If you’re wondering where to buy electrician’s insurance in the UK, the good news is you won’t be short of options. There are a wide variety of insurers, brokers, and aggregators available, each with unique benefits and disadvantages. The number of choices might seem daunting at first, but it doesn’t need to be, as we’ll break them down simply here. If you’ve got more questions on electrician’s insurance (e.g., where to get quotes, what you need, how much it’s going to cost, etc.), check out the electrician insurance guide on NimbleFins.
An insurance broker is an intermediary between insurers and potential customers. Their job is to take comprehensive details of your requirements before going out to the insurance market to gather quotes. Then, they’ll present you with the quotes they’ve received and help you to choose the one that best suits your needs. A broker can be a great option for anybody who isn’t 100% sure what exactly they need. Contrary to popular belief, it isn’t always more expensive than shopping directly or through an aggregator. Brokers often have access to special deals and reduced rates that aren’t available elsewhere.
Web aggregators – otherwise known as comparison sites – are designed to offer you as much choice as possible in a short time frame. You’ll be asked to fill out some information about you and your business, shortly after which the aggregator will return quotes from insurers who would be happy to cover you. Or they’ll send your details to suitable providers who will contact you. They’re an excellent choice for anybody short on time who knows exactly what they’re looking for, and using a quality/well-known aggregator can help to mitigate the risk that the policy you buy is fake or a scam, always worth being conscious of when buying online.
Shopping directly with the insurer means doing your research, identifying an insurer, and then contacting them directly – usually via a web application, email, or phone call. Going direct is the most time-consuming method of the three, especially if you want to check out prices from a few different insurers. However, insurers want to incentivize you to shop with them directly and so may offer great discounts when you go straight to them (and cut out the middleman). Going direct can be a great option if you know exactly what you’re looking for.
Electricians in the UK utilize all three options, so there isn’t necessarily a right or wrong answer. Consider your business, knowledge of insurance, and personal requirements before making a decision, and don’t be afraid to try more than one option while gathering quotes to see if there’s one you like more than the rest. Each business is used to giving out a lot of quotes each day, so they won’t be insulted if you decide to shop elsewhere.
NICEIC (National Inspection Council for Electrical Installation Contracting) is one of the UK’s leading organizations regulating the education, training, and work of electrician’s across the UK. Once an electrician signs up, they become an approved NICEIC contractor (assuming they meet the required standards, such as owning up-to-date copies of BS 7671 and have work available for inspection that meets the BS 7671 standards, amongst other things).
Being an NICEIC contractor opens you up to many excellent benefits. As well as the certification, helping to prove to customers that you’re an electrician who works at the level required of a reputable organization, you’ll benefit from their Platinum Promise (which guarantees your customers a replacement electrician if you’ve left the electrical industry if a piece of work you completed failed) and a free listing on the NICEIC website, helping to generate leads and grow your business.
The insurance you require to join NICEIC is fairly simple – at least £2M of public liability insurance, and you’ll be good to go. While this will be enough to get you into NICEIC, there are several other policies you should consider. For example, keep in mind if you hire any staff, you’re also required by UK law to hold employers’ liability.
Compare electrician insurance quotes
The best way to compare electrician insurance quotes is to use an online aggregator. Assuming you have all the details required, you can fill out the quote form and receive fully costed quotes back in less than 5 minutes. Some aggregators send your info to insurance providers, who will then contact you. This can take longer. Keep in mind that these quotes might not always be the cheapest possible. If you find an insurer through an aggregator that you like the look of, consider contacting them directly and see if they’ll beat the quote you received.
Another option is to use a broker. It’ll take a little longer than using an aggregator, but brokers have access to special deals resulting from their direct relationship with insurers. They’ll also be on hand to offer expert advice and guidance if you have any questions about what you’re signing up for, what other electrician’s usually opted for, and how much the policy is likely to cost, adding a more human touch to the insurance purchasing process.
Electrician business insurance cost
£2M of public liability for an electrician is likely to set a sole trader back around £90 annually. A more complete policy, including £2M of public liability, £2,000 of tools cover, and personal accident insurance would be somewhere around £270 for the year – well worth it if you own any tools you couldn’t work without or might struggle to pay your bills if you had to take significant time off of work.