| Electrician Insurance Explained
As a self employed tradesman, you will need to purchase a number of
different types of insurance policy. Firstly, you will require Public
Liability Insurance to protect you for claims for negligence, made against
you by members of the public including persons that you carry out work for.
Working on other peoples premises or in their homes can unfortunately lead
to accidents occurring, most electricians are both professional & careful
but on some occasions property can be become damaged or in rare cases,
persons are injured. In these eventualities, providing of course negligence
can be proved against you, you will be expected to provide compensation to
the person suffering the loss. Public Liability insurance will provide cover
for this and subject to the insurers agreement will also pay costs to defend
any action against you.
Most liability polices will come with an indemnity limit of between one and
five million pounds. You can usually pick the sum insured you require
yourself. Whilst lower sums insured are usually adequate for domestic work,
higher sums insured are often required if you are working for public
companies, offices, schools or any government body. Many larger contractor
firms will require certain evidence of liability insurance and at a certain
level before they will consider you for a job tender. When applying for your
quotation, the insurers will require conformation of the type of electrical
work carried out; usually the split is between commercial and domestic. As
well as public liability insurance, if you have any employees, you will
require employer’s liability insurance, to satisfy the requirements of the
employers liability protection act. Insurance for electricians, is usually
written on a per capita basis although, larger firms can be written on a
turnover basis as this often provides a more favourable rating.
As well as liabilities, cover can be made available for tools, this is
usually provided on an all risk basis.
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