Hi there, I`m not new to this forum but its my first post

So lately Im having problem with my 2003 Punto Mk2B. It only has 4900miles. On a fine day, the red light "electric power steering failure" came on. At first I thought I had deflated tires as I didnt know what the warning light means, obviously I associated it something with "tyres or steering", so I went to inflate my tyres but the problem was still there. I read now from different sources that I have a power steering failure. I contacted fiat and they said its about 500pounds to buy a steering column and get it fit.

But from my vage knowledge about cars, a steering column shouldnt go with 4900miles. Before taking it to the garage to have it checked with a computerized system, should I check some other things which can be the cause for this warning light? Like battery terminations, because I have the feeling that its something sorted with sensors since its not always on and dont want to pay a 500pound which might be a minor problem.

Regards,
Iain