NICEIC registered contractors must take out the right cover as part of the membership of the trade body.
Electrician insurance provides a wide range of basic business cover including:
- Public liability – for claims from customers and other people in contact with your business
- Employers liability – for claims from staff
- Tools and transit – cover for special tools and transporting equipment
- Professional indemnity service – deals with advice and designing services
- Efficacy – cover for failure of a product or service you supply to perform to specification, like fire and security alarms or door entry systems.
The right business cover stops electricians getting a nasty shock if something goes wrong. The basic bundle protects customers, employees, equipment when you work from the back of a van – and don’t forget that needs insuring as well.
Other potential insurance hazards include sub contractors, problems with hired plant and business interruption if you work from an office or workshop. These extras can all easily be covered by optional policy add-ons.
Some electricians also offer extra trades, like plumbing and heating services that need including in cover.
Most electrician insurance policies are bespoke with customised protection, as few electrical contracting businesses operate the same way.
The best rate electricians insurance is not necessarily the cheapest cover, but the one that provides the right protection for your personal business needs at the right price.
You should go through the schedule to make sure any exclusions do not rule you out of making a claim, while making sure you are not paying for any unnecessary cover.
Consider making your electricians insurance cheaper by looking at increasing or adding a voluntary excess, but plugging in to a specialist broker is one of the best ways to short circuit any business problems.