Whether it’s protection for their tools, their work or their health, insurance for electricians is essential for safety and peace of mind. Here are some of the most important insurance policies for electricians.
Public Liability Insurance
Public liability insurance can protect an electrician if they injure a person or damage their property through negligence in their work. This cover is essential for electricians, as a small accident or oversight in their work can lead to property damage or severe injuries.
Public liability insurance can cover the financial expenses incurred from a third-party claim against an electrician, including legal costs, fees and other expenses. However, it will not cover claims or injuries by your employees or claims which you are already aware of.
Workers Compensation Insurance
Workers compensation is a compulsory insurance cover in Australia that is required by law. This insurance is designed to cover the cost of an employee injury while at work, including if they are injured while working offsite.
Depending on the policy, workers compensation insurance can cover:
- Medical expenses
- Hospital cover
- Lump sum payment
- Wages for a temporary replacement
If you employ any workers, each of them will need to be covered with appropriate workers compensation insurance. Without this cover, an electrician’s business could face large government penalties, as well as being left liable for medical bills and other expenses.
Tools are an important part of an electrician’s job. If your tools are stolen or vandalised, work can’t be completed. Unfortunately, theft of tools is a common occurrence, as they are an easy target and can be valuable.
Taking out an insurance policy for your tools can be an affordable way to secure them and avoid losing time and money while being unable to work. Tools insurance can provide immediate funds to purchase a new set of quality tools, allowing you to get back to work without relying on cheap, temporary replacements.
Motor Vehicle Insurance
Along with their tools, electricians usually have a trusty work vehicle to take them to and from jobs. Whether it’s a car, ute or van, securing your vehicle with a vehicle insurance policy can cover you if your car is damaged and you’re left unable to work.
Motor vehicle insurance can be applied to all vehicle types, including trailers, trucks and mobile machinery. This type of insurance commonly covers liability of the driver, replacement car costs, repair costs and costs for disruption of business.
Plant and Machinery Insurance
If you run an electrician’s business which uses plant and machinery equipment, such as forklifts, trailers, lifts and cranes, plant and machinery insurance can help you to cover the value of these assets, as well as accidents or damage that may occur while they are operated.
Breakdown or theft of machinery can also be covered, giving your business the funds necessary to replace key machinery and continue working without delays.
A customised trades insurance policy can combine these essential insurance covers into a single, competitively priced package. With a comprehensive trades insurance policy, you can have peace of mind knowing that your risks are covered.
Your trades insurance may also include an income support policy, which can pay a percentage of your wage as a recurring income for a length of time following a worksite injury, helping you to stay on top of other payments while recovering.
Phoenix are the trades insurance specialists, with years of experience providing Australian tradies with advice and protection. Our qualified brokers can help develop a unique insurance package which suits your needs and will support you through the claims process. Contact one of our friendly team members today for to find out more or to request a quote.