As an electrician, you provide a vital service to homeowners and businesses, from electrical installations to wire repairs. It’s thanks to you that the lights and the power stay on. It can be a lucrative profession too, but if you don’t have the right electricians’ insurance, you could receive a big shock. Electrical contractor’s insurance provides peace of mind to your customers, and it also ensures that if unavoidable problems occur, you won’t be left with a huge bill that could potentially spell the end for your business. Understanding electricians’ insurance can help you find the policy that’s right for you; it doesn’t have to be complicated, just take a look at our quick and simple guide.
Just What Is Electricians Insurance?
Put simply, electricians’ insurance, also known as electrical contractor’s insurance or electrical contractor’s business liability insurance, protects you and your business from a range of possible scenarios that could result in a loss to yourself, an employee, your client or a property. There are many different levels of cover, but the more comprehensive the cover is, the less likely it is that you will have to face any unexpected costs. The basic cover that all electricians should have is public liability insurance, but it can pay to look for insurance that also covers completed work, bodily injury, and damage to property.
Public Liability
All experienced and reputable electricians know the importance of having public, or general, liability insurance, and many commercial enterprises won’t let you work on their property unless you can produce a current insurance certificate. This insurance covers you against a claim by a third party for costs that may arise due to damage to a property, poor work, or injury to a person. Importantly, it also covers the cost of legal bills, which can rapidly mount up if you find court action being taken against you. The right insurance can save you from being liable for a six-figure sum, which is enough to put most electrical contractors out of business.
Bodily Injury
As an electrician, you’ll know how important health and safety concerns are, both while you’re doing work and after the work has been finished. It’s a fact, however, that while the right attitude and the right safety equipment greatly reduces the chance of an accident, circumstances beyond your control may still cause them to happen. Bodily injury insurance can’t turn back the clock and stop the accident from happening or reduce any resulting pain or injury, but it can cover costs that result from it. Whether the accident occurs as a cause of trips and slips, falls, or electrical shock, electrician’s insurance can cover the cost of medical treatment or loss of earnings.
Damage To Property
Every property an electrician works at is different, but one thing they all have in common is that they contain valuable furniture, electrical items, or commodities, all of which can be damaged in a myriad of different ways. If you cause damage to a wall, for example, when repairing or installing electrical wiring, or bump into a table or chair and smash a vase or ornament, the owner of the property will expect you to pay for a replacement or repairs in full. If your electricians’ insurance covers damage to property, you have nothing to worry about, but neglecting to take that cover could be a costly mistake.
Completed Work
When a job is complete to your satisfaction, and that of a client, you can take the payment, go home and forget about it, right? Not necessarily so. If a product an electrician fits suffers a failure, even years later, they may still be liable for damages. To eliminate this problem, find electrical contractor’s insurance that also contains completed work or completed product cover. With this in place, you’ll know that a finished job really is finished and won’t come back to bite you.
How To Choose Your Electricians Insurance
Electricians insurance is supplied by many companies, so before making a purchase it pays to look online for a reputable company that offers a great price. Read customer reviews before making a decision, if possible, and also ensure that the policy you’re thinking of buying covers you for all eventualities that may occur, as detailed above. It’s also a great idea to find one that allows you to print your insurance certificate online, such as electrician insurance by Next Insurance. This means you can carry proof of insurance with you from the moment you take it out, showing that you’re an electrician to trust.
Accidents can happen to even the most experienced electrician but having the right electricians’ insurance can protect you from their aftermath. Payments can be made in one lump sum or monthly over the period of the insurance, so it can be less expensive than you think. Smart electricians know that risks should always be avoided, so don’t take the risk of not having a comprehensive electricians’ insurance policy.
