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.
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.
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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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
This EV charger insurance policy protects you from incurring the costs of rebuilding and repairing damaged commercial buildings (both owned and rented) and the costs of replacing the physical assets destroyed in the insured commercial building. The insured perils under this policy are fire, theft, vandalism, wind, lightning, and hailstorms.
An insurance carrier will pay you $25,000-$500,000 when a covered peril happens. The location of your EV charging stations, the type of material used in the construction of your commercial building, and the measures you have put in place to protect your physical assets from the insured perils are some of the factors an insurer will use to determine your coverage limit under this policy.
Terrorism insurance coverage–This add-on covers you from all the financial losses your EV charging station is subjected to following a terrorist attack
Earthquake insurance coverage–Under this add-on, you are protected from incurring the costs of rebuilding your building and repairing or replacing the physical assets found in the damaged building following an earthquake
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
This is a commercial insurance policy that merges three insurance policies into one. The 3 policies that make up the BOP for electric vehicle charging stations are business interruption insurance, commercial property insurance, and general liability insurance. Under the BOP for electric vehicle charging stations, your business is protected from the following claims and costs:
Copyright infringement lawsuits
Reputational harm claims
Advertising injury claims
Costs of repairing and replacing your commercial buildings and the contents in it
Loss of income and inability to pay your employees and pay rent following the disruption of the operations of your income-generating activities
It ranges between $500,000-$1,000,000 for the general liability policy and $25,000-$50,000 for the commercial property policy. This coverage limit is not fixed. You can have your chosen insurance provider increase or decrease it depending on your electric vehicle charging stations’ needs.
Customer property coverage–This can be used to reimburse the customer if his or her property got damaged or lost due to theft, fire, vandalism, and other covered perils while under your care, custody, and control
Employee dishonesty insurance–This add-on compensates you for any financial losses you may be subjected to due to your employee’s dishonest acts such as stealing from your business or engaging in fraudulent acts
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
This policy is sometimes referred to as contractors equipment insurance. Upon the acquisition of this policy, your insurer provides you with financial aid in the event the tools and equipment you use for your EV charging stations operations get stolen, lost, or damaged by fire and adverse weather conditions such as windstorms.
The financial aid your insurer is expected to provide you with under this policy includes, repair and replacement costs, loss of income, and losses incurred due to a delay in the completion of a project following the occurrence of the insured peril. Below is a list of the items covered under this EV charger insurance policy:
Clothing and protective gear
Hand tools e.g chisels and wrenches
Heavy machinery such as bulldozers
Miscellaneous equipment such as ladders and toolboxes
Power tools
An insurer will pay you a minimum of $700-$10,000 as the coverage limit for each of the insured tools and equipment. The market value, the risks associated with the use of the tools and equipment, and the deductibles and coinsurance under this policy determine the maximum amount an insurer will pay you in the event your insured tools and equipment get lost or damaged by an insured peril.
Earthquake insurance–If your EV charging stations are located in earthquake-prone states such as Wyoming, Utah, Nevada, Oregon, South Carolina, Idaho, Illinois, and Kentucky, then we recommend that you purchase this tools and equipment insurance add-on as it will protect you from incurring any costs of repairing or replacing your tools and equipment
Flood insurance–This add-on confers you with financial immunity in the event your EV charging stations’ tools and equipment are destroyed or damaged by floods
This insurance exempts you from any financial liability you may be subjected to in the event your commercial vehicle gets hit or hits another object or vehicle. Under this policy, your family members, the passengers traveling in your commercial car and you are covered from incurring any medical expenses following an accident.
It also protects you from third-party liability claims such as bodily injuries and property damages. This policy doesn’t provide coverage to rented, leased, or non-owned vehicles that you use for your business operations.
It’s from $50,000-$1,000,000. The deductibles and exclusions under this policy directly determine the coverage limits an insurer will pay you in the event you issue them with a claim notice.
Roadside assistance coverage–In the event your car breaks down or gets disabled while on the road and you are required to foot the costs of towing it or repairing it, then you can use this
Engine protection insurance–This add-on provides you with financial aid in the event your commercial car’s engine gets damaged by an insured peril
This policy provides you with extra financial protection in the event your primary or base insurance coverage limits get exhausted. For example, if your primary insurance has a limit of $500,000 and you are required to pay $1,000,000 after the occurrence of an insured risk, then you can use excess liability insurance to offset the deficit that hasn’t been covered by your primary policy.
The coverage limits under this policy can range between $1,000,000-$10,000,000. The location of your EV charging station, the approximate number of clients you get in a day, and the risks your business is exposed to are some of the determining factors.
It's commonly referred to as workers comp. This insurance policy protects you from any financial losses in the event your employee demands you compensate them for lost wages and medical expenses arising from a job-related illness or injury.
Workers comp also provides your employees with disability and amputation benefits and also death benefits to the named beneficiaries. In the USA, only two states don’t require employers to purchase this insurance policy.
Independent contractors are also not mandated by the civil law to purchase workers comp insurance. Important to note is that employers and NOT employees pay for this insurance policy.
Your employees also benefit from this insurance policy regardless of who is at fault. In the event your employee accepts to be compensated under this policy, they automatically lose their civil rights to sue you for any acts of negligence that might have caused them occupation-related injury or sickness.
There are no set coverage limits on how much your chosen insurance carrier will pay you in the event you issue them with a claim notice upon the occurrence of the insured peril as defined under this policy.
Employer’s liability insurance–Employer’s liability coverage can be added to workers comp so that you enjoy coverage for legal expenses in case employees file a lawsuit for negligence following the occurrence of a work-related injury or disease
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $51 | $612 | $0-$500 |
| Pollution liability insurance | $55 | $660 | $500-$1,000 |
| Excess liability insurance | $57 | $684 | $500-$1,000 |
| Commercial property insurance | $61 | $732 | $1,000-$2,000 |
| Business owner's policy | $112 | $1,344 | $1,500 |
| Tools and equipment insurance | $58 | $696 | $500-$1,000 |
| Commercial auto insurance | $69 | $828 | $500-$1,000 |
| Workers compensation insurance | $82 | $984 | $2,500-$5,000 |
The average electric vehicle charging station insurance cost is $51 per month or $612 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, revenues, location, and number of employees. Here’s a table giving you a further idea about the cost of EV charger insurance by outlining the rates of the best companies for a $1 million general liability coverage.
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $29 | $348 | Best overall; Fastest general liability insurance for EV charging stations |
| CoverWallet | $33 | $396 | Comparing EV charger insurance quotes online |
| The Hartford | $36 | $432 | Established electric vehicle charging stations which are equipped with high-priced equipment and which provide services to high-cost electric vehicles |
| Tivly | $38 | $456 | Comparing EV charger insurance quotes over the phone |
| Thimble | $41 | $492 | Electric vehicle charging stations who are in need of on-demand or temporary insurance coverages |
| Hiscox | $43 | $516 | Electric vehicle charging stations which are located in high-risk areas |
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Below is a list of the best electric vehicle charging station insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for EV charging stations
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a privately owned insurance company that’s led by Guy Goldstein. The AM Best has rated this 100% digitally operated insurance company an A-. It specializes in providing its affordable and customizable insurance coverages to small-scale companies and self-employed business owners.
Best for: Best overall; Fastest general liability insurance for EV charging stations
Average cost: $29 per month
Our rating: 10/10
Its policies are competitively priced
Its platform is not complicated, making it easy to use for both veteran and newbie policyholders
You can use it to compare the different coverages as provided by its partner providers
Not an actual insurance carrier
CoverWallet is an online insurance broker that aggregates cost-effective insurance policies from reputable insurance carriers. This B-rated insurance agent works with Liberty Mutual, CNA, AMTrust, Berkshire Hathaway, Progressive, Chubb, and Hiscox to provide its clientele with free and fast quotes and more than 30 types of online purchasable and manageable insurance policies.
Best for: Comparing EV charger insurance quotes online
Average cost: $33 per month
Our rating: 10/10
Renowned company for workers comp insurance
Can underwrite specialized policies for high-risk customers
Quick to process claims
Limited add-ons to base policies
The Hartford is a renowned company for workers comp and has garnered a lot of awards. Its unmatched customer services and its ability to provide its customers with both insurance coverages and financial services have made it to be ranked number 142 on the Fortune 500 list.
Best for: Established electric vehicle charging stations which are equipped with high-priced equipment and which provide services to high-cost electric vehicles
Average cost: $36 per month
Our rating: 10/10
Compare quotes over the phone
A partner of many reputable insurance companies
It deals with multiple customizable business insurance policies
You need to call to get a quote
This A+ AM Best rated digital insurance agency was known as CommercialInsurance.net until in November of 2022 when it was rebranded as Tivly. Its headquarters are located in St. Petersburg, Florida. Despite not underwriting its insurance policies, Tivly facilitates its clientele with the acquisition of easy-to-apply business insurance policies at a speedy rate. Call now to compare quotes over the phone.
Best for: Comparing EV charger insurance quotes over the phone
Average cost: $38 per month
Our rating: 9/10
You can purchase general liability insurance as a short-term policy
Numerous add-ons to general liability insurance
Quickly issues an estimate of your rates
You can’t reach customer service by calling
Over the years, this AM Best A rated insurance company has provided its customers with flexible, scalable, fast, and efficient insurance coverages and free quotes. Despite being backed by the Markel Insurance Company, Thimble has demonstrated its efficiency by providing its customers with multiple coverages that can span from an hour to a day depending on the needs of the customers, something that most insurers don’t do.
Best for: Electric vehicle charging stations who are in need of on-demand or temporary insurance coverage
Average cost: $41 per month
Our rating: 8/10
14-day money-back guarantee
Worldwide coverage
Numerous add-ons to base policies
Online quoting is not available all the time due to periodic site maintenance
The AM Best has rated Hiscox as an A+ grade insurance company. This internationally recognized insurance carrier has its headquarters located in Bermuda, United Kingdom. Its insurance coverages are found in all the states of the USA except in Alaska. Over the past 100 years, Hiscox has continued to provide its customers with easy to apply, purchase and claim personal and business insurance policies
Best for: Electric vehicle charging stations which are located in high-risk areas
Average cost: $43 per month
Our rating: 8/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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