Like most small businesses, your days are taken up doing rather than managing the work and any disruption not only costs you money, but can cost your reputation dear as incomplete jobs start to back up.
Regardless of your trading status – as a sole trader, partnership or company – you need to have insurance in place to safeguard your business and your investment.
What electricians business insurance covers
Even if you work as a one-man band, you need commercial insurance to protect you, your business and your home from expensive claims if things go wrong.
Besides insuring a van and tools, electricians also need some less obvious cover.
If you are a start-up business or established trader, here are some of the points you need to consider:
- Public liability insurance – This pays out if you injure someone else or damage their property at their home or premises or if they visit yours.
- Employers liability – Every business that employs workers must have employee liability insurance by law, except a company where the employee owns 50% or more of the shares. Employers liability covers claims from workers injured or suffering an illness on the job.
- Cars and vans Business vehicles need commercial cover that goes beyond a motorist’s normal insurance cover
- Plant and tools – Special cover for replacement of lost, stolen or damaged equipment that minimises disruption
- Loss of income – For electricians who work alone or as part of a small team. Income replacement insurance pays the bills if someone can’t work for a prolonged period
- Business premises – Cover for shops, industrial units or working from home. Standard home insurance will not pay out for stock, tools or other business equipment kept in a shed, garage or a home office.
How to find business insurance
Many insurance companies offer business insurance through a specialist commercial department, but because packages are tailored to the needs of a specific business, try a broker like Quoteline Direct to find the right cover at the best price.
Brokers can save a business time searching for the right policy, can hook in to special deals and will have contacts with insurers who want to offer insurance to electricians.