Whether you are an owner of an electrical contractor business, whether you are planning to start a business or are a freelance electrician, you need to consider the different risks unique to your industry to which you are exposed on a daily basis. Once you know these risks better, you can work actively to mitigate them.
Adopting a variety of tools and techniques, such as safety training, risk management procedures and appropriate prevention programs, can help protect your business from the risks it faces on a daily basis. However, you also need appropriate insurance to protect the reputation and profitability of your business. But what are the common risks that threaten the electrical contractors exactly? And what types of insurance can help protect against these risks? Below are three common risks as well as the appropriate warranties to purchase.
Three common risks threatening electrical contractors
As a master electrician, you take on many responsibilities as part of your job. An error on your part could seriously hurt your co-workers, your customers or yourself, or lead to serious property damage.
One of the most damaging and costly incidents is an electrical fire. This type of fire can quickly spread to an entire building and cause serious damage and serious injury. Even if you follow the proper safety guidelines, exposed electrical systems in the course of your work represent a danger to others. For example, workers on site may be subject to an electric shock if they are near the equipment.
Whether you’re hired for a major project or using your services for small repairs, you could be subject to an expensive lawsuit in the event of a disaster. Commercial liability insurance can help protect you and your business from the financial consequences of a lawsuit. You can also obtain the warranty after work, to be protected if problems occur after the completion of the work.
To get the job done, you use specialized equipment and tools that can be expensive to buy, maintain and repair. Unfortunately, thefts on construction sites are rising; in fact, new incidents are making headlines regularly. Thieves know that electrician’s tools are expensive and can be quickly sold on the black market. Other types of equipment, such as appliances, materials and copper wire, are also popular with thieves.
Site managers must take certain steps to help protect valuable equipment on construction sites. Even if you are careful to put your name clearly on your tools and store them in a safe place, some factors are beyond your control.
It is important for your business insurance policy to include the Tools & Equipment warranty to protect against theft and breakage. This type of guarantee can also cover your rental costs for temporary replacement tools.
When you are not at a customer or on a construction site, your equipment is stored safely in your workshop. Whether you have a room or your workshop is in the garage of your home, it is important to insure your property. A fire, flood or sewer backup could damage your shop and everything in it.
Corporate property insurance is absolutely essential. It protects your workshop and its contents in case of damage. You can also include operating income insurance to help you offset your income losses and pay your operating costs if your business can not continue to operate normally in the event of a disaster.
The profitability of your company
In addition to protecting your business, insurance provides peace of mind for your current and future customers. Having adequate protection for the exercise of your profession and being able to produce a certificate of insurance shows that you are a reliable professional. Visit our insurance page designed for entrepreneurs today to learn more about how we can help your business.
This post is for informational purposes only and is not intended to replace professional advice. We make no representations or warranties as to the accuracy or completeness of the information contained herein. We will not be liable for any losses that may result from the use of this information. Check the policy for the terms and exclusions that apply.