Electricians are suppliers, installers and maintenance contractors for electrical equipment including cable laying in Australia. The product they supply is safe electrical wiring and you must be licensed to provide such work.
Electrical contractors ie electricians are required to take out public products liability insurance to cover injury and property damage to the general public arising from there works. Other covers they may take out include commercial motor or business vehicle insurance , tools insurance , business premise, personal accident and or management liability insurance.
Public products liability is the main defence against claims of personal injury or property damage arising from the contractors operation. It covers the employees and directors from resultant damage arising from their works. However it often does not include the cost of rectification of the cable works it includes the resultant damage.
Say for example a cable caught fire in a roof space and burnt the walls and ceiling. The cable replacement would not be covered but the cost to repair the walls and ceiling would be. The cover relies on the contractor to repair there own faulty works but covers any resultant damage.
Public liability also covers the contractor doing minor earthworks and digging. Subject to the contractor obtaining dial before you dig plans there is also cover for damaging underground services following excavation. These underground damage claims can range from $5000 to $150,000 and up depending on whether you hit a nbn cable or high voltage power cable.
Probably the most common first party occurrence for electrician businesses is motor vehicle collision or tools theft. These are easily protected against by an appropriate tools insurance and motor vehicle insurance policy.
Could your electrical contracting business recover from a tools insurance claim to the value of $30,000?
We have recently quoted a policy for $1500 per annum for $30,000 tools insurance cover with a $250 excess. Insurance prices and cover are subject to change but for $1500 per annum your business cash flow is protected form having to fork out $30,000 for tools insurance.
Jump over to www.Insuregroup.com.au/online-quote/ to get the ball rolling on your insurance covers,
Have a good day