Solar Panel Installers Insurance Policy Information
Solar Panel Installers Insurance. Renewable energy is becoming more accessible to businesses and homeowners. Solar panels are one of the easiest renewable designs to implement. Other than their green status, they contribute to significant monetary savings.
A growing demand for solar power has made it possible for many contractors to expand their businesses or start a new one. Business owners need to remain aware of the specific dangers of any installation activity. The solar power business model opens up some new solar panel installers insurance coverage necessities for contractor businesses to consider.
Solar panel installers insurance protects your business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked solar panel contractors insurance questions:
- What Is Solar Panel Installers Insurance?
- How Much Does Solar Panel Installers Insurance Cost?
- What Type Of Insurance Do Solar Panel Installers Need?
- How Much Solar Panel Contractors Insurance Do You Need?
- What Does Solar Panel Installers Insurance Cover & Pay For?
What Is Solar Panel Installers Insurance?
Solar panel installer insurance is a type of insurance that protects solar panel installation businesses from financial losses or legal liabilities that may arise from the installation, maintenance, or repair of solar panels.
This insurance covers a wide range of potential losses, including damage to property or equipment, injury to workers, third-party property damage, and product liability claims. The insurance policy may also include coverage for professional indemnity, which protects against errors or omissions in the installation process.
Solar panel installer insurance is a critical component of a comprehensive risk management plan for solar panel installation businesses and helps ensure they can continue to operate and provide quality services to their customers.
How Much Does Solar Panel Installers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small solar panel installers ranges from $97 to $159 per month based on location, heights worked, size, payroll, sales and experience.
What Type Of Insurance Do Solar Panel Installers Need?
A solar power installation business leaves contractors with several different coverage aspects to consider. Equipment, transportation, and workers must be insured properly. Solar installations entail a wide range of responsibilities. Your workers need to be protected from injury costs. Equipment and function also need to be addressed by your insurance company. Solar panels in buildings can have some complications after installation. The panels and damage to the building should also be covered.
A thorough conversation with an insurance broker can help you make sure that every situation possible is covered under your new policy.
Transportation and Work in Progress
Equipment floater coverage is an important part of making sure the supplies do not cause a loss on the way to the job site. Solar panels are covered by this part of the policy from the time they are loaded up for transit until after the job is successfully completed.
Many types of damage are covered by this. This includes storm damage, theft, and fire. Damage from vandalism is also covered. If anything happens during the installation, replacements are guaranteed. This is incredibly important due to the size and expense of solar panels.
An event as simple as a wreck on the highway could completely destroy the materials. Also there have been many cases of expensive inverters being stolen from jobsites.
General Liability Insurance usually covers 5 basic categories of business liability:
- Bodily Injury - Physical harm to a person at your place of business, or an injury caused by your employee at a client's site - like leaving tools on the jobsite and someone trips and falls and gets hurt.
- Completed Operations/Products Liability - Claims after your business has completed work for a customer - such as a panel blows off a roof in a windstorm.
- Personal Injury - Damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.
- Advertising Injury - Losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.
- Medical Payments - Pays first dollar medical expenses (think PIP in auto) of a person injured on your premises like a customer, client or visitor, regardless of fault.
Mold is often excluded from various types of insurance policies. The damages can be extensive and costly when mold is involved. Inhabitants of the affected building could also suffer physical harm, as mold can cause health issues. The same goes for solar panel installers insurance policies.
There are, however, some policies that offer optional coverage for future mold damage in buildings where solar panels have been installed. Water leakage is one of the most common complications, resulting from installation mishaps.
Construction lawsuits can be long and expensive. If your company offers a mold coverage option, it is best to take advantage of it.
Professional Liability For Solar Installers
Professional liability (errors & omissions) has to do with the design and engineering aspect of a solar project. Each project is different, depending on the details of the building or needs of the customer.
Once a design is approved and implemented, any issues that arise are covered by the professional liability portion. Rebates and tax incentives are also included in this coverage.
Workers can incur a myriad of injuries when installing solar panels. The most serious injuries can result from working on roofs. The combination of height and heavy equipment can dangerous. While many safety precautions are taken on most job sites, accidents still happen sometimes.
Workers comp is required by most businesses with non-owner employees in most states, according to laws. This part of a solar policy meets the same standards as it does in all business applications. Accidental injuries that happen while on the job are potentially covered by workers compensation.
There is usually a strict approval process, however. Medical costs and lost wages are covered by this part of the policy once all other possible liabilities are ruled out.
How Much Solar Panel Contractors Insurance Do You Need?
Solar power installers need to be properly covered, just like any other business. Their work does present the possibility of some unique issues, however. Leaks from faulty sealants can cause water damage. This can, in turn, result in mold exposure.
Proper coverage covers your work, even after the job is complete. Equipment, however, is only covered until the job is complete. Equipment coverage takes care of the solar panels and supporting materials from the time they are loaded on the transport vehicle.
What Does Solar Panel Installers Insurance Cover & Pay For?
Solar panel installers can face lawsuits for a variety of reasons, including:
- Property Damage: Solar panel installation involves working on a customer's property. If an installer accidentally damages the customer's property during the installation process, the customer may sue for damages.
- Injury: Solar panel installers work at heights and with heavy equipment, which can be dangerous. If an installer or a third party is injured during the installation process, the installer may face a lawsuit for negligence or personal injury.
- Contract Disputes: Disagreements may arise between the solar panel installer and the customer over the terms of the installation contract. This can result in a lawsuit for breach of contract.
- Defective Products: If the solar panels or other equipment used in the installation are defective or malfunction, the installer may be sued for installing faulty equipment.
- Improper Installation: If the solar panels are not installed correctly, they may not function as expected, leading to a lawsuit for poor workmanship.
Insurance can protect solar panel installers from the financial consequences of these lawsuits. Some common types of insurance that can provide coverage include:
General Liability Insurance: This insurance covers the installer for property damage or bodily injury caused to a third party during the installation process. If a customer sues for property damage or injury, the insurance policy can pay for the legal defense and any damages awarded.
Workers' Compensation Insurance: This insurance provides coverage for an installer's injuries or illnesses that occur during the course of employment. If an installer is injured on the job and sues the company for damages, the insurance policy can pay for medical bills, lost wages, and legal fees.
Professional Liability Insurance: This insurance protects against claims of negligence, errors, or omissions made by the solar panel installer. If a customer sues the installer for faulty workmanship or breach of contract, the insurance policy can cover legal defense costs and any damages awarded.
Product Liability Insurance: This insurance covers the installer against claims arising from defects in solar panels or other equipment used in the installation process. If a customer sues the installer for installing faulty equipment, the insurance policy can cover legal defense costs and any damages awarded.
Overall, insurance can provide valuable protection for solar panel installers against the risks associated with their work. By having the right insurance policies in place, installers can minimize the financial impact of lawsuits and focus on their business operations.
Commercial Insurance And Business Industry Classification
- SIC CODE: 1711 Plumbing, Heating and Air Conditioning
- NAICS CODE: 238220 Plumbing, Heating, and Air-Conditioning Contractors
- Suggested Workers Compensation Code(s): 5183 Plumbing NOC & Drivers
Description for 1711: Plumbing, Heating and Air-Conditioning
Division C: Construction | Major Group 17: Construction Special Trade Contractors| Industry Group 171: Plumbing, Heating And Air-conditioning
1711 Plumbing, Heating and Air-Conditioning: Special trade contractors primarily engaged in plumbing, heating, air-conditioning, and similar work. Sheet metal work performed by plumbing, heating, and air-conditioning contractors in conjunction with the installation of plumbing, heating, and air-conditioning equipment is included here, but roofing and sheet metal work contractors are classified in Industry 1761. Special trade contractors primarily engaged in electrical work are classified in Industry 1731.
- Air system balancing and testing-contractors
- Air-conditioning, with or without sheet metal work-contractors
- Boiler erection and installation-contractors
- Drainage system installation, cesspool and septic tank-contractors
- Dry well construction, cesspool-contractors
- Fuel oil burner installation and servicing-contractors
- Furnace repair-contractors
- Gas line hookup-contractors
- Heating equipment installation-contractors
- Heating, with or without sheet metal work-contractors
- Lawn sprinkler system installation-contractors
- Mechanical contractors
- Piping, plumbing-contractors
- Plumbing and heating-contractors
- Plumbing repair-contractors
- Plumbing, with or without sheet metal work-contractors
- Refrigeration and freezer work-contractors
- Sewer hookups and connections for buildings-contractors
- Sheet metal work combined with heating
- Solar heating apparatus-contractors
- Sprinkler system installation-contractors
- Steam fitting-contractors
- Sump pump installation and servicing-contractors
- Ventilating work, with or without sheet metal work-contractors
- Water pump installation and servicing-contractors
- Water system balancing and testing-contractors
Solar Panel Installers Insurance - The Bottom Line
Solar power installers insurance is a lot like average business coverage, with a few tweaks and other optional features.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Cistern Contractors
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tank Cleaners
- Tool Grinding And Repair
- Tree Surgeon
- Tree Trimming
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
- Specialty Contractors
The contracting industry is a field that involves a lot of risks, both for the contractor and for the clients they work for. This is why commercial insurance is so important for contractors. Insurance can protect contractors from a variety of potential losses, such as:
Liability: If a contractor causes damage to a client's property or if a client is injured while on a job site, the contractor could be held legally responsible. Liability insurance can cover legal fees and any settlements or judgments that may be awarded.
Property damage: Contractors often use a lot of expensive equipment and tools, and there is always a risk that this equipment could be damaged or stolen. Commercial property insurance can help cover the cost of replacing damaged or stolen equipment.
Business interruption: If a contractor is unable to work due to an unforeseen event, such as a natural disaster, insurance can help cover their lost income during this time.
Workers compensation: If a contractor or one of their employees is injured on the job, worker's comp can help cover medical expenses and lost wages.
Overall, commercial insurance is an important risk management tool for contractors. It can provide financial protection against a wide range of potential losses, helping contractors to stay in business and continue serving their clients.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.