Lighting up everyone’s life can be dangerous work for electricians.
Repetitive strain injuries, mold, slips, falls, fatal shocks and potential exposure to asbestos are only a handful of the unpleasant possibilities. As if environmental and health hazards weren’t enough, electricians also face risks to their business’s well-being. Being aware of these dangers can help electricians and owner-operators prepare for and prevent disastrous outcomes.
Commercial vehicle breakdowns or accidents
There’s no way you can get from one site to another without a vehicle. So if your truck breaks down, you’re looking at some expensive repairs that’ll cost your business both time and money. If you own your own electrical contracting company, you have multiple employees and lots of equipment to transport to different sites, further magnifying the amount of risk you face.
Issues with completed jobs
Even after you complete a job, your business is still on the line. It could be as simple as someone saying you did a poor job or as catastrophic as a fire allegedly caused by your company’s work.
Take the case of the St. Albert Cheese Factory in St. Albert, Ontario. After a fire destroyed the 120-year old factory, its insurer, RSA Canada, took legal action against the electrician and others claiming that failure and overheating of some of the building’s electrical components caused the fire.
Injuries to your company’s employees
Your employees put themselves at a considerable amount of risk doing electrical work. In addition to fatal shocks and asbestos exposure, your employees could also suffer from UV radiation, electrical burns, infections from rodent droppings, and eye injuries from flying particles. There are also mental health risks associated with stress, working alone, and long hours.
Injuries to customers in your workspace
Think about the number of people coming through your workspace or even your retail location. While common sense precautions should prevent any harm coming to your customers, there’s still the possibility of an injury on your premises. Someone hurting themselves by tripping and falling may lead to expensive claims.
Damaged or stolen tools
It takes a lot of time (and money!) to accumulate the hand and power tools of the electrical trade. If they’re lost or stolen, it’s impossible to complete your work. It’s also tougher than you’d think to replace everything in a speedy manner. Even if you have the cash, you may not know the exact tools you use off the top of your head, only to notice you’re missing something once you’re in the middle of a job.
How to protect your electrical contracting business from risks
Every electrical contracting company should have comprehensive commercial insurance that covers them in case any of the above scenarios occur. If you’re uncertain whether the policy you’re interested in covers specific situations (i.e. an employee who commits a crime as opposed to an employee who makes a mistake), ask your broker.
Commercial insurance policies electricians should consider include:
- General liability insurance
- Contents and property insurance
- Commercial auto insurance
- Business interruption insurance
- Crime insurance
Purchasing commercial insurance policies also makes your company appear more professional. Prospects know that if you accidentally damage their home during a job or if there are any issues after the fact, your company has the insurance to cover any losses.
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Zensurance is Canada’s leading online commercial insurance broker. We offer a full range of insurance products to small businesses, with a particular focus on digitizing businesses and technology startups. We understand what it is to work with new technology, and know the most common risks of which you should be aware. Based on that (and a lot of analytics), we recommend the ideal insurance coverage for your business.