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When it comes to running a successful electrical business, protecting yourself and your clients is essential. That's where business insurance for electricians comes into play. As an electrician, you face unique risks and challenges on a daily basis, ranging from potential property damage to personal injury claims. Having the right insurance coverage can provide you with peace of mind and financial protection in case the unexpected happens. Whether you're a self-employed electrician or you run a larger electrical contracting company, business insurance can help safeguard your assets, cover legal expenses, and compensate for potential losses.
You can compare quotes for many types of business insurance right here with Savvy. Just answer a few simple questions about your work as an electrician and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our 100% free comparison service to help you get the best value insurance for your electrical business today.
There are several types of business insurance you should consider if you’re an electrician, electrical contractor or running your own electrical business. These include:
Public liability insurance
Public liability insurance is essential for anyone working as an electrician, as you have such close contact with the public and their property. This is particularly important if you’re an electrician working directly for customers, rather than as a contractor who is hired by a larger company.
Public liability can cover you against claims that your activity caused injury to a third party or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage. It is a compulsory requirement on most building sites and also to tender for many government contracts.
What it covers:
Professional indemnity insurance
The greatest business risk faced by many electricians is liability risk. If something goes wrong with your switchboard wiring, causing a major fire, you could potentially face a costly lawsuit. Therefore, professional indemnity insurance is highly recommended for electricians who run their own electrical businesses.
This policy covers you against claims that the electrical service you provided was negligent or fell short of expected professional standards. Cover is available starting from $2 million but can extend up to $10 million or more.
What it covers
Portable equipment cover
This form of insurance is available as an add-on to general business insurance and can cover all your trade tools and portable equipment, including expensive things like generators. There are two options available depending on what level of cover you are looking for:
What it covers:
Personal accident and illness insurance
Since you rely on your physical health and fitness to be able to do your job, taking care of your personal health should be a high priority for all people who earn a living working with their hands. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, with a weekly replacement income available if you can’t work as a result of an accident or injury.
What it covers:
Optional extras can include:
What isn’t covered under business insurance for electricians?
The most common general exclusions include:
Business insurance also does not cover your vehicle if you use your car for work, so you may need separate car insurance for commercial or business purposes.
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, the cost of insurance also varies depending on where you live. For example, an electrician buying public liability insurance in Victoria may not receive the same quote as an electrician in Queensland.
There are many more variables that will affect the cost of your public liability insurance, so the best way to find out exactly how much your insurance will cost is to get a free, no-obligation quote through Savvy so you have exact numbers to compare today.
The risks faced by electricians are ever-present and, unfortunately, one simple accident or error can potentially result in very serious injury or even death. Therefore, all electricians need to have good insurance in place to protect not only their income but also their family in case a serious covered event does take place. This applies to builders and carpenters and other trades too.
Having accident and sickness insurance in place can offer the peace of mind that comes from knowing your loved ones are protected in case you do have an accident which is covered by your insurance policy. Most tradies or small businesses have some contingency funds to fall back on, but these are rarely sufficient to cover the cost of a major catastrophe.
For example, if you suffer a serious accident at work, you could be unable to work for months, but you’d still have your rent or mortgage to pay. If this happens and you have adequate insurance to protect yourself and your family, you’ll have a better chance of recovering financially and being able to provide for your family in the long term.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
