We are able to provide public liability insurance for electrical contractors in the range of £2 million to £10 million. The costs of defending yourself in court against claims that your work caused injury or property damage to a third party are covered. If you are found at fault, you will be compensated according to the limits of your insurance policy. This includes professional indemnity insurance of £100,000 to £5 million, financial loss cover of up to £50,000, and commercial legal protection of up to £100,000. (the available policies have varying caps)your employees are protected to the extent required by law in the event of an accident.
As part of our electrical contractor insurance, we may offer contract works coverage. Fire, water, theft, vandalism, and unintentional damage are all covered risks that could threaten the works in progress. Not covered are problems of an electrical or mechanical nature, or those that develop with time (such as corrosion, fading, etc.).
When a service or product you provided doesn't work as promised, you won't be held responsible because of our incidental efficacy protection. As long as the design, consulting, installation, maintenance, and repair of theft or fire prevention devices contribute less than 15% of the company's gross revenue, they are covered up to £100,000. For a higher premium, installers who have been approved by NSI or SSAIB are eligible for coverage with no caps on claims or percentage of revenue.
We offer adjustable limits for all types of tools, including hand and power tools, workers' tools, specialised equipment, and hired in equipment, should you choose to insure them under your electrical contractors' policy. There are limitations on the policy's coverage for tools left alone in vehicles or left out overnight. When not in use, tools should be stored in a locked location. (vary with the chosen policy)
Getting the correct policy can be tricky, some of the risks that you should consider include:
Public liability offers cover against a negligent injury or property damage that you cause because of your work. This could include slips by a member of the public as a result of an unmarked wet floor.
Tool cover can cover the cost of replacing your tools if they were lost, damaged or stolen. Working in the construction trade, your tools are very likely your livelihood, so it's important to cover them.
Providing cover for the vehicles you use to carry out your day to day activities.
Personal Accident insurance will cover both loss of earnings and medical costs which arise from a serious injury sustained at work. It can also protect your family against loss of income.
If you employ workers you will require employers liability insurance, even if only part-time, temporary or contract cleaning staff. This can assist in covering the costs related to an employee being injured while working for you and then deciding to take legal action as a result.
If you use your van to carry your own work-related goods, tools and equipment, then goods in transit insurance is important. This can provide cover if your materials, goods or tools were to be lost, stolen or damaged in transit.
Professional indemnity insurance can provide cover for legal costs and expenses which are incurred in your defence if you were to provide inadequate advice, services or designs that cause your client to lose money. This can also cover any damages or costs that may be awarded.
Yes. All of the Phase 3 work you do is protected by the insurance your electrical contractors provide.
Not all standard policies will protect you if something goes wrong while you're on the job as an electrician. You should verify the requirements of any national electrical contracting accrediting body you may be a member of, and it is also a good idea to arrange specialised and customised coverage for the activities you are engaging in. Public liability insurance for contractors protects you in the event that your faulty work causes bodily injury or property damage to a third party and you are judged legally responsible for the incident. Be aware that public liability insurance does not cover the costs associated with fixing shoddy work; rather, it covers only the losses incurred as a result of poor workmanship.
You give the work, tools, materials, and training to a labor-only sub-contractor who works directly under your direction and control. They have the same level of protection as your regular workers. Some insurance caps your annual payroll based on the total number of workers and labour contractors you have working for you at any given moment. Accurate reporting of income is essential for both policy approval and premium calculation. If you have any questions or concerns, please let us know.
Per-person coverage is available, and for bigger businesses, we offer coverage that can be adjusted annually based on projections of pay and business volume.
Loss or damage to the contract works, own plant and tools, and hired-in plant due to a wide range of unforeseen causes is covered by our electrical contractors insurance policy (with the exception of electrical or mechanical breakdown and gradual causes like deterioration, corrosion, fading, etc.). You'll be able to make an educated decision about getting a policy when we lay out all the details of what is and isn't covered.
Insurers' capacity to meet ongoing policy commitments is bolstered by their financial credit ratings, which are a universally known indicator of the insurer's financial health. That's why we take their financial stability into account when choosing an Insurer to back our coverage.
We use insurers with A-ratings as determined by recognised credit rating agencies.
Many general contractors (and construction contracts) stipulate minimum financial rating standards for the insurers of preferred subcontractors and suppliers, which is a consideration when choosing your own insurance. Usually, you'll need to show proof of these being current each year after your appointment has been made.
You should review the terms of your Contract to determine whether or not this is a factor in arranging your protection.
We offer a convenient direct debit plan that allows you to pay your premiums over the course of 10 months. If you'd like more information about our Direct Debit service, please click here.
Please visit our Direct Debit information page if you would want additional details about our monthly payment option.