Not all insurance policies are the same, nor should they be. Each circumstance is different; every persons situation has many variables. This is especially true when looking at commercial construction insurance. Electricians are skilled tradespeople that can work on a variety of jobs, both big and small. They could be working outside on overhead power wires, wiring a multi-level condo building, working on machinery or running a crew of electricians that specialize in home renovations. It is important to correctly source customized commercial insurance coverage for electricians, obtained from an experienced and knowledgeable broker.

Why a Broker?

Insurance brokers work on behalf of their clients to find the best insurance coverage for their client’s particular needs. They know what insurance companies offer and can create a customized package that fits each business situation. However, not all brokers are created equal and it’s important to find a broker that is experienced, with many years dedicated to the business. An experienced broker will have dealt with many claims and will know which insurance companies consistently live up to their claims. While experience is important, it’s equally important that the broker is up-to-date on recent product advancements and regulation or legislation changes.

When Looking For a Broker

A designation as a Chartered Insurance Professional (CIP) is a sign the broker has taken a course leading to certification by the Insurance Institute of Canada. Chartered Insurance Professionals are brokers who have been certified to meet national standards in knowledge and skills, while adhering to a code of ethics.

Ask the potential broker for a comprehensive risk analysis. A broker, experienced in commercial construction insurance, should be able to analyze the risks specific to the business of being an electrician. For instance, does the electrician work on big jobsites? Does the electrician have employees? Does the electrician have to work at heights that require him or her to have to wear a safety harness? Does the electrician have to dig underground to lay cables? The broker should be able to ask the right questions and be able to suggest the right kind of insurance as well as be able to propose ways to minimize risks that will reduce premiums.

Kinds of Insurance Applicable to Electricians

There are many kinds of insurance policies and it’s imperative that the broker lays out all the options clearly and respectfully. Ask the broker to break down the suggested coverage into "must have” and "recommended to have” in order to best prioritize. Insurance types to consider include:

·       Personal Property Business Insurance;

·       Building Insurance;

·       Liability Insurance;

·       Vehicle Insurance;

·       Contractor’s Equipment Insurance.

Umbrella insurance may also be recommended. According to the publication, The Ontario Electrical Contractor (put out by the Electrical Contractors Association of Ontario) umbrella insurance is excess coverage over and above general liability and automobile policies. Check to see if the broker is able to supply certificates of insurance that provide evidence that an insurance policy is in place.

The most important thing a broker can provide is piece of mind. Find an experienced brokerage that can create a package of customized commercial insurance coverage specifically designed for electricians. The broker should inspire trust. The client should ask themselves, "If the worst happens, will I be protected?” The answer should be a definite, "Yes, you will.”