Whether it’s protection for your income, tools or health, insurance cover is essential for any electrician. That’s because when you’re covered, you’ll have peace of mind that you can do your job properly, without having to worry about things going wrong.
Insurance can cover the cost of buying new tools if they’re stolen, pay for accidental damages at work and continue your income if you become sick or injured. But with so many different options, it can be hard to find the right cover for you and your circumstances.
We spoke to Daniel Defendi, who writes for Trades Insurance, to find out the four main types of insurance that can protect you from a range of risks.
Public Liability Insurance
Public liability insurance (PLI) protects you if you accidentally cause damage to a person or their property through your negligence. This type of insurance helps with legal fees and payments if a lawsuit is brought against you seeking restitution for damages.
Public liability insurance protects you if a dissatisfied customer brings a lawsuit against you, even if the work you’ve completed is valid. Without this insurance, any unforeseeable events could leave you liable for thousands of pounds in damage. But with it, you’ll get help with the legal costs that come with any apparent negligence or poor workmanship.
Workers Compensation Insurance
Workers compensation insurance protects business owners and their employees in cases where someone is injured on the job.
This type of insurance includes sole traders and contractors who have employees or apprentices. Depending on where you live, the rules and requirements for the compensation will vary. Having workers compensation will mean that if one of your employees is injured, they’ll be properly provided for and your business will avoid large medical costs, as well as expensive and reputation-damaging fines.
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Income Protection Insurance
This continues your paid income if you’re involved in an accident or become ill and can’t continue to work. Depending on your level of cover, you can be paid for several years if you’re seriously ill and unable to work, but the amount usually reaches a maximum of 80% of your standard income.
Income protection insurance is often confused with accident and sickness cover, but they have a few key differences. Income protection will be maintained even if your circumstances change, whereas accident and sickness can be suspended by your insurer according to major events such as changing jobs.
Having income protection insurance means that should the worst happen, you’ll continue being able to pay the bills until you return to work.
Tools Insurance
Tools are an electrician’s best friend and without them you can’t do your job. Tools insurance will protect your collection of tools by reimbursing you if they’re stolen, saving you time and money.
If your tools are stolen, the insurance pay-out should enable you to replace your whole tool collection at once, giving you the option to buy new tools without losing money, as opposed to having to settle for temporary and inferior products.
Having insurance for your tools will mean you can get back to work faster and not miss out on jobs and potential income.
For your work, health, and income, these insurance types are essential to protecting you and your livelihood. Remember to always check the product disclosure statement (PDS) for your insurance cover to make sure it’s right for you, or seek advice from a trades insurance specialist.
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