Get the Ebook Now. Everything you need to know about Contractors Insurance
Life, to some people, is a risk. If this is true, then it should not be that surprising to learn that different occupations and professions, including that of electrical contractors, are filled with risks. Failure to effectively guard against these hazards could possibly lead to the demise of your business. If you do not already know them, here are top five risks that electrical contractors face in 2014.
This is one of the most common risks electrical contractors can be exposed to while carrying out their work. Bodily injuries can occur in different ways and under various circumstances. Due to the nature of their work, employees working for your business could sustain injury while performing their duties. These injuries could include falls off ladder or electrocution. Also, a third party could sustain injury on your property or at the place where you are executing a project. As an electrical contractor, you are highly likely to be held responsible in these cases. Without proper cover, medical expenses and legal costs could prove too much for your business.
2. Property Damage
An electrical contractor could also cause damage to a client’s property while working. For example, a falling ladder could cause damage on items inside or around a property. You may be forced to spend a lot of money trying to put things back in order. Even when you have managed to complete a project without doing any damage to a client’s property, any faulty wiring could still cause fire damage. You sure do not hope for such possibility, but it could happen. This is not even considering damage that could be done to your own property by weather conditions or other factors.
3. Equipment Breakdown and Theft
Another risk electrical contractors could encounter has to do with their tools and equipment. These could break down unexpectedly, causing work delays. In addition, some tools and equipment could be moved by thieves from where they are kept, especially when left on work site.
4. Auto Accidents
If you have vehicles you use for your business, you thus have another possible risk to deal with. These vehicles could be involved in auto crashes when you least expect them. Such accidents could lead to injuries and possibly deaths, with serious financial implications on your business. The vehicles involved could also be rendered useless by accidents.
5. Business Income Loss
You may not be able to work if your property is damaged or your tools are damaged, stolen or lost. Expectedly, you will be at the risk of business income loss during such period of work stoppage.
These risks explain the reason electrical contractors should carry insurance always.