Here at Insurance Web, we’ve come across far too many businesses with the incorrect insurance, so we’ve put together this electricians’ insurance checklist, so you can be sure you’ve got the coverage you need.
While it may seem unnecessary to some, ensuring you have the correct cover for your business could save you in the long run if something goes wrong.
At Insurance Web, we know each business operates differently and has different needs so we recommend you use the following checklist as general advice only and speak to an insurance broker, or someone from our team, about your individual business requirements.
The First Step in Insuring your Business
Whether you have a well-established business or you’re getting ready to start a new one, making sure you have the correct insurance cover is one of the most important steps in the process.
We conduct a Needs Analysis as the first step in the insurance process before recommending a tailored program to suit your business.
Mobile Electrical Services Insurance
Do you mainly operate your electrical business from a home address?
For a business of up to 4 staff, this is the kind of basic cover you should be looking at:
- Public Liability – Bodily injury / property damage arising out of the insureds business activities.
- Professional Indemnity Extension – provides cover for the issue of Compliance Certificates or Test & Tag as a fee for service.
- Products Liability – Bodily injury / property damage arising from products manufactured, modified, repackaged, imported, grown or sold.
- Motor – Loss or damage to the full range of motor vehicles including: windscreen free of excess and hire vehicle in case of an at fault accident for your business continuity.
- General Property – Loss and/or damage to portable items such as tools of trade, laptops and other portable equipment while away from the insured premises. Cover for specified items and unspecified items up to $2500 per item that are not specified.
Insuring an Electrical Business Premises
When it comes to running your electrical business from a leased space and with a larger team of 4 or more people, you should be looking at a more in-depth list of coverage.
In addition to the items already listed, you should also be considering the following:
- Fire & Perils – Damage to assets (building, contents, stock, equipment etc) caused by fire, storm, water and nominated perils excluding flood unless specifically included (Extension for your Customers’ Goods).
- Business Interruption – Loss of trading income and increased expenses due to damage to fixed assets or prevention of access excluding flood unless specifically included.
- Burglary – Theft of property and/or customers’ goods following a break and enter (Extension for your Customers’ Goods).
- Glass – Damage to fixed external or internal glass or both.
- Machinery Breakdown – Repair costs incurred following breakdown of plant and equipment.
- Electronic Equipment – Electrical breakdown of computers and associated equipment.
- Goods in Transit – Damage to goods in transit – locally within Australia and import/export if applicable.
- Management Liability –
- Directors & Officers – indemnity following a “wrongful act” committed by the directors or officers or a company.
- Employment Practices Liability – defamation, sexual harassment, wrongful dismissal, discrimination allegations by staff or contracted staff in the workplace.
- Statutory Liability – fines imposed for unintentional breaches of government acts.
- Taxation Audit cover – expenses due to unexpected tax audit.
Electricians Insurance Checklist
The most important thing to remember is that every business is different, any your current insurance provider may not list all the details in a way that’s easy to understand.
Insurance Web is your local small business insurance experts. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover so you can trade confidently and securely right now!