Coverage | Explanation | 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. | Critical | |
Protects you from lawsuits related to electrical advice that you provide | Critical | |
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 |
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:Â 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.
Coverage | Coverage amount (example) | Premium |
$10 million common law annual limit  $45,000 medical expenses cover per worker | From $19/month, for a comprehensive Electricians Insurance Package deal   | |
$500,000 | ||
$100,000 | ||
$10,000 | ||
$15,000 cover per worker | From $6/month, per worker |
Save up to 25% on your premiums
Save time with our convenient online platform to get quotes, file claims, and manage policiesÂ
Expert insurance team with 20+ years experience serving both SMEs and large multinational firms
Available by phone 7 days/week
