Insurances

Post Reply
greesleeve
Posts: 10
Joined: Fri Apr 17, 2020 7:11 pm
Answers: 0
Has thanked: 0
Been thanked: 0

Insurances

Post by greesleeve »

Hi Team,

Can anyone recommend income protection and public/professional liability cover. How much do you get covered for?

Cheers
AlecK
Posts: 912
Joined: Thu Apr 16, 2020 11:24 am
Answers: 5
Has thanked: 2 times
Been thanked: 351 times

Re: Insurances

Post 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.
Post Reply