Electrical businesses are exposed to a range of insurable risks, meaning that appropriate coverage is essential for the protection of business operations, assets, employees and clients. While premiums can be expensive, insurance is a necessary investment that should not be overlooked.
With suitable insurance comes the priceless comfort in knowing your business can continue to thrive in any circumstance. Learn more about the importance of Electricians’ Insurance, and how to potentially lower premiums to make this Business Insurance more affordable.
The Importance Of Reasonable Electricians’ Insurance
With risks of damage or loss of property, liability claims, workplace accidents, equipment breakdown, vehicle damage, injury or illness, there are a range of incidents that Electricians may be exposed to. The right insurance coverage is necessary in order to mitigate risk, protect business assets and property, protect employees and even maintain your professionalism.
Registered electrical contractors in Victoria are required to hold current Public Liability Insurance (minimum cover of $5 million) against property damage or personal injury that is connected with electrical contracting work, explains Energy Safe Victoria. Similar requirements apply across Western Australia and Tasmania. In Queensland, a Public and Products Liability policy as well as consumer protection is required. While it is not required for registration in other states, it is generally still a contractual requirement before carrying out electrical work.
Ultimately, insurance is essential to protect your business and anyone that may be impacted in the event of an incident, and is mandatory in many states. Acquiring insurance with the lowest premiums will assist in making this necessity more affordable.
6 Ways To Lower Insurance Premiums For Electricians
1. Good Claims History
Maintaining a good claims history is one way to demonstrate that your electrical business follows responsible practices. A clean claims history impacts your insurance premiums, as OSTS, Inc. explains, as a premium reflects what the insurer believes is the likelihood that you will make a claim. Keeping claims to a minimum will therefore assist in lowering this cost.
2. Training & Certification Of Staff
Offering safety training is important not only for minimising risk of accidents and reducing potential damage, but also lowering the chances of filing a claim. Training should assist employees to recognise hazards, wear appropriate protective equipment, become familiar with emergency procedures, learn about electrical fire safety and more.
3. Adopt An Increased Policy Excess
An excess is the amount that you have to pay if a claim is made. Opting for a higher excess amount will impact premium, meaning you pay less initially while paying more in the event of a claim.
4. Clear Safety Protocols & Appropriate Risk Management
Identifying potential risks and hazards and developing appropriate risk management procedures is important not only to ensure safety, but also to communicate to Insurance Providers that your business takes the necessary precautions to prevent incidents. This lowers the chances of claims and, therefore, insurance premiums.
5. Regular Review of Coverage
Regularly assessing your insurance cover will assist in ensuring you are adequately protected and not paying for additional coverage that may not be necessary. Over time, as your business evolves, insurance needs are sure to change and it is important that you are always carrying what you require and nothing more or less.
6. Seek Professional Advice
An Insurance Broker such as Atlantic Insurance is able to offer valuable advice on Insurance for Electricians and evaluate your specific needs to ensure you receive the best insurance for you at competitive rates. Consulting a Broker such as Atlantic can assist you in identifying the most appropriate and affordable Insurance Plan with the lowest premiums.
Personalised, Comprehensive Electricians’ Insurance with Atlantic
With over 35 years of experience catering to the insurance needs of electricians and a strong understanding of the industry, Atlantic Insurance is dedicated to offering comprehensive cover that is tailored for your electrical business. Contact us to begin discussing your insurance needs and receive a quote today.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
