For most electrical contractors, public liability insurance is a business essential. It offers vital protection in the event of injury or incident affecting customers or the wider public – for instance helping you to fund compensation claims, or cover compensation costs if they are awarded against you.
That’s why it’s so important to get the right cover – buying public liability insurance is about more than ticking a box, it’s about protecting your livelihood.
Broadly speaking, there are four basic considerations to take into account when buying public liability insurance:
1. Work out how much cover you need.
The level of protection you take out – also called the ‘limit of indemnity’ – determines the maximum amount a policy will pay out in the event of a claim. Here it’s important to avoid focusing on only the minimum cover your clients demand. Clearly, contractual issues are important, but it’s vital to also consider the nature of your business and the kind of work you do.
That’s why our electrical contractors public liability insurance offers a range of limits –
£2 million and £5 million, or £10 million for selected trades – and why we are happy to offer expert advice on the level of cover you need.
2. Make sure any specialist risks are covered.
Some kinds of work are considered more high risk than others by insurers and, as a result, may be excluded from the public liability cover they offer. One example of this is ‘hot works’, which includes the use of blow lamps, blow torches, flame guns, hot air guns, welding equipment, or cutting equipment and angle grinders. If you engage in this kind of activity, make sure it is included in your cover.
Our public liability insurance for electrical contractors can include cover for heat work.
3. Consider the range of locations where you are likely to work.
Make sure the cover you buy protects all the geographical areas where you may end up working – you don’t want to buy cover only to find later that it doesn’t protect you whilst working outside the UK for example.
Public liability from NICEIC & ELECSA Insurance Services provides cover anywhere in Great Britain, the Isle of Man, the Channel Islands, and Northern Ireland – and temporary work anywhere in the EU is covered as standard too.
4. Look at policy excesses.
Most insurance policies carry an ‘excess’ which is deducted from payment in the event of a successful claim. It’s important to check the level of excess before committing to a specific public liability policy, or you could end up out of pocket when it really matters.
The excesses on our electrical contractors public liability are £100 for property damage, and £500 for claims related to work involving heat or underground locations.
At NICEIC and ELECSA Insurance Services, we are ready to help you find exactly the right public liability insurance you need as an electrical contractor.
We’ll work with you to help navigate these considerations by providing advice on exactly what you need and what you’ll be covered for. What’s more, we can also offer a no-obligation quote on insurance cover that’s tailored for you.
So, if you are in any doubt as to the cover you need, get in touch today.