Whether you work as an independent electrician, a contractor or you own an electrical business, having a comprehensive insurance should be one of your priorities.
Keep in mind, however, that there are things you need to take into account when getting your business insured. In most cases, your insurance needs will depend on your objectives, financial situation and your operations.
And this is where FD Beck Insurance Brokers may help you! FD Beck is one of the leading insurance brokers in Australia.
We offer electricians insurance packages that can protect your valuable assets, and protect you against possible legal claims for compensation. This may ease the burden on your financial situation if a claim against you comes along.
There are several insurance products for electrician or electrical contractors. Take note, however, that insurance policies have specific coverage and limitations. From public liability insurance to tools and equipment, it’s vital to understand each coverage.
This coverage provides protection if claims for compensation are made against you for this such as defective wires and other products you supplied, imported, installed or repaired that cause property damage or personal injury. For residential work, product liability insurance also serves as consumer protection, which helps your clients have some peace of mind.
Similarly, Public liability insurance may also protect electricians against claims from injury to third party property damage, but the difference is that the injury or damage is not caused directly by a product. In Australia, every electrician should consider this type of business insurance.
If you're a business owner, you need to take care of your staff as they do their job. Whilst how the insurance is purchased varies in different states in Australia, regardless each state requires businesses to ensure that employees are protected in case of personal injury or illness while at working in their trade.
As general advice, it’s better for business owners, contractors, and independent electricians to get a insurance cover for their tools to ensure work continuity. This type of insurance will cover costs for repairs or replacement of tools or equipment that have been damaged or stolen. This could be as a result of theft, storm or fire.
Commercial vehicle insurance coverage includes insurance on any commercial motor vehicle you own and use. It can be a ute, light truck, car, or van.
This serves as personal insurance for electricians. It is designed to replace your income if you are unable to work due to sickness or injury. Typically, the cover will provide a monthly payment up to 75% of your normal income. This is useful especially if you cannot work for an extended period of time.
Whether you need Professional Indemnity insurance depends on the type of work you do. If you are only working on fit and install contracts where the designs and specifications are incidental to the overall contract then Public & Products Insurance may be adequate.
On the other hand if you are offering designs and specification to others as part of your services then you should consider PI Insurance. For further assistance, you may refer to our useful guide “Who needs Professional Indemnity Insurance in Australia and why?
Choose a business policy that covers your basic needs. The general advice for business owners and electrical contractors is to make sure that all assets are protected. The business itself, the people, tools, and other assets should be protected in case of public liability claims, damage due to natural calamities, or injury claims.
For independent electricians, it depends on your type of work, turnover and claims. On the business owners’ side, factors also include the size of the business, number of employees and business turnover. The best way to calculate your insurance cost is to get a quote. Simply go to FD Beck’s online calculator, answer a few simple questions to get your instant online quote.
As an independent electrician, you cannot work without a public liability cover. You can combine it with other types of cover, such as commercial vehicle and tools policies.