Plumbing is a huge industry. You know this all too well if you are currently operating your own business or even just thinking about getting into it. Whether starting a business from scratch or expanding into new service areas, it’s always smart to invest in the right plumbing insurance to help protect your plumbing business itself and your most sensitive assets.
Rest easy knowing you can cover costs like damaged property, injuries sustained by employees or third parties on-site, and liability for workplace incidents with reliable plumbing insurance packages.
Although your plumbing insurance will be specialized for your company’s needs, an overview of what plumbing insurance policies cover includes:
- Accidental injuries
- Property damage
- Employee wages after a work-related injury
- Vehicles and equipment
- Unintentional faulty workmanship
When selecting some legal representation for your plumbing company, it’s important to hire a lawyer who has worked with small businesses before and understands the specific challenges that come with owning a company.
Essential Facts About Plumber Insurance
Since not all insurance policies are created equal, and insurers have different rates for similar coverage, if you’re looking for an affordable insurance rate, you’ll need to do some detective work on your own terms.
It’s also a good idea to ask each potential insurance provider what their qualifications are when it comes down to getting cheap business insurance quotes in the US because the best insurance companies will be able to rattle off a list of past clients so that you can check up on them from time to time and see if they’re still doing well after having been represented by this particular law firm or not.
By speaking with these past clients in person, you can also get insight as to whether this is indeed the right law firm for your business or not.
What is Plumber Insurance?
Plumbing insurance, like any other type of insurance, is a form of financial protection that you can take out for your business. This protection involves ongoing monthly or annual payments of premiums in exchange for which you are protected against the cost of any potential damage that might occur during one of your plumbing jobs. For example, let’s say you accidentally cause some damage to one of your client’s homes. Your insurance will cover the cost of repair and support you should your client try to sue you.
Generally, this protects small business owners against potentially costly lawsuits and damages that they could not reasonably afford on their own outside the scope of control or influence over the line specifics unpredictable legal system. Here is a complete guide to insurance for plumbers.
What Does Plumbing Insurance Cover?
When searching for plumbing insurance, it is wise to have an idea of what you would like your package to cover. That being said, there are many insurance packages available on the market with lots of varying coverage options.
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General Liability Coverage
Insurance can protect you from any accidents that occur in the workplace. You also have financial protection against injury claims which means your business has a safety net against any professional liability claims. Make sure to keep the insurance updated when you make any changes to your business or work area or if a staff member leaves.
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Property Coverage
Property coverage protects the tools that you require in your business. In the event they are stolen or accidentally damaged, your insurance will help you replace them.
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Income Loss Coverage
Water damage, equipment failures, and general delays can be crippling during a job, which is why it is important to get the right kind of insurance to protect yourself from these unexpected costs. The last thing you want is for your business to incur financial losses because someone was careless or a hazardous situation developed unexpectedly during work hours.
That’s not just going to cause problems with your client – it could easily put you out of business! When looking for public liability cover, it’s important that you also look for professional indemnity insurance. Professional indemnity is a necessity in any business if you are performing work on behalf of people who aren’t employees or members.
This protects you against claims brought against your service or product and ensures that the claim won’t bankrupt your business in the process!
Other Insurance Policies to Consider:
There are several options you have available when it comes down to ensuring your plumbing business. You will want to make sure that the companies you work with do their due diligence when it comes to researching other policies which can help you run your business more successfully.
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Commercial Auto Insurance
Most plumbing businesses, regardless of their size, have vehicles. However, it’s necessary to get through the legalities and paperwork involved in getting a fire truck, ambulance, or police cruiser to use as an official business vehicle. Commercial auto insurance covers a wide range of vehicle types to be driven by your employees. It may also cover accidents involving any work vehicles you own along with covering theft and so on.
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Worker’s Compensation Insurance
It’s essential for small business owners to leave a paper trail. It can be difficult, but it’s vital that you write down exactly what happened when it happened and what the cause of the emergency was. Write it down as soon as you have time, so you don’t forget anything. Also, always document your expenses and keep receipts of your purchases.
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Additional Equipment Insurance
Sometimes buying insurance can feel like you are getting into a world of unknowns, but don’t fear! There are some things you can do to make it easier. Think about all the types of risks that could result from your business. Learn what is and isn’t covered by your policy.
If you have a lot of extra equipment or machinery, for instance, it might be best to consider getting an extra package or adding it on as an extra coverage type. It may end up being cheaper for you in the long run. If I were setting up my own business today, I would also be sure to learn about policies that protect your ongoing income from threats and outages if at all possible (like power failures, e.g.).
The US plumbing industry comprises countless businesses of varying sizes, spanning from sole plumbers to plumbing companies. However, there is stiff competition in the marketplace, and you can’t afford to rely merely on demand for your product or service.
Since plumbers have to work on people’s pipes and wiring, it is important to be protected from any claims of damage that might occur during plumbing work. Since the likelihood of damage is high, plumber insurance can come in handy for making sure the costs are covered – or if the company that employs you for a job tries to sue you for damages, plumber insurance will cover those costs as well.
Cost of Insurance for a Plumbing Business
If you own a business as a plumber, it is increasingly important for you to consider having your own personal insurance coverage. With the cost of plumbing services being fairly low, it would be a good idea if you made sure that all your clients were covered by full-time, general liability insurance.
This helps to save money if anything should go wrong during working hours. These policies generally come with $1-2 million in coverage capacity. If customers or clients become injured or hurt due to faulty workmanship on your part, then their bodily injuries will be compensated for up to this amount of money.
When people purchase a policy like this, they can choose the deductible amount (which is basically the amount that they would pay before their insurance kicked in.)
Conclusion
This can be a fun and feasible way to spend less on your insurance. However, it is important that you are financially stable so as not to overload yourself when making a claim.