Deciding on the right insurance can be tricky, no matter your industry or profession. Every trade has its specific skills and challenges, but as an electrician or electrical contractor, you know there are no shortcuts or make-dos when it comes to quality and safety. At imar, we have taken the same approach in your insurance options. Below, we will quickly explain the three most common insurance policies all sparkies should strongly consider.
So, what cover do you need as an electrician in Australia? Well, it depends. It depends on your turnover, whether you have employees, the tools you own, as well as the location and nature of the jobs you and your business are performing.
Firstly, it is important to distinguish between optional and legally mandatory insurance cover. If your business is large enough to have employees working for you, then by requirement of the Australian Federal Government, you must take out Worker’s Compensation Insurance. This cover must be taken through an approved insurer, which imar’s parent company Gallagher can provide. The other policies we are about to explain are all legally optional, but may have tremendous benefit to your business in the long term.
Public Liability Insurance
Public liability insurance is the most common policy for tradies as a whole in Australia, and electricians are no different. Electrical jobs can take you lots of places, including private residences and commercial business sites. Being on someone else’s property means public liability for electricians, and those who run their own electrical trades business, should be highly considered.
Though you may take all necessary steps to avoid them, the reality is accidents do happen on site. Electrician’s public liability insurance may protect you against claims lodged against you by a third party, a customer, the general public, your contractors and suppliers. It includes cover for third party personal injury, property damage and legal expenses in defending a claim.
imar electrician’s public liability insurance offers the following options:
- $5 million
- $10 million
- $20 million dollars.
It important to understand, there are limitations to all insurances and any claims are considered under the terms and conditions of the policy, including additional options you may select. Before, and upon acquiring any insurance, you should read all policy documents.
As an electrician, your tools are a vital aspect of your job. They are often quite valuable, and you simply cannot perform your work without them. Therefore, insuring these items should be strongly considered to keep your business running smoothly.
Tool insurance generally offers potential coverage for your tools in case of theft or damage. It typically applies to tools securely stored in locked vehicles or premises. Although it may cover incidents like fire, vandalism, or vehicle accidents, remember each claim is evaluated individually and not every situation guarantees a payout. Policy specifics apply.
imar tool insurance covers your tools of trade, hand held tools, mobile phones, stock and customer’s property which are used by you in the normal course or scope of your business. Portable electronic goods like mobile phones are also covered under tool insurance for electricians.
There are important limitations and conditions on cover, particularly where tools are stored and how they are secured; including a deprecation factor on insured values . Please refer to Product Disclosure Statement.
Electricians are often employed in small businesses, or run one themselves, meaning they are likely not provided with sick leave or annual leave. As a result, injury or illness means a loss of income until you get back on your feet.
Personal accident and sickness insurance provides a financial backstop in these situations, and provides some comfort and peace of mind for you and others who rely on your income.
imar’s injury and illness may cover you if you are accidentally injured or suffer a covered illness and you can’t work for a temporary time*. Our coverage is also 24/7, so we’ve got your back whether you’re on site or playing footy on the weekend.
*Up to the maximum benefit period shown on the Policy Schedule, less excluded period of claim. Conditions apply, refer to Product Disclosure Statement and Policy Schedule.
It’s important to note that the IMAR Personal Accident & Illness cover is not Income Protection – Income Protection cover has options for a longer benefit period and covers more insurable events. It is only available from a life insurance provider and protects you if you’re unable to work for a specified period due to almost any illness or injury. Typically a higher premium applies for Income Protection due to the additional coverage. If you’re interested, this cover is available through Gallagher Benefit Services, who can advise you on whether this insurance is right for you.
What do you need?
So, what insurance do you need? Ultimately, it is your choice, and depends on the size and nature of your business and work. The good news is, our tradie brokers at imar are here to help. If you’re an electrician, give us a call and we’ll help you find the right cover to protect yourself and your business.
Your time is precious, so we make it as easy as possible for you in 3 easy ways:
- Call 1300 540 156 to speak to our dedicated tradie broker team
- Fill out our online Contact Our Experts form
- Go online and fill out the Quote form
You should consider if the insurance is suitable for you and read the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and policy wording before making a decision to acquire insurance. Please ask us for more details before we provide you with our services. Our FSG is available on our website.
To the extent that any material in this document may be considered advice, it does not take into account your objectives, needs or financial situation, and is considered general in nature only. You should seek legal or other professional advice before acting or relying on any of the Content. All insurance policies contain exclusions of cover, and no claim is guaranteed. Refer to the Policy Documents.