injuries resulting from a violation of the law
- Incidents resulting from employees' use fo drugs or alcohol
- Injuries that did not occur in connection with the job
- Clear company policy violations
- Injuries that did not occur in connection with the job
How Much is Electrician Insurance?
The average rate our customers pay for workers’ compensation under the electrical contractor class code is around $2.50 per $100 of payroll. The average cost for a general liability insurance policy is about $750.00.
- Work Comp is priced based on payroll
- Your state and EMR Rating will affect your cost
- The type of electrical work can modify rates
- Premium discounts and policy credits may apply
- GL rates for electricians are based on payroll (rated per $1000)
- Gross revenue may affect pricing
- The type of wiring matters to underwriters
- Prior clams and years in business affect pricing
- SIC code 1731- Electrical Contractors
How do I get started?
Here's what we need from you
- Business details, locations, FEIN or SSN
- Estimated annual payroll and job duties- class codes
- Claims info or loss history- if applicable
What Happens Next?
We go find for your best price
- Our software matches you with top-rated carriers
- Our agents apply and negotiate your lowest rates
- We present and recommend your best options