Insurance for Electricians
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Why do Electricians need to consider it?
Even when you take the utmost care, the simplest slip up on the job could spell disaster.
As an electrician you are faced with jobs which involve a high element of risk. Though you participate in one of the highest paid trades in Australia, you are also exposed to dangerous situations and scenarios on a daily basis. This can range from issues common to many small businesses, such as sustaining an injury and being unable to work for an extended period, to issues specific to electricians. Electricians often work on building sites that may be unfinished, exposed to the elements, high up a building, and are even exposed to live electricity.
Because you work in a profession that carries a high level of risk, it makes sense to be covered by the appropriate insurance to protect you and your business. And taking out just any old business insurance package may not be enough. Different insurance products can include or exclude different events, and before you buy insurance you need to make sure that it meets the unique needs of your business. A cheaper policy might seem enticing, but should the worst happen, you may well find yourself uncovered for that particular circumstance, and liable for tenss of thousands of dollars.
If that wasn’t enough to convince you to take out business insurance for your small business, many clients will require you to hold business insurance before they engage your services. Additionally, it may also be a requirement to hold your electricians license depending on in which State you operate.
Did you Know?
You can insure your tools with Portable Equipment cover, protecting them from theft or accidental damage anywhere in Australia.
Insurance for Electricians
Public Liability Insurance*
When you’re working with clients, suppliers and the public, there is always a potential risk for things to go wrong. The risk of causing a fire, property damage or personal injury is real. This is where Public Liability insurance can be an important form of cover to protect your business.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
Portable Equipment Insurance* (Tool insurance)
Operating as a professional tradesperson, you rely on your tools to get the job done, so how would you be able to keep your business going if you were suddenly left without them? Whether your tools get stolen, damaged by the weather, locked up, or accidently taken home by someone else, Tool Insurance has you covered. Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
Business Interruption Insurance*
No Electrician intends to leave their clients in the lurch. But sometimes circumstances beyond your control may prevent you from working, costing your company thousands or more each day. Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It’s designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
Personal Accident and Illness insurance *
This one can be a real asset for the many electricians that choose it. You rely on your body every day to show up, use your tools, and get the job done. Would you be able to do your job if you were unable to get to job sites due to injury or illness? Personal Accident and Illness insurance can provide cover should you become permanently disabled or pass away as a result of an accident. Cover can also include a weekly benefit for loss of income if you are unable to work as a result of an unexpected injury or illness (even if it occurs outside of your employment).
Cyber Liability Insurance*
This one may seem a little more unlikely, but bear with us. You work with numerous clients and you probably store some sensitive information on an online or electronic database. This could be credit card and billing details, financial records, and addresses. You might use an online booking system for your clients, an online system to organize your payroll, or have complex electronic business systems installed for your business. What would you do If any of these systems were compromised?
Alternatively, you might work with high profile clients for larger and pricier jobs. What would you do if this sensitive information were to get hacked? Did you know that 62% of Australian small businesses have experienced a cyber-security incident? And that almost half of all small business owners said that they had a ‘below average’ understanding of cybersecurity? (Cyber.gov.au 2020).
Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are unintended loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event. You also have the option to add cover for Social Engineering, Phishing or Cyber Fraud.
Questions to Ask Yourself When Buying Electricians Insurance
When working for under a contract or on a worksite, are you required to have a certain level of Public Liability cover?
Do you know how much your tools of trade are worth? Have you got cover for them if they were stolen or damaged?
Could you afford to take time off work to recover if you injured yourself or fell ill?
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
Public Liability Insurance is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769)
