Business is booming for electrical contractors, with demand for the services of security and alarm installers showing particularly strong growth. A reduction in the price of alarms – a system can be yours for just a few hundred pounds – and a rise in the number of home and business owners who want to protect themselves 24-7, has made this a booming sector. And it’s a sector that looks set to continue to grow. The market research group Freedonia’s recent survey reported that sales of alarms and other security devices will group by 5% per year between now and 2021.
Such growth is great news for security installers, but the more work you do, the more risk you face. That’s why it’s so important to get the right insurance cover to protect you and your business from harm. To help you do just that, we’ve put together this guide to help making getting the cover you need easy.
We hope that you’ll find it of use, but if you would like any more help then please feel free to call us on (01482) 434343 and one of the team will be only too happy to help. Alternatively, if you’d like to get a competitive electrical contactor’s insurance quote, then please click here.
What Can We Cover You Against?
Security installers face a wide range of risks and liabilities – far more than you might think. For instance, did you know that if you recommend a system for installation and it fails that you could face legal action? To protect you from this all Coversure Hull’s installer policies come with efficacy protection as standard so no matter which cover options you choose, that is one thing you don’t need to worry about. So, what can a policy protect you and your business from? Let’s look at the options;
- Public Liability – whether you are working in someone’s home, their business premises or even out in the open, say in a high street fitting CCTV cameras, you run the risk of injuring someone or damaging their property. Should this happen you could face hefty compensation claims. Having public liability insurance cover in place will protect you by paying any compensation claims and legal fees. Many organisations – charities and local authorities for example – insist that their contractors have this cover in place.
- Products Liability – it takes a lot of contractors by surprise when they learn that if they recommend a product – an alarm or other security device – and it fails, they can be held liable. Even if they didn’t make it, they can face legal action for damages should it fail and cause loss, damage or injury. This is where product liability insurance can help you.
- Professional Indemnity – as with any electrical contractor, at some point a customer is going to ask your advice. As someone who knows these products like the back of your hand, this is obviously quite normal. It does, however, bring risks. If your advice turns out to be wrong – or is simply thought to be wrong by the customer – and something goes wrong then you can be held liable for damages. A professional indemnity policy will give you the security of knowing that if someone does sue you over the advice you have given then you’ll have someone in your corner.
- Contractors’ All-Risks – this is a great cover for any contractor to have. It offers you protection against a wide range of risks including property damage, third-party injury or damage claims, damage that happens during installation. It also offers cover to third-parties, including subcontractors, in case they are injured while working with you or cause damage while working for you.
- Employers’ Liability – if you have employees – be they full-time, part-time or even contractors – then employers’ liability insurance is a legal requirement. You need to have at least £5m of cover and if you fail to provide this you can be fined up to £2,500 per day. The policy protects you from if you are sued by employees either for injury or loss of income while working for you.
- Fidelity Bonding – a complex area of insurance, a fidelity bond basically protects you from losses that are the result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of employees and/or your business partners/fellow directors.
- Business Interruption – if you have to stop working for a while as you are dealing with legal action, because you’ve had a fire at your premises or your van and all your tools have been stolen. Business interruption cover will ensure you have an income until you are able to get back to business.
- Goods In Transit – complex security systems get expensive, so what happens if you have an accident while delivering it to a client or someone breaks into your van and steals it? Your standard van insurance probably won’t cover you for your loss which is why getting a goods in transit insurance policy makes such great sense. With a goods in transit policy you’ll have the peace of mind of knowing that anything you are carrying – from your tools to a customers’ alarm system – will be covered in the event of loss or damage while being moved.
What Type Of Contractors Can We Insure?
So, having looked at the what we can insure, let’s look at the who we can insure. Through our close relationship with many of the UK’s leading insurers, we can offer cover to all manner of installation specialists, including;
- Accredited electronic security system contractors
- Domestic installers
- Business and commercial installation engineers
- Security installation firms and contractors
- Security system designers
- Installers of CCTV, burglar alarms, intruder alarms and panic rooms
In short, if you’re involved in the installation of security equipment we can help you get the cover you need.
Like Some More Help?
If you would like any more help with getting the security installation insurance that’s right for you, then please feel free to call us on (01482) 434343 and one of the team will be only too happy to help. Alternatively, if you’d like to get a competitive contactor’s insurance quote, then please click here.