Electric vehicles (EVs) are skyrocketing in popularity. The goal of reducing emissions coupled with the newfound availability of electric vehicles (and at varying price points, no less) has undoubtedly ushered in a new era for the automotive industry. But more than the electric cars themselves are the charging stations. Electric vehicles require equipment in the form of charging stations to function on the road. This has spurred the rise of businesses dedicated to installing and maintaining EV charging stations in communities all over the world. Like any business, electric vehicle charging station businesses face many risks, from property damage to theft, lawsuits, and more. That’s where electric vehicle charging station insurance comes in. Read on to learn more about how electric vehicle charging station insurance works and how ALIGNED can help you find it.
What you need to know about electric vehicle charging station insurance
Electric vehicle charging station insurance is a form of commercial insurance designed to mitigate the financial risks that come with owning and operating an EV charging station company. Depending on the policy you choose, your EV charging station insurance may protect you against third-party claims of property damage or bodily injury, damage or losses caused by insured perils such as theft, and much more. Contact ALIGNED to learn more about how electric vehicle charging station insurance works.
Insurance coverage for electric vehicle charging station businesses
Electric vehicle charging station insurance comes in all shapes and sizes. Depending on your policy, it may include the following coverage:
- Commercial general liability insurance: Commercial general liability coverage, also known as “slip and fall” insurance, can protect your EV charging station business against claims of third-party bodily injury and property damage.
- Commercial property insurance: Commercial property insurance covers your electric vehicle charging station business’s physical property and any business-related contents inside of it, such as electronics, if they are damaged by an insured peril. Insured perils vary but may include windstorms, fire, theft, water damage, vandalism, etc.
- Business interruption insurance: Business interruption insurance can protect your EV charging station business from lost income if it is forced to close due to an insured peril. Again, insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, etc.
- Equipment breakdown insurance: Equipment breakdown insurance protects a wide range of equipment against internal or mechanical failures. This means that if one of your EV chargers broke down due to an insured loss, your insurer might cover the cost of repairing or replacing it.
- Commercial auto insurance: You may wish to add commercial auto insurance to your electric vehicle charging station insurance policy if you use vehicles for business purposes, such as to transport charging stations to various sites. Commercial auto insurance policies vary but may include third-party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
Are EV charging stations covered by commercial property insurance?
EV charging stations located on your business premises may be covered by your electric vehicle charging station insurance policy. If your EV charging station is located on another property, it likely won’t be covered by your policy. In that case, however, it may be covered by the property insurance for the building where it is located. Ultimately, the best way to find out if your EV charging stations are covered by your policy is to ask an ALIGNED broker.
Insights 101 | Factors impacting the cost of electric vehicle charging station insurance
Many factors impact the cost of electric vehicle charging station insurance since insurance companies calculate rates based on a variety of circumstances. Factors that can influence the cost of electric vehicle charging station insurance include everything from the size of your EV charging business to its location. If you’re considering buying electric vehicle charging station insurance, we suggest obtaining a quote from a reputable insurance brokerage like ALIGNED. Any one of our brokers would be happy to assess your needs and provide you with an accurate and competitive quote. In the meantime, the ALIGNED team has compiled the following list of factors that may impact the cost of electric vehicle charging station insurance:
- The location of your EV charging station business
- The number of employees your EV charging station business has
- Your insurance claims history
- Your certifications, training, and experience
- Your EV charging station business’s annual and projected gross revenue
- The coverage types, policy limits, and policy deductibles you choose
Get ALIGNED with electric vehicle charging station insurance
Quality electric vehicle charging station insurance is just a phone call away thanks to ALIGNED. Get in touch and a friendly insurance broker will take the time to understand your needs. From there, they will reach out to top insurance companies and obtain quotes on your behalf. Next, your ALIGNED broker will compare policies and present you with the best options. Are you ready to find comprehensive electric vehicle charging station insurance at a great rate? Call ALIGNED to get started today or click here for a free quote.
