If you run a business, chances are that you are exposed to a certain amount of perils which could range from the theft of cable and equipment, fire and more. Of special interest is that although there are specific incidents that go hand in glove with electrical business insurance, an electrical business can have insurance that will include an insurance portfolio that includes more general business cover.
For your electrician business you need cover for:
- Theft of cables.
- Liability insurance.
- Equipment insurance.
- Business vehicle insurance.
- Building insurance.
Liability insurance is important if you are an electrician:
- It makes sense to have liability insurance if you are an electrician as there is often a high compensation risk when it comes to personal injury – this is why workman’s compensation is so important when you are in this field of work.
- It is also important to have cover in the event of third party claims – general liability insurance will cover you and your business when injury or even death is caused to a third party.
Electricians often have expensive equipment that they need to cover:
- Electricians operate primarily off their premises – that is why it is important for all the equipment used to have All Risk Cover – this will ensure that all the equipment will be covered by accidental damage as well as theft.
- It is important to know that should you only have business contents insurance your equipment will not be covered once it has been taken from your premises.
- Many equipment insurance policies cover mechanical and electrical breakdown of the equipment – but cover is usually only paid out when regular maintenance is carried out.
Insurance for business vehicles for an electrical business:
- Electricians are up and about when working – that will mean that vehicles play an important role in this type of industry – commercial vehicle insurance is therefore required.
- The rates on a policy for commercial use are usually higher than that of private cars.
- Vehicles that are used for commercial purposes are usually a higher risk.
- Failing to inform your insurance company about the use of your vehicle for business purposes can and will be refuted when it comes to payment of the claim.
If you are looking for electrician business insurance, be sure to inform your insurer of the different aspects of cover that you would require.