As an electrician, you work in a highly specialised area and you’re always in demand due to the essential nature of your work. As rewarding as it is, working as an electrician also comes with risks which is why public liability is so important. Let’s take a look at what electricians need to know about public liability insurance.
Public liability insurance will offer financial protection if a third party makes a claim following damage to property or injury to a person which occurs as the result of your actions at work. It also covers the cost of legal bills if you need to hire a lawyer during the claims process. The costs associated with a liability claim could include medical bills, rehabilitation costs, repairs and replacements which is why financial cover is so important.
With your work as an electrician, things can go wrong no matter how careful you are and a liability claim could have crippling financial consequences if you don’t have cover in place. A claim has the potential to cost you hundreds of thousands of dollars and employers and customers alike will expect you to have liability insurance to cover these costs. Public liability insurance will give ongoing peace of mind as you carry out your work.
For many trades, public liability insurance is strongly encouraged but not a requirement. However, electricians are an exception and in most states and territories in Australia there is a mandatory requirement for you to have liability insurance in place. If you’re an electrician working in Queensland, you also need to have consumer protection insurance on top of your public liability insurance.
The cost of your public liability insurance will depend on a range of factors - the size of your business, the number of employees you have working for you, and the location of your business will all impact on your premiums. For an easy way to look at it, the higher your risk then the higher your premiums. For example, an electrical contractor working on a mine site will pay more than an electrician doing domestic job as the risk of something going seriously wrong on a mine site is greater.
At Contractor Cover, we prevent cost effective insurance for electricians thanks to our contractor package which includes all of the major policies which contractors need. We understand the unique risks facing contractors which is why we offer convenient, high quality cover through one of Australia’s largest insurers. If you’re not sure whether we can cater to your needs, just speak to our team today!
For public liability insurance for electricians, contact Contractor Cover today on 1300 438 268.