There are many occupations in life that are deemed vital for society. A lot of these occupations also need insurance, not just to give them peace of mind, but also to protect themselves and their tools. This particular occupation can also go unnoticed by many. Here at ReFrame, we do acknowledge their importance, and we are more than happy to provide coverage for them. But what is this occupation, in question? That is a great question!
The role of an electrician is an important one, as they install and maintain all of the electrical power for our systems within our homes, businesses, factories, and other properties. As an electrician, they ensure that the safety of the person living in the home and or working within that property, comes first. Electricians usually deal with a high-level power supplies which can come with many risks at the workplace.
At ReFrame, we provide a custom Electrician Insurance package which is a part of the Contractors Insurance, this will protect the things that matter the most to your business, the electrician, and their tools. This insurance packages insures residential and commercial electricians, but industrial electricians can still be insured but will require more attention and or a different application. There are many risks that come with working an Electrician, but the biggest risk is operating without insurance. But in most cases, clients will ask the electrician to show proof of insurance prior to working with them, this can be seen the electrician’s biggest assets.
Electrician Insurance is the culmination of several different insurance policies. A good way to think about it is, this insurance package is like a tool bag. There are many tools that work best for the right situation. Electrician insurance can be seen in the same way.
Commercial General Liability (CGL): This is the hard-hat of the insurance package, an essential piece that is also the most effective. This protects the Electrician from the everyday risks that can occur on the job-site. These everyday risks include the event of you being held liable for property damage or bodily injury (i.e., slip and fall). A CGL policy will cover the defense costs such as acquiring a lawyer, in the event of a claim against the Electrician or the business.
Professional Liability: A common mistake but this is also known as Errors and Omissions (E&O), this can be seen as the steel-toed boots of the insurance package. Sometimes we make mistakes, it is human nature. Electricians are the same. This policy protects the electrician from negligence and other claims brought up by clients.
Protection for Electrician Tools & Equipment: Also known as the Tools and Equipment Coverage, this policy would best resemble the safety googles of the package or better yet, the actual tools and equipment. As the name suggests, this policy protects the tools and equipment of the electrician. Even electricians are susceptible to theft and or damages. This policy will cover the cost to replace stolen tools.
When speaking on damages, this can be seen as damages incurred to the tools and equipment when completing a job.
Just like when the bill comes after a wonderful dinner at your favourite restaurant, this question will always come up: “What’s the damage?” The same question can be asked here, as well.
There are a multitude of variables that help determine the cost of your electrician insurance package. For instance, there are:
ReFrame does offer insurance terms with premiums as low as $600 for annual coverage.
Scenario One: Someone breaks into your work van overnight and steals your tools, such as your drills and pilers. This is especially infuriating as these tools are only a few weeks old, as you bought them with last month’s paycheque.
Solution One: Tools and Equipment coverage covers the cost to replace from a range $5,000 to $10,000.
Scenario Two: A client asks you to replace their old circuit breaker with a new unit. After a long day of work, you leave. As the night passes, the breaker blows due to old wiring that was a part of the renovation job. This starts a fire and causes severe damage to the client’s property. This results in the client claiming property damages against the electrician.
Solution Two: The Commercial General Liability policy may cover the cover to repair the damaged property. Standard limits for a CGL policy ranges $1,000,000 to $5,000,000.
Scenario Three: Whether you are a new electrician or a season professional, everybody makes an honest mistake. If a circuit breaker decides to blow due to a wiring mistake and the client decides to claim unsatisfactory work.
Solution Three: The Professional Liability policy can protect a person or organization from a liability claim arising from professional services provided. The standard limit for the policy ranges from $500,000 to $5,000,000+.
ReFrame has got your back, we acknowledge your importance to society. We want to provide peace at mind for you, while to work. It is time to stop worrying about if this particular risk will happen at work. What is important is as an electrician, the job is complete. If you are an electrician, feel free to chat with us for more details on Electrician Insurance. As the title of this blog states, do not get shocked by a loss. Get an instant quote by applying today!
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