Being an electrical contractor, you are fully aware of the myriad of hazards that you face on the job and that you expose others to. But while insurance is critical for electrical tradies, discerning what type of insurance to purchase can prove to be a complicated task. The reality, though, is that not one singular cover will provide you with all the protection you need. Instead, you need to have your trade insurance tailored to your specific needs so that it can provide you with comprehensive coverage. Read on for just a few of the various types of trade insurance that may be beneficial to you as an electrical contractor.

Professional liability insurance

As long as you are offering services that your customers will pay for, you need to ensure you are covered by professional liability insurance. This type of cover protects you from being sued when the work you have performed leads to an issue in the house you worked on. Accidents happen. For example, you may have been hired to rewire a property. If an electrical fire occurs after the job is concluded, the insurance cover will pay for damages to your customer's property. However, if negligence on your part can be proved, the protection from this policy will be voided.

Tools in transit insurance

This type of cover is usually optional. Because of this, some tradies may choose to ignore it under the impression that it is a waste of money, but this is grossly incorrect. Whether you have physical premises where you run your business out of or you are a mobile electrical tradie, you will need to transport your tools to the job site. If your van or trailer is vandalised, you can lose costly devices and equipment that would be challenging to replace, more so if you have invested in these tools over time. As a result, you may end up losing capital, too, as you could be out of commission for a while before you replace these gadgets. When you invest in tools in transit insurance, you are protected from expensive replacement costs if your tools are stolen from your van.

Workers' compensation insurance

Electrical tradies are exposed to a range of safety concerns that could lead to serious injuries on the job. And if you have hired workers as part of your team, their protection is one of your crucial responsibilities. If one of your employees is to acquire an injury while carrying out their work, they not only risk exorbitant medical bills, but they will also lose their wages while they are recuperating.  With workers' compensation, you can rest assured that, in the event of this unfortunate occurrence, all expenses that stem from the injury will be covered by this insurance policy.