For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
At least 500 to 1000 people sustain fatal electrical accidents. These electrical accidents are majorly caused by improper use of extension cords, lack of ground-fault protection, and lack of knowledge on how to use electrical appliances.Â
The USA is going electric when it comes to automobiles. Many are now investing in an EV charging station business. But before you venture into this promising business industry, it would be wise if you acquaint yourself with the necessary precautions when it comes to safeguarding your EV charging station from unprecedented risks and losses. Read on to find out some of the electric vehicle charging station insurance policies that can be of great use to your business. And if you are wondering which add-ons you should add to these EV charger insurance policies to comprehensively provide coverage to your business, then worry not as we got you covered with in-depth answers.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This business insurance policy protects your business from any financial consequences subjected to it in the event the use of products, services, or its operations causes third-party bodily injuries and property damages.Â
Under this insurance policy, your EV charging station business is also protected from claims served to you by your competitors or other business entities, alleging that your business has caused them reputational harm or advertising injury.
It ranges from $1,000,000-$5,000,000. This coverage limit is dependent on the size, location, and approximate number of clients your EV charging station serves in a day.
Pollution liability insurance–This add-on provides you with financial aid in the event your EV charging stations cause gradual or sudden environmental degradation
Cyber liability coverage–If you record and store your EV charging stations’ customer data online, then we recommend that you purchase this add-on as you may use it in the event your EV charging stations’ network gets compromised following a cyberattack. Cyber liability insurance can be used to cover legal expenses, customer notification expenses, credit monitoring, and other related costs
This EV charger insurance policy is a type of business insurance that protects you from third-party bodily injury and property damage liabilities that are caused by the use of a defective product that you sell, distribute, or manufacture. The costs covered under this policy include legal expenses and medical expenses.
In the event that the use of your product causes premature death to a third party, this policy will compensate the deceased’s named beneficiaries. It is important to note that your product recall costs and your employee's injuries following the use of your product are not covered under this policy.
It’s approximately $1,000,000-$10,000,000. The maximum amount an insurer will pay you under this EV charger insurance policy depends on your claims history, the risks associated with the use of the product you deal in, the location of your EV charging stations, and your business's annual revenue.
Product recall insurance–This add-on exempts you from any financial losses in the event that you are ordered by your state’s law to recall the product you sell or manufacture from the market. Some of the costs covered under this add-on include costs of notifying your customers and disposing of your faulty or defective products
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