When you start up in business you will need insurance cover. Contact an insurer and explain how your business will operate. They will then be able to recommend what cover you should have, which might include:
- employer's liability
- public liability and professional indemnity, including indemnity cover for PAT and EICR testing if necessary
- contractor's liability/contractor's all risks
- unfixed materials, plant and equipment on site
- hired plant and equipment
- combined property/property worked on
- product liability - possibly including alarm efficacy and performance of other critical systems like security and fire control devices
- motor insurance (for delivery vehicles)
- premises, premises contents and stock
- goods in transit (for example being collected or delivered)
- business interruption
Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.
It is worth noting that trade associations like the ECA, SELECT and NICEIC offer their members specialist business insurance services, which might save you money and provide the exact level of cover you need. They also operate guarantee schemes for clients who use the services of a participating member firm.
Several specialist insurers also offer insurance services aimed specifically at the electrical contracting industry. A web search for 'electrical contractors insurance' should give some helpful results.