As an electrical contractor, you are required to have certain types of insurance. The types required vary depending on your location. One type that is not always required, but you should carry is professional indemnity insurance for electrical contractors.
What It Covers
Indemnity insurance covers your mistakes. Mistakes happen, and if you make a mistake on a job costing your client time and money, the indemnity insurance will cover their losses. Without it, you would have to pay for the damage done or the delay. It also covers lost documents, breach of copyright that is not intentional, and loss of things that you are responsible for. This insurance is for when you make a mistake or lose something related to the job. Almost all contractors, including electrical contractors, can use it.
Indemnity Insurance and Contracts
If you are a professional contractor, you might need this insurance to bid on jobs and other contracts. It might not be strictly required by law, but having indemnity insurance makes clients feel safer and can increase your chances of getting the contract.
Although not one of your main types of insurance, professional indemnity insurance can save you time and money. Like with any insurance, it is better to have it and not need it than to need it and not have it.