Insuring your business
5 types of insurance you might need as an electrician
4 July 2022
Deciding to go it alone in as an electrician is a big milestone. Before you start, consider the different types of insurance you may need to help cover you, your employees, and the general public.
1. Public liability cover
Public liability insurance covers your electrical business against claims resulting from accidents or injuries. Think of the people you interact with every day, such as your customers, suppliers or those involved with your business — if they’re injured, or their property is damaged due to incidents related to your activities, the costs could be huge. Public liability cover can help keep you in business.
If you’re looking for Tradies Insurance, then public and products liability cover is an essential tool in your kit.
2. Portable and valuable items cover
The long list of things you carry around with you as an electrician can be worth a lot. Think portable and valuable items such as phones, laptops and tools of the trade. Cover for portables and valuables can help you repair or replace these items if they’re lost or damaged.
With GIO Tradies Insurance, cover is provided for accidental loss or damage to portable and valuable items worldwide. A cover limit of $2,500 applies per item unless a higher value has been specified for an item.
Read the GIO Product Disclosure Statements page for more information.
3. Commercial motor vehicle insurance
If you’re moving from one job site to the next, then consider coverage for your van or ute. GIO Commercial Vehicle Insurance offers three types of cover for your commercial vehicles:
- Comprehensive, which provides cover for your vehicle as well as damage your vehicle causes to third party property.
- Legal liability, fire and theft, which provides cover for your vehicle for fire and theft only, and cover for third party property damage caused by your vehicle.
- Legal liability, which only provides cover for third party property damage caused by your vehicle.
If you’re planning to operate without a commercial premise, then a vehicle may be your biggest asset so consider motor vehicle insurance carefully.
4. Professional indemnity insurance
Mistakes can happen sometimes when working as an electrician. Sometimes, despite your best intentions, those mistakes can contribute to a negative outcome and potentially lead to a claim against you. Professional indemnity insurance may cover you when you make a mistake on the job. It can also cover against liability for breach of professional duty when providing a service for a fee or for breach of contract.
GIO offers cover for professional indemnity for electricians who own their own business but don’t operate from commercial premises.
5. Tax probe insurance for your business
If you’re planning to run your own business as an electrician, rather than acting as a subcontractor, you might be considering tax probe insurance. A tax probe is an audit or investigation of your business’ tax affairs, and they can cost a lot of money.
Tax Probe insurance cover can help reduce your potential accounting or audit fees — or worse, legal fees — if you are the subject of a tax probe investigation.
With GIO Mobile Business Protect for tradies, the type of Tax Probe cover you can get depends on whether you select Business Audit only, Business and Directors Audit or Individual cover.
Explore Tradies Insurance With GIO
GIO’s flexible range of products have been designed for tradies and they can be tailored to suit your specific needs. Head to the GIO website to find out more.
GIO Tradies Insurance for Electricians
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Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Read the Product Disclosure Statement before buying this insurance. Go to gio.com.au for a copy. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. This information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
