If you’re installing alarm systems or surveillance systems, it’s important to have the right business insurance in place.
At Trade Risk we specialise in insurance for tradespeople and others who perform work in the building industry and related services.
We can assist alarm and CCTV installers with a range of insurance types, including public liability, tool insurance and income protection.
In this guide we’ll take a closer look at some of these insurance types.
Public Liability Insurance
Virtually any business will benefit from public liability insurance, but especially those involved in manual work.
Public liability will protect you in the event that your negligence results in property damage or personal injury to a third party.
A property damage claim could result from putting your foot through a ceiling whilst installing cables in the roof. Such claims can run into the thousands once repainting is taken into account.
Personal injury claims are typically more serious. An example could involve leaving cables across a hallway floor without adequate warning signage, and a person trips over and injures themselves as a result.
When comparing public liability policies it’s important to consider any factors which may specifically affect you as an alarm or CCTV installer.
As an insurance broker we use a wide range of insurance companies, however when you receive a quote or purchase a policy directly via our website, it will be through one particular underwriter.
This underwriter (HSUA) lists the following endorsements which are specific to the “Alarm Installers & CCTV” occupation:
M4 – Alarm Installers/Locksmiths
If you are the Manufacturer or Importer and/or Wholesaler of these products, this Certificate does not apply to liability in respect of failure or alleged failure of
- a) any fire or intruder alarm to warn of fire or smoke or intrusion
- b) any lock or safe to adequately protect property from loss or damage
This is essentially saying that the policy covers you for your installation work, but it doesn’t cover you if the equipment you are installing fails to operate as intended.
You will find that this type of clause is typical amongst most insurance companies and underwriters, and will often be referred to as an “efficacy” clause.
M29 – Excluding Work on Motor Vehicles
The Underwriters shall not be liable in respect of Damage or Injury caused by or in connection with work on motor vehicles.
This endorsement is saying that the policy does not cover any work you undertake on motor vehicles.
So if you’re installing security systems for cars, this is not the right policy for you.
If you’re unsure of the meaning of these endorsements, or anything else within the policy, we strongly recommend calling us on 1800 808 800 to speak with an expert.
Tool Insurance
Tool theft is rampant in Australia, especially when it comes to power tools.
At Trade Risk we deal with tool claims every week, so we know how important it is for small business owners to insure their gear.
There are various levels of tool insurance available, but a typical policy will cover your tools for damage caused by fire or in a vehicle collision, as well as theft following forced entry.
If you are holding stock, such as alarm systems and CCTV equipment, it is also important to have them properly insured.
Such items need to be insured as stock as they will not be covered under your tool insurance policy.
Income Protection
As a self-employed person it is vital to have income protection insurance in place.
Income protection can replace a large portion of your income for a period of time whilst you are unable to work due to injury or illness.
Unless you have staff doing all of the manual work for you, if you’re unable to physically work yourself, then you’re not going to be generating any income.
This can have serious consequences for you and your family, which is why income protection is so important.
Even if you’re not self-employed, income protection is still important. Sick leave and workers compensation won’t look after you forever.
We have an in-house specialist who can assist with income protection. Please click here to request a quote, or call us on 1800 808 800.
Other Business Insurance Types
The three different insurance types we’ve detailed above are generally the most common for alarm and CCTV installers, however we can assist with much more.
If you have your own business premises, either owned or rented, we can assist with insuring the building (if required) along with its contents.
We can also assist with commercial motor insurance for your vans or utes.
For those taking on larger contracts, we can assist with contract works insurance and contractual liability insurance.
For any of these insurance types we recommend speaking with one of our specialists.
Next Steps
If you’re simply after a public liability policy you can obtain an instant quote and buy your policy online via our online system or by calling us on 1800 808 800.
If you’d rather speak with a qualified insurance broker about your needs, you can also call us on 1800 808 800 or complete our online quote request.
At Trade Risk we have assisted over 7,000 tradespeople and small business owners in the building and maintenance industry.
We are a multiple-award winner and love nothing more than helping small and medium sized business owners with the right insurance package.
