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The prices of liability insurance policies for electricians may be cheaper or more expensive depending on several factors.
Factors That Influence Policy Prices for Electricians
Some of the usual factors are the sum insured, covers, activity, deductibles, time and geographical scopes, and similar aspects.
Apart from the above, which is common to any liability policy, in the field of electrician activities special attention must be paid to whether the covered activity involves low, medium or high voltage installation work.
The premium or price of the liability policy will also be affected by whether the insured party is:
- a company,
- or a self-employed worker.
On some occasions, we have found that premiums or the type of policy differ depending on whether the electrician is an individual or a company.
Recommended Insurers for Electricians’ Liability Insurance
Prices and conditions, as in any other activity insured for liability, vary greatly depending on the insurer. At Vida SR insurance brokerage, we work with more than 20 companies specialising in liability insurance, which allows us to observe significant differences in areas such as:
- underwriting policies,
- premiums,
- deductibles,
- retroactivity,
- cover limits,
- and others.
Some insurers are more willing to underwrite risks related to construction activities and offer better prices.
Turnover Volume
Whether the company is larger or smaller indicates its level of activity, usually measured by company turnover. Logically, the insurer will interpret that the greater the activity, the greater the risk of causing damage to third parties while carrying out electrical installation work, and the proposed premium will be higher.
As we have explained for other activities, liability insurance for electricians can also include different covers: public liability, employer’s liability, subsidiary liability, tenant liability, cross liability and others.[/vc_column_text][/vc_column][/vc_row]