Nobody is immune in accidents, and as an electrician, your risks are particularly higher than an everyday person. There are plenty of areas of concern that you’ll need to be thinking about, and it’s so important you invest in insurance to make sure you’re covered in the worst-case scenario.
However, it can be tempting to skip insurance altogether, especially if you’ve been problem-free for some time, and you just see it as an expense. If you’re tempted to do this, or you haven’t invested in electrician’s insurance before, this is what you can be held liable for if an incident occurs.
Whether you’re working in residential property, construction sites or commercial areas, if an accident does happen, anybody can use their insurance to claim against you. If this created individual health costs, damage to a building or property, or in other ways cost someone money, you would be liable.
However, by having electrician’s insurance, you can be covered against these claims as your insurance company can cover you. These claims can range from several thousand to millions of dollars, depending on the situation, so it’s always best to be covered.
Protecting Your Products
As an electrician using electrical contractor’s insurance, you’ll also find that you’re protected against the problems and costs you may incur in the products that you use. Consider the units you use while you’re on the job and the parts you’ll use in a project.
Of course, not all of these products are going to be working all the time, and there are bound to be faulty products you come across during your career. In many cases, if the products you use have defects and you need to be covered for the product and the replacement work, your electrician insurance will have you covered.
Covering Financial Losses
No matter how skilled you are as an electrician, you may find yourself in a situation where you make a mistake, cause damage to property or you may have misquoted the duration of a project which is going to take longer than you originally intended.
For example, you may be working for a business, but then find out they are going to be left without power for an extra day, which means the business can’t operate. In this case, they may claim their financial losses against you for costing them money.
Depending on your policy, your electrician insurance can help you cover this cost.
Protecting Damage to Property
While you’ll be as careful as possible to make sure you minimize the risk of damage to the property, it’s not always impossible to do so. You might accidentally cause damage to a wall or room or something in the room in which you’ll have to pay for it to be repaired or replaced.
As with all the liabilities we’ve listed here, there may even be legal fees occurred while trying to deal with this kind of event, most of which should be covered by your electrician’s insurance.
Of course, what you’re covered for by your chosen electrician’s insurance will depend on the terms and conditions of your policy, but a good policy will cover you for everything above. Make sure you’re paying attention to what you’re covered for, so you won’t find yourself uncovered and in an expensive situation.