Don’t trust anyone who says Electrical Contractors Insurance in Victoria is expensive.
Keep in mind that:
- Good Insurance prices start around $455 for 12 months or around $45 per month.
- Insure with only good insurers who actually pay claims. (We can help)
- Employ a broker that has skin in the game with you.
CoverTradie’s pricing knowledge has helped many and will help you get the right insurance that saves money and prevents claim headaches.
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Insurance industry loves to hide behind technical language, make things look more complex than they are and then charge high prices.
CoverTradie is going the other way – our philosophy, make things easy and simple for customers and they will look after us.
Like many if you are just starting out, you may have these two questions in your mind:
- What insurance does an electrical contractor need?
- How much is insurance for an electrical contractor?
You can read about our article here where we have gone into the details that talk about Electrical Contractors Insurance in general but if you just want to get a price estimate, read on.
Most people want to know the cost of Public Liability Insurance when they say Electrical Contractors Insurance.
Public Liability Insurance protects your business against a financial loss if, due to your work activities, you end up damaging someone else’s property or causing an injury to someone.
For electricians it could mean:
Say you did some rewiring at an aged care centre and the work was sub-standard which results in some getting a shock and left them with a burnt hand.
Your customer can sue you and the costs are covered by the Public Liability Insurance
This is a mandatory insurance that you have to have to get and maintain your electrician’s registration.
The minimum coverage required is $5 Million dollars but there would be situations you may need $10 million, $20 million or more depending on the type of jobs you are doing and who your customer base is.
If you work as a subbie to a large business, they are most likely to ask for a $20 Million limit.
What is the cost of Electrical Contractors Insurance in Victoria?
Like everyone, we say it depends! A number of factors decide that like:
- Business size and staff numbers
- Any Claims history
- Level of cover etc.
Let us explore further.
First of all, how does the insurance pricing for electrical contractors compare with other common trades in Victoria. See chart below:
As you can see that premiums for Electricians aren’t too bad compared to other trades but this premium can vary a little by state.
In the next chart below we show the cheapest premiums we have seen for Electrical Contractors Insurance in different states.
But what happens as the turnover increases. As you would expect, the premiums go up with the increase in turnover. See chart below:
There are many situation where people need liability limit greater than $5Million. There is some increase in premium with higher liability limits but its not huge. See table below:
|$5 Million||$ 455||$ 578||$ 708|
|$10 Million||$ 561||$ 699||$ 850|
|$20 Million||$ 645||$ 845||$ 1,264|
As you can see that there is a lot of pricing options available in the market. Its certainly a bad strategy to pay any more than what you need to. There are some insurers who see electricians as a high risk occupation and others who don’t.
A knowledgable broker can make a difference and we think we know a thing or two about the tradies insurance market so give us a call and we’d be more than happy to sort out insurance for you.