Electricians understand the potential danger that they will be facing. Electricity can be very dangerous, not only for the electricians but also for their customers. When bad things happen, then this can lead to serious consequences. That’s why it is essential that electricians must take out public liability insurance as well as other types of specialist insurance.
Why electricians need public liability insurance?
Public liability insurance can cover you in the event that you’ve caused someone to get injured or damaged their property due to your work.
When accidents happen, you could be facing huge amounts for compensation claims and legal fees. Sometimes these claims will take some time in the legal system, hence, you will be spending a lot on your legal costs.
Having public liability insurance can guarantee that you are financially protected. Having this policy can give you peace of mind knowing that your business is well protected.
Electricians are not legally required to take out public liability insurance based on UK law. However, if you are an electrician, then it would be a wise decision to consider it. Since you are a registered electrician, then you already know that it is very important that you should comply with regulatory safety rules. This can guarantee that all your works are safely designed and installed so electrical shocks and fire can be prevented.
However, accidents can happen anytime. Most fires are caused by electricity. Electrical fires can cause injuries and even death. Even how experienced and skilled you are, you can still be susceptible to court cases. Hence, it is beneficial that you should take out public liability insurance so you can always be protected while doing your work.
Most people won’t hire electricians who don’t have public liability cover. Local authorities would require electricians to have a cover of at least £5 million before they can start to work. Sub-contractors would find it hard to get any work since most project managers and contractors would require their electricians to have their own public liability policy.
What other covers can you include in your electrician insurance?
Aside from public liability insurance, electricians can also choose to add other covers on their electrician insurance.
Employer’s Liability Insurance
Employers’ liability insurance is required by UK law if you employ staff who are not your direct family members. If you don’t have this cover, then you will be fined £2,500 for each day that you are not insured. This can cover you in the event that one of your employees gets injured or ill while working for you. The minimum coverage for employer’s liability insurance is £5 million. If you are an employer, having a cover is essential. It is also important that you must be updated with the latest Health and Safety at Work regulations in order to keep your employers’ liability insurance valid.
Tool and Equipment Cover
Electricians cannot work without their tools and equipment. If your tools and testing equipment will get lost, stolen, or damaged, then you might not be able to replace them right away since they can be very expensive. Having a tool and equipment cover can protect your tools and equipment, so you can continue your work without any interruption. You can quickly replace them in case they get lost, stolen, or damaged.
Business Interruption Insurance
Business interruption insurance can cover you in case you can’t continue to work because your tools or equipment were lost, damaged or stolen and you were unable to replace them right away. This policy can help you cover up for the lost sales while your business has stopped operating.
Business Life Insurance
Business life insurance can help your business go on in the event that something might happen to you or the key people in your company.
Home Office Insurance
Home office insurance is vital to those people who are running their business in their own home.
Commercial Property Insurance
Commercial property insurance can help in protecting your business premises.
Business Contents Insurance
Aside from protecting your business premises, you must also protect the contents inside it including your furniture, fixtures, and other business equipment.
What if you are a self-employed electrician?
There is a variety of cover that can protect you and your business in case something will happen to you. This includes business life insurance, critical illness insurance, and income protection insurance. If you are a self-employed electrician, then be sure to know what type of insurance you need since you don’t have an employer who can do it for you.
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