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What does Electricians Insurance cover?
Importance for electricians
Protects your employees if they suffer work-related injuries/sickness.
Legally required for all manual workers (e.g. electricians), or workers who earn <$2,600/month
Protects you against liability to third-parties for property damage or injuries.
E.g. accidentally damaging someone else’s property.
Protects you from lawsuits related to electrical advice that you provide
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc.
Critical if you rent a commercial space
Provides cash benefit if you cannot operate your electricians business due to covered reasons, e.g. fire at your office.
Very good to have
How much coverage do I need for my electrician business?
Work Injury Compensation Insurance: You should insure 100% of your employees. Under WICA regulations, MOM requires business owners to insure their manual employees. Examples of manual workers include electricians, electrical equipment installers, electrical assistants/apprentices, etc. WICA regulations also requires you to insure any worker who earns $2,600/month or less.
Public Liability Insurance: Consider a minimum of $500,000 coverage.
Commercial Property Insurance: Consider at least $100,000 coverage if you have a commercial space.
Business Interruption Insurance: Consider at least $50,000 coverage.
Foreign Worker Medical Insurance: MOM legally requires all businesses to insure each foreign worker with Foreign Worker Medical Insurance. If your foreign worker is also a manual employee (e.g. an electrician), then you’ll need to purchase both Work Injury Compensation Insurance and Foreign Worker Medical Insurance.
How much does Electricians Insurance cost?
Coverage amount (example)
$10 million common law annual limit
$45,000 medical expenses cover per worker
From $19/month, for a comprehensive Electricians Insurance Package deal
$15,000 cover per worker
From $6/month, per worker
Why use Provide for Electricians Insurance?
Save up to 25% on your premiums
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