All good sparkies understand the day-to-day risks of their job and ensure they manage them carefully. But even with the best risk management plans in place there have been accidents – property damaged or houses burnt down and people injured or even worse killed. This is why electricians need to be aware of their responsibilities, not only to themselves, but their staff, clients and the general public by having the right insurance in place.
Whether it be through faulty workmanship or the products and equipment you supply, you can be held responsible for any damage that results from you going about your business, even if it is well after the work has been completed. Public Liability insurance provides essential financial protection in the event of negligence, resulting in third party property damage or personal injury claims. It covers the repair or replacement of property damaged, compensation and medical expenses. Even if you’re found not liable a policy will cover hefty legal fees incurred for defending yourself.
It’s certainly the most common form of insurance required by electricians and electrical contractors in Australia undertaking domestic and commercial work. In fact, public liability insurance is a mandatory licensing requirement in most states and territories, usually requiring a minimum cover level of $5 million. In addition, most companies who hire electrical sub-contractors also impose mandatory cover which can sometimes be as high as $10 or $20 million.
If you work in Queensland you’ll also be required to hold the Consumer Protection extension with a minimum level of $50,000 of cover to provide protection to consumers for defects in electrical work, non-completion of electrical work and liability resulting in an electrician testing their own work.
Cover is often cheaper than you think, with policies starting from $480 a year in New South Wales. Don’t risk losing your business, home and other assets – it’s just not worth it!
BizCover understands the insurance needs of electricians. Get free multiple quotes as quick as flicking a switch from top rated Aussie Insurers. Visit BizCover.com.au or call 1300 866 744
BizCover™ Pty Ltd (ABN 68 127 707 975; AR 338440) is a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). This is general advice only.