Avoid a shock: Insurance for electricians
If you’re an electrician, you know how important it is to protect yourself from any nasty shocks. Adopting the same level of caution to your business also helps you to manage risks. Without adequate insurance, you could be in for a nasty financial shock.
Whether you’re operating as a business or on a self-employed basis, make sure your business has the right type of cover for its needs.
Why do electricians need cover?
Electricians may require insurance cover for all types of work. Whether you work in electrical construction or maintenance, sparkies are in demand, but the job is not without dangers. Managing the risk of electrical burns, welding hazards and even extreme temperatures all comes with the territory.
There may be certain industry requirements for electricians taking out insurance for tradies in each state across Australia. For example, electrical contractor licences can sometimes be mandatory, but might provide only basic protection. When shopping around for trades insurance policies, you’ll want to cover different aspects of your work and consider factors, such as:
- What type of jobs you’re doing
- Risks you encounter daily
- The value of your equipment
- How much cover you’ll need to take out.
Public Liability Insurance cover
Whether you’ve been called to fix dead power outlets or inspect a building’s electrical works – a sparkies job is never without risk. You could be working on a construction site with the hazard of fire, property damage and personal injury. Even the smallest of mistakes can have big consequences.
Public Liability Insurance covers your business against claims resulting from accidents or injuries against your activities, as well as accidental damage to property owned or controlled by someone else. It’s something that every electrician may need to consider working on-site. It might cover any legal liability arising from accidents by third parties who come into contact with your business, like your customers, suppliers or those involved with your business. If you’re looking for tradies insurance, then public liability cover is crucial.
Portable and valuable items insurance
A good tradie never blames their tools, but it can be hard to work without them. If your tools get lost, damaged or stolen, having cover for them can be essential for the ongoing operation of your business. If it’s an expensive power tool that you can’t live without, Portable Valuables Cover takes care of your business property and equipment against loss, damage or theft.
Accidental Injury Insurance
Unexpected accidents can happen anywhere, just as sickness can strike at any time. And working as an electrician can often expose you to a range of risks. For example, what would you do if you required time off work due to injury over the span of a few months? Don’t wait until it’s too late. Income Protection might save you a costly headache when it comes time to foot the specialist's bill. So rather than wondering how you’ll pay your rehab expenses, this policy might be a great fit for the self-employed or contract worker.
If you’re working on a site and were involved in a serious accident leaving you unable to work for several months, how would you pay the bills and put food on the table? If you’re a self-employed electrician, without workers compensation cover or sick leave, you could be in a tough situation. Income Protection Insurance can cover you in the event of such an injury and it could pay monthly benefits to cover the cost of your lost wage.
All of these policies may impact your business. By getting the right type of tradies insurance to suit your needs, you’ll put your business in the best position to succeed. Have a chat with our friendly team today on 13 22 44 (Mon–Fri, 8am–8pm for Life & Income Insurance, and 8:30am–6pm for Business Insurance, AEST/AEDT) and get a better understanding of your needs.
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as AAMI Business Insurance. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.