Whether you’re an independent electrician or you lead a team of pros, you understand the potential for things to go wrong. The very nature of rewiring a home is so dangerous that owners and contractors alike seek your specialized training to get the job done correctly and safely. Not only is the work hazardous, but the simplest mistake can result in costly damage, or worse, serious injury and/or loss of life. This might be the understatement of the year: You need electrician professional indemnity insurance.
What Should Electrician Professional Indemnity Insurance Include?
As a professional electrician, you need a plan that covers risks that are typical for companies, as well as risks that are specific to the nature of your work. A plan that offers essential coverage includes the following:
- Professional Liability. This protects you from damages that result from non-negligent work.
- General Liability. This protects company assets from copyright infringement or other office claims.
- Property Insurance. This includes coverage of loss of equipment as well as damage to property and other assets.
- Workers’ Compensation. This protects workers who suffer workplace injuries.
- Health Insurance. This is coverage of medical care for you and your employees
- Business Auto. This covers work-related driving.
Is There Other Coverage to Include?
You should also consider business interruption for loss of income due to the time it takes to repair covered damage. A life insurance policy is also a good idea to help cover your business in the case of your untimely business. Commercial umbrella insurance offers protection for anything not covered by other policies.