Featured Image Caption: Insurance Questions from Electricians
First of all, electricians install the electrical systems that help businesses and other industries operate for 24/7. Electricians also perform the necessary maintenance and repair some systems in the building should a problem related to their service arises.
Electricians can work even with a high school diploma as the job only requires a high school diploma, or have formal postsecondary training in electrical repair and installations.
However, to effectively build enough expertise to practise, all electricians must undergo an apprenticeship of up to four years to become licensed.
Job Outlook of Electricians
Between the year 2010 and 2020, the Bureau of Labor Statistics has made an estimate that job growth among electricians will accelerate at a rate of more than 20 per cent, which is higher than expected especially when we’re only looking at 14 per cent growth across all industries by the end of the decade.
Surprisingly, electricians who are already employed at factories can expect to have the steadiest employment. As building contractors tend to rise and fall with the construction industry.
Average and Median Earnings of Electricians
Professional electricians that have accumulated high earnings are those who have been studying in business schools. These electricians can earn an average of $79,250 a year. The reason why most electricians earn as much is that they also work as building equipment contractors. All the more when electricians are employed by local governments since they earn slightly above the national average for this occupation.
Electricians who’ve only rendered temporarily in some agencies earned some of the lowest salaries, which is an average of $46,360 a year.
What insurance does an electrical contractor need?
While most Australian states require their electricians to hold an electrical contractor’s license when undertaking domestic and commercial work. More so, some will also require that electrical public liability insurance and/or electrical contractors insurance be available with you prior to having your electrical contractor’s licence issued or renewed.
What does Public Liability Insurance cover?
If you haven’t heard about public liability insurance before, it’s never too late to dive into it for a bit.
We need to know that this type of insurance is designed to protect professionals (e.g. electricians) and other business owners from the financial impacts that can affect their license or overall career.
It covers the costs of a claim against your service or business where either erroneous and negligent actions have been made that resulted in any form of property damage or personal injury to another.
When an electrician is found to be responsible for these, they will generally be held accountable for the costs of property damage and personal injury.
Insurance questions from electricians
Do I need personal insurance as well?
Most electricians on some wages will believe that there’s no need for personal insurance, but this isn’t the case since illness along with injuries suffered away from work can happen and can be expensive to cover personally. In times like these, the company might not be able to provide full coverage for yourself.
Only the proper income protection will provide full protection for accidents both on and off-site.
What should I look for in a personal accident and illness policy?
This insurance cover that is provided under this policy can differ from basic to comprehensive.
A proper income protection policy will come out as comprehensive coverage, which is generally available through your financial adviser.
When it comes to tradies, we’ve got both ‘specified injury benefit’ and ‘day 1 accident cover’ which seem to be a lot more beneficial than most. For added knowledge and understanding, you may look out for any exclusions in the policy.
What’s the difference between accident and injury, and income protection policy?
These two policies can come off similar, but they are entirely different in a lot of ways.
For starters, the accident and injury policy will only cover you in the event of an injury or damage that happened unexpectedly (in the form of an accident), so it won’t cover you when you contract a disease. Income protection can do that for you. In fact, there’s a huge number of claims that relate to illness rather than injury.
Another major difference is that an accident and injury policy will release the benefits for up to five years, whilst income protection can keep paying benefits all the way to reaching the age of 65.
So the policy you will choose to have will definitely make a huge difference when it comes to making a claim.