Electrician Business Insurance

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Business Insurance for Electricians*

As an electrician your insurance cover is important as electrical work involves a number of risks.

Wherever you are in Australia, as a self-employedsole trader or contractor or owner of an electrical business, its important you get suitable and affordable insurance to protect yourself and your business from potential claims that may arise from your work activities..
Our friendly business insurance brokers specialise in finding suitable and affordable policies for tradespeople every working day, and may be able to help you with multiple competitive quotes to protect and cover your electrical service business risks.

What are some of the types of cover available to protect your electrical business?

Many Electrical business owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

Electrical business owners can access many BIG name insurers AND
industry specific underwriters here.*

Electrical Business Owners QUESTIONS regarding
Commercial Insurance ANSWERED:*

  • Public liability insurance – may protect electricians against claims from harm to other people or their property caused from your work activities ; work at site including unauthorized access, attractive nuisance, liability for sub-contractors, vicarious liability for sub-contractors, interruption of third party business (because of an interrupted electricity and power supply.)
  • Product liability – may protect an electrician when products you have supplied, repaired or manufactured cause harm, injure someone or cause property damage. ( for example: faulty installation or wiring ).
  • General property insurance – often called tools cover, may cover electricians for damage or loss to and business equipment such as tools, mobiles , computers , power equipment , or stock such as power boards, lighting or accessories.
  • Business insurance pack – you may be able to combine multiple covers in a specially designed policy for a small electrical business. Ask your SMART broker for details.
  • Marine cargo – cover if you receive or send goods such as building materials via post or freight.
  • Contract Works Insurance : An electrical business may also require Specialist Contract Works Insurance in relation to construction projects depending on contract terms if the insured is the main contractor on site.
  • Professional indemnity – if you provide professional advice or a fee; or erroneous designs, specification, contract administration and project management
  • Commercial motor –may cover any vehicle – car, van, light truck – that you own and use mainly for business
  • Personal accident and sickness – may protect your personal income if you can’t work for an extended period

Trying to work out what insurance your electrical business needs?

Sometimes a sole trader or contractor electrician may choose only a single or two insurance product.

Small electrical businesses may need a combination of one or more insurance policies.

We may be able to assist.

Wherever you are in Australia when you contact SMART business insurance, your friendly business insurance broker may be able to help answer your questions and find you suitable and affordable insurance for your electrical business.

Talk to a SMART business insurance specialist on 130 542 573 to discuss electricians business insurance cover TODAY.

So, how much will electricians insurance cost you?

The core insurance for self-employed electricians in Australia is public liability insurance.

Public Liability Insurance cost for an electrician acting as a sole trader, or self-employed contractor starts from around $600.

Please note: While cheap Public Liability Insurance can seem attractive on the surface it is important to ensure the policy covers you for the full business activities you undertake and the insurance policy and company will respond as intended when there is a claim.

For electricians that:

  • undertake broader building work
  • have employees,
  • are looking for costs and quotes on other covers you may need; such as product liability, business insurance pack, general property, commercial motor, or any of those above please TALK to a friendly SMART business insurance broker on 1300 542 573 who may be able to assist.

Disclose ALL of your work activities to your insurance broker no matter how infrequently you perform that type of work. Are your activities restricted to electrical work or are you undertaking broader building activities ? Insurance policies are priced according to risk. Failure to disclose any type of work you perform means you will not be covered if an incident occurs while undertaking an undisclosed work activity.

Since electricians work with electric wires, power transmitters and transformers the risk of fire and property damage are very high.

Work in occupied buildings creates the highest risk for electricians and increases the chances of damage to third party property.

Electrical contractors are subject to very high-risk “complete operations exposure”, which includes damage from faulty wiring or failure of some or all of electrical and power system to work.

Electricians may even be responsible for the repair of work done by other trades that need to be repairers or replaced if the electrical works is part of the cause.

Damage to public property and injury to people on the work site are some of the risks you and your electrical business face.

Property, vehicles, machines, tools and equipment being used on site may be damaged due to accidents.

Risks electrical small business owners are exposed to from their work activities include:

  • damage to someone else’s property from your electrical work activities.
  • damage or loss/theft of your property such as tools
  • harm to yourself, an employee, sub-contractor or someone else, slips and falls, inexperience , power equipment , sharp tools, materials, fire and liability hazards on site.
  • machinery and engineering: Business interruption due to the breakdown of machinery, tools and equipment; and the possibility of theft.

Material Damage: Larger electrical contractors with offices face the constant risk of safeguarding their office premise, workshops and storage houses against electrical fires, theft, employee/worker infidelity, etc.

TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online for suitable and affordable insurance quotes for your electrical business.

 

No. If you are an electrician that is also a sole trader workers compensation will NOT cover you. Workers compensation provides cover for your employees. As a electrician that is a sole trader you may require income protection or personal accident insurance. Note: Sole traders may have up to 20 employees.

As an electrician, public liability insurance may cover you for damage you cause to a third parties person or property.

For example, if in the course of your electrical works, you damage part of your clients’ home or building , cause some damage to a neighbouring property, or inflict personal harm on your client, visitors, neighbours or passers-by , public liability insurance may cover you. In the most serious cases, public liability insurance may cover you where your electrical business activities result in the death of a person.

Public liability insurance may also be able to assist with paying damages and/or legal fees for any claims made against you as a result of your electrical business activities. There are many instances of claims made against electricians that are sole traders, contractors and small businesses who did not think they were at fault.

It is strongly recommended that NO electrician that is a sole trader, subcontractor or small business operator work without public liability.

As an electrician , without public liability insurance you may personally be responsible for any damage you cause to a third parties person or property.

In the most serious cases, public liability damages can result in millions of dollars of payments; which would bankrupt most electricians that are sole traders, contractors and many electrician based small business owners.

The most common electrical based public liability cases involving million dollar payouts include fire resulting in serious personal injury to clients, visitors ,neighbours or passer- bys and the destruction of property. Even with basic public liability insurance claims against electricians , legal bills start in the thousands of dollars, and climb into the tens and even hundreds of thousands of dollars.

A further reason for electricians needing public liability insurance is that in many instances you will NOT be allowed access to a site or permitted to do a job without showing your public liability certificate of currency.

As an electrician it is essential you declare sub-contractors to your insurance company or insurance broker.

As an electrician, it is vital that your sub-contractors have their OWN public liability insurance so that they may be covered for any damage they cause to a third parties person or property while sub-contracting to you. As a contractor they are responsible for any damages they cause . As an electrician , your public liability policy covers your electrical business . Each business, including all sub-contractors require their own public liability insurance. It is recommended that you obtain a current public liability certificate of currency from all sub-contractors that perform work for you.

Want guidance on Commercial Insurance coverage for your Electrical business?
Get in touch. Here to help you.*

Need more CERTAINTY regarding your business insurance cover?
Have questions or want GUIDANCE?
Get in touch. Here to help you.*

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Small business owners DESERVE to get insurance cover at an
affordable price – and KNOW what they are covered for.*

We are business insurance brokers

What does this mean to you ?
What that means is that we are YOUR representative, and our first responsibility is to YOU, unlike an insurance agent who represents the insurance company.

And in the event of a claim, we fight for YOU, which may mean a faster and more successful claim.^

^Important : We have no power to authorise claims. However, our experience and assistance can help you when you have a claim.

SMART BUSINESS INSURANE BROKERS

REAL LIFE STORIES of small business owners who were UNCERTAIN about their business insurance coverage NOW operating with CONVICTION.*

Need expert Insurance Advice?
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Learn More About Insurance for your Business:*

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· We may act for you – not the insurance company
· We may obtain multiple quotes for you on suitable policies from leading insurance companies and underwriters
· You receive responsive friendly service.
· You’ll receive a competitive rate on a suitable policy year after year
· You’ll have us in your court if you need to claim
· Monthly payment options
· We’ll do the leg work for you!

Find out more.