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Insurances
Posted: Sat May 23, 2020 10:51 am
by greesleeve
Hi Team,
Can anyone recommend income protection and public/professional liability cover. How much do you get covered for?
Cheers
Re: Insurances
Posted: Sun May 24, 2020 12:11 pm
by AlecK
Both Marsh & Crombie-lockwood have PL packages specifically for electricians, with a bit of prof indemnity thrown in to cover advice we may offer our clients.
As for how much cover; like any insurance it depends on your appetite for risk.
For PL, what's the value of the biggest asset you'll work on?
If a building burns down due to something that's blamed on you, you'll be sued for the full cost of repair / replacement; and maybe for consequential losses as well.
I believe Masterelectricians view 5 M as a minimum level of cover for their members.
Which might sound like lots, but it also pays for the lawyer you'll need to try to prove it actually wasn't your fault.
One reason I don't do much marine work is that the cost of PL cover gets prohibitive for anything vessel > 8 m - and not many 8m or less have any 230 V systems.