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Electricians Insurance

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Electrician Insurance

Your Local Electrician Insurance Experts.

Electrician insurance may not always be top of mind when operating a trade business, but it should be. Every day, electricians face a plethora of risks that could potentially upend their business. At Gerrards Insurance Brokers, we’re here to navigate this often perplexing terrain alongside you. Don’t hesitate to contact us now for a quote or continue reading for an in-depth understanding of electrician insurance in New Zealand.

Why Do Electricians Need Insurance?

Electricians face an array of hazards daily, from the risk of electrical shocks to property damage and equipment theft. Insurance provides a crucial safety net, helping to safeguard not only your livelihood but also your peace of mind. It protects you and your business against claims resulting from accidents or negligence that could otherwise lead to financial hardship.

Types of Insurance Cover for an Electrician Business

Public Liability

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps people or businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Employers Liability

This insurance helps protect businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

Professional Indemnity

This coverage protects businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Loss of use

Coverage that helps when your vehicle is unusable due to an accident. It covers the cost of a temporary replacement vehicle, so you can still get around while your car is being repaired.

 

Best For
  • Temporary vehicle
  • Reimbursement expenses
  • Accident downtime

Tool Insurance

Safeguards your tools against unexpected events, like burglary or accidental damage, ensuring you won’t have to bear the financial burden of replacing them.

Best For
  • Burglary protection 
  • Accidental damage protection
  • Anywhere in New Zealand cover

Cyber Insurance

Insurance that helps protect individuals and businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Electrician Business Insurance Claims Examples

To illustrate the importance of comprehensive cover, here are five examples of incidents and the insurance that would cover them:

Door Left Unlocked

After a job, you accidentally leave a customer’s door unlocked, and their property is burgled. Public Liability Insurance could cover the property’s replacement or repair cost.

Using the wrong gauge wire on a job

If this results in damage to the client’s electrical system, the Defective Workmanship component of your Public Liability Cover could cover any claims arising from the mistake. If the mistake was due to incorrect design then 

Van broken into and equipment stolen

Vehicle Insurance and Plant/Equipment Insurance would cover the cost of the stolen tools and the damage to the van

Accidental damage to customer property

While working, you accidentally knock over and break an expensive piece of art in a client’s home. Public Liability Insurance would cover this.

Fire at your workshop

If a fire occurs at your workshop, destroying valuable tools and equipment, your Plant/Equipment Insurance and Loss of Use Cover would help cover the losses.

What to Watch Out For With Electrician Insurance

While insurance is crucial, it’s also important to ensure you have the right type of cover for your business. Here are some things to look out for:

Defective Workmanship

Make sure your Public Liability Policy includes coverage for property you are working on and for defective workmanship. Without these, you won’t be covered for damage caused while you’re working.

Policy Limit

Ensure you have a high enough Public Liability limit, especially if you’re undertaking large contracts. Many contracts require $10,000,000 or more.

Keys & Locks Cover

Always include keys and locks cover in your Public Liability policy. This cover is necessary if you lose a key, and the locks subsequently need to be replaced.

Theft Cover Excluded

Be careful with policies that exclude theft cover for tools or equipment, particularly for open-air theft.

Electrical Design Work

Ensure you have Professional Indemnity Cover if you’re doing electrical design work.

Retroactive Date

Check for ‘Retroactive Date’ in your Professional Indemnity cover, which provides protection for past work.

Cost of Electrician Insurance

The cost of electrician insurance can vary widely, from as little as $300 a year for a small business wanting public liability cover, to $1000’s for larger businesses with multiple vehicles and employees. The key factors influencing the cost include:

  • The size and turnover of your business.
  • Your location.
  • The individuals covered by the policy.
  • Your claims history.
  • The level and types of cover required.

To get an accurate quote for your business, contact Gerrards Insurance Brokers.

Making a Claim on Your Electrician's Insurance

In the unfortunate event of needing to make a claim, we at Gerrards Insurance Brokers handle the process on your behalf. Our claims experts work diligently to ensure you receive the compensation you are due, simplifying a potentially stressful process.

How to Buy Electrician Business Insurance?

Getting the right cover for your business is just a phone call away. Talk to us at Gerrards Insurance Brokers, and we’ll tailor a policy that suits your unique business needs, providing you with the best deal and the right cover.

We partner with trusted insurers including Vero, NZI, QBE, Ando, AIG, TLC, UANZ, and many more, ensuring we can offer you a comprehensive range of options.

Conclusion

Electrician insurance is an essential part of managing your business risks in New Zealand. It provides peace of mind and financial protection in the face of unforeseen events. At Gerrards Insurance Brokers, we’re here to ensure you get the right cover for your business. So, whether you’re just starting out or a seasoned professional, let us help protect you, your business, and your future. Contact us today to discuss your insurance needs.