Compare public liability insurance
As an electrician, you’ll be very aware of the potential risks that electricity can pose for both you and your customers. If things go wrong, the consequences can be extremely serious. That’s why it’s so important to have public liability insurance and other specialist insurance in place.
Public liability insurance covers you should a person be injured, or their property damaged as a result of your work. If an accident happened, you could face compensation claims as well as a court case with expensive legal costs. These claims can take time to work their way through the legal system, which means the legal bills alone could mount up. A public liability insurance policy can help make sure that you’re protected financially. So, for peace of mind that your business is protected, a public liability policy is well worth considering.
You’re not required by UK law to take out public liability insurance if you’re an electrician, but it’s wise to consider it. As a registered electrician, you already have to comply with regulatory safety rules to ensure all work is designed and installed to protect people from electrical shocks and fire. But accidents can happen. Between 2015 and 2016, 1,380 fatalities and injuries were caused by electrical fires, and 15,432 fires were caused by electricity. Even the most skilled and experienced electricians are vulnerable to litigation, so it could pay to be covered. Also consider that:
As well as public liability, you can choose to add the following to your specialist electricians’ insurance: Employers’ liability cover If you employ people who are not direct family members – even if you only have one employee – you’re required by UK law to have employers’ liability insurance. You can be fined £2,500 every day that you’re not properly insured. This can protect you if an employee injures themselves or becomes ill as a result of working for you. You must be covered for at least £5 million. There were 14 deaths from contact with electricity or electrical discharge, according to the Health and Safety Executive stats for the period 2012/13 to 2016/17. And there are around 64,000 non-fatal injuries to workers, and 80,000 workers suffering from work-related illnesses each year, so if you’re an employer, cover is essential. You need to keep up to date with Health and Safety at Work regulations – if you don’t, it might invalidate your employers’ liability insurance.
Tool and equipment cover Electricians’ tools and testing equipment can be very expensive. Tool and equipment cover can insure your work tools and equipment, so you’ll be able to replace them quickly without it costing you more than your agreed policy excess. Business interruption insurance If your tools or equipment are damaged or stolen, you may be unable to work until they’re replaced. Business interruption insurance could compensate you for lost sales while your business is out of action.
There are different types of cover to protect your income or business if something happened to you that are worth considering and deciding if you need them:
If you're a self-employed electrician, you'll need to sort out your own insurance as you don't have an employer to do it for you.
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Employers’ liability insurance
You are legally required to have this insurance even if you employ just one person.
Business interruption insurance
Insurance to help compensate you for loss of profits if your business is unable to operate for a period for some unexpected reason.
Business life insurance
Insurance designed to help your business carry on if something happens to you or the key people in your business.
Commercial property insurance
Protect your business premises.