Professional services
Electrician Insurance Calculator
Works insurance cost for an electrical contractor, where the exposure outlasts the job by years.
Result
An estimating tool, not insurance advice and not a quote. Underwriting sets real premiums on claims history, exact operations and contract requirements. What cover you need is a question for a licensed broker. Electrical work carries fire and shock exposure that underwriters price carefully, and completed operations cover matters because a fault can appear years after the work. Licensing and permit compliance are usually policy conditions. Uninsured subcontractors are commonly added to your payroll base at audit, which produces large adjustments. Collect certificates before work starts.
Get a Free Business AuditHow the calculation works
Each line of cover totalled annually and monthly, with the share of revenue shown. The lines that matter for electrical work are general liability including products and completed operations, workers compensation, commercial vehicle, tools and equipment, and any bond the licensing authority requires. Payroll and revenue drive most of the rating rather than any choice the contractor makes.
What moves the number
- Payroll, which rates workers compensation and often liability.
- Classification, since service work and new construction rate differently.
- Completed operations cover and how long it runs.
- Bond requirements under the licence.
Where this one goes wrong
Completed operations is the line that matters most in electrical work and the one most often misunderstood. A connection that fails and causes a fire two years after the job is a claim against work already finished, which means cover has to be in force when the loss occurs rather than when the work was done, and letting a policy lapse after retirement or a change of insurer leaves past work uncovered. Ask specifically how long completed operations exposure is covered and what happens if the policy ends.
Before you quote
- Confirm completed operations cover and how long it responds.
- Keep cover in force for past work, not just current jobs.
- Check classification matches the work actually performed.
Where the rules come from
Questions
About this calculator
What is completed operations cover and why does it matter to electricians?
It responds to claims arising from finished work. A connection that fails and causes a fire two years later is a claim against a completed job, so cover has to be in force when the loss happens rather than when the work was done.
What happens to past work if I let a policy lapse?
It can be left uncovered, since many policies respond based on when the claim is made or the loss occurs. That matters at retirement or when changing insurer, and it is worth asking the broker explicitly rather than assuming the past is settled.
Why does my classification affect the premium so much?
Because service work, commercial new construction and industrial work carry different exposures and are rated separately. A contractor rated in a higher class than the work warrants overpays quietly for years, which makes auditing the codes worthwhile.
The formula
general liability on revenue, workers compensation on payroll at the class rate, plus commercial auto per vehicle
Put this calculator on your site
Free to embed. Paste this where you want it to appear. It stays up to date automatically because it loads from BDEVY.
Please keep the attribution line. It is the only thing we ask in return.
How to use this calculator
- Annual revenue ($). Enter your own figure; the page starts at $850,000.
- Annual payroll ($). Enter your own figure; the page starts at $340,000.
- General liability rate per $1,000 of revenue. Enter your own figure; the page starts at 7.5.
- Workers compensation rate per $100 of payroll. Enter your own figure; the page starts at 3.8.
- Vehicles. Enter your own figure; the page starts at 3.
- Commercial auto per vehicle ($). Enter your own figure; the page starts at $1,900.
The result updates as you type, so you can try a figure, see what it does to total annual premium, and change it back. Nothing you enter is sent anywhere or saved.
A worked example
These are the figures the calculator opens with. Every number in the results column below is produced by the same calculation the page runs, so you can follow it through before putting your own figures in.
What goes in
| Input | Value |
|---|---|
| Annual revenue | $850,000 |
| Annual payroll | $340,000 |
| General liability rate per $1,000 of revenue | 7.5 |
| Workers compensation rate per $100 of payroll | 3.8 |
| Vehicles | 3 |
| Commercial auto per vehicle | $1,900 |
| Claims history loading | 0% |
What comes out
| Result | Value |
|---|---|
| Total annual premium main result | $24,995 |
| General liability | $6,375 |
| Workers compensation | $12,920 |
| Commercial auto | $5,700 |
| As a share of revenue | 2.94% |
About $24,995 a year across all three policies, 2.94% of revenue. Workers compensation at $12,920 is usually the largest line for this trade, and the experience modifier is the part you control.
How sensitive the answer is
Holding everything else steady and changing only annual revenue, this is what happens to total annual premium. It is worth knowing which of your inputs the answer actually hinges on, and which barely move it.
| Annual revenue ($) | Total annual premium |
|---|---|
| $425,000 | $21,808 |
| $637,500 | $23,401 |
| $850,000 example above | $24,995 |
| $1,275,000 | $28,183 |
| $1,700,000 | $31,370 |
Every other input is held at the example value while this one changes, which is not how a real job behaves. Treat it as a guide to which number matters most, not as five separate quotes.
What each figure means
- Annual revenue ($)
- A money amount, starting at $850,000.
- Annual payroll ($)
- A money amount, starting at $340,000.
- General liability rate per $1,000 of revenue
- A number, between 0 and 60, starting at 7.5.
- Workers compensation rate per $100 of payroll
- A number, between 0 and 60, starting at 3.8.
- Vehicles
- A number, between 0 and 200, starting at 3.
- Commercial auto per vehicle ($)
- A money amount, starting at $1,900.
- Claims history loading (%)
- A percentage, between 0 and 200, starting at 0%.
What the results tell you
| Result | What it is |
|---|---|
| Total annual premium | The headline result. A money figure. |
| General liability | A money figure. |
| Workers compensation | A money figure. |
| Commercial auto | A money figure. |
| As a share of revenue | A percentage. |
Keep going
Related calculators
Estimating is the easy part
The jobs you never hear about cost more than the ones you mis-measure. BDEVY builds the marketing, systems and automation that bring them in.