SOLAR ENERGY & REPAIR SERVICES
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Insurance For Solar Energy & Repair Services
Solar energy is an up-and-coming business that only promises to get larger over time. Offering this cutting-edge technology allows your customers to save money on their electricity bills while also helping to clean up the environment. A lot of planning and money went into starting your business. There are several potential risks and hazards that can cause it to fail financially if you’re not adequately prepared and protected. Make sure you have the right types of business insurance protection for your specific business needs.
General liability insurance is a broad, general protection level that all businesses need. It protects you in the event that a customer hurts themselves while visiting your showroom. It pays for damages that occur to a customer’s property if they’re on your business premises. It protects you from expenses that might arise due to natural disasters, product malfunction and advertising mistakes.
Business Owners Policy (bop)
A business owners insurance policy lets you add specific types of commercial insurance protection based on the needs and design of your company. It includes general liability and provides you a selection of property and asset protection options as well.
- Equipment Breakdown – A BOP can help cover the costs associated with important equipment failures. For example, if the heating or cooling unit in your public show room malfunctions, a BOP can cover the repair costs so that you don’t have to.
- Buildings and Contents – When your retail space or the storage building for your solar equipment is damaged in a storm, your BOP can take care of the repair costs. The policy covers buildings and structures, external improvements such as a fence around your storage yard, and the contents inside of your buildings such as office equipment or inventory.
- Business Income and Extra Expense – If unexpected events or disasters cause you to have to close your business temporarily, a BOP can provide for your lost income. If you temporarily relocate your business while waiting for repairs, the BOP can also cover those temporary extra expenses.
- Products and Completed Operations (Included in General Liability) – The solar panels, controller, regulator, wiring or other products that you provide customers as part of their solar installation can sometimes be defective. Likewise there is a small risk that after you complete the installation or repair, problems will arise that cause damages or injuries. Your BOP can be configured to protect you from the associated liabilities.
- Electronic Data – If you keep customer records, warranties, installation schedules and similar important data electronically, losing them to a computer virus or power surge can be expensive.
- Valuable Papers Protection – If your company is entrusted with a client’s original house blueprints so that you can design their solar panel installation, you need to protect yourself from the potential loss of those and other valuable files.
- Employee Dishonesty Coverage – A BOP can protect your company from dishonest actions by employees. For example, an employee may take solar products home to use personally or they may give materials to their family and friends. Theft of this sort and other dishonest actions can cost your company a lot of money each year.
Professional liability, also known as errors and omissions, protects your company from potential liability that can arise when you make mistakes. If for example, you or an employee forgets to secure new solar panels to a customer’s roof and they fly off in a wind storm, professional liability coverage will take care of the associated damages.
Commercial auto insurance protects you from the losses and recovery expenses that arise due to car accidents. It covers vehicles that are used for business purposes even if the vehicle is not owned by your company.
If your company employs other people, you are required by law to provide workers comp insurance for them. Works comp takes care of an employee’s medical expenses if they are injured in work-related accidents.
A surety bond provides a guarantee to your customers that you will provide the work and services as specified in your contract.