Plumbing Contractors Insurance — Essential Safeguards for Your Services
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Why Plumbers Require Insurance
Plumbing work involves numerous risks; a single incident can result in substantial financial loss without proper coverage. Plumbing contractors insurance shields your business from:
- Injury Risks: Plumbing tasks often involve working in confined spaces, handling heavy equipment, and exposure to hazardous materials. Accidents like slips, falls, or tool-related injuries can be frequent. Workers’ compensation insurance is vital for covering your employees’ medical expenses and lost wages if they are injured on the job.
- Property Damage: As plumbers, you’re often working inside homes and commercial properties. Mishaps, such as causing water damage during repairs, can lead to costly claims. General liability insurance protects your business by covering these incidents.
- Legal Liabilities:If a client or a third party holds you responsible for damages or injuries, the legal costs can escalate rapidly. Liability insurance for plumbers provides coverage for legal defense and any settlements, mitigating these risks.
Common Causes of Plumbing Accidents
According to the Occupational Safety and Health Administration (OSHA), plumbing professionals are frequently at risk for workplace injuries due to the nature of their work.
Without appropriate insurance, job-related incidents can lead to expensive medical bills and legal troubles that could threaten your business. By securing plumbing contractor insurance, you safeguard your business, employees, and clients.
- Falls: Slips and falls are among the most prevalent plumbing-related injuries, often resulting in severe injuries or fatalities.
- Equipment Mishaps: Improper use or maintenance of tools can lead to accidents, harming both workers and clients.
- Electrical Hazards: Working near electrical systems can expose plumbers to shocking risks.
- Confined Spaces: Navigating tight spaces can result in accidents or health issues, emphasizing the need for adequate insurance coverage.
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Coverage Options for Plumbers
As a plumber, having the right insurance is crucial to cover every facet of your trade. Below are the primary coverage options we offer for plumbers:
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General Liability:
Since plumbing work occurs on clients’ properties, accidents can happen. General liability insurance safeguards your business from lawsuits in case of injury or property damage while you’re on the job.
For instance, if a pipe bursts and causes flooding in a client’s home, this coverage will handle repair costs and legal expenses if necessary, preventing severe financial loss.
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Workers’ Comp:
Plumbing can involve various hazards such as chemical exposure, falls, and tool injuries. Workers’ compensation insurance ensures that if an employee gets injured, their medical bills and lost wages are covered, protecting your business from potential lawsuits.
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Equipment Coverage:
The tools and machinery essential for your plumbing work represent a significant investment. Equipment insurance protects against theft, loss, or damage, allowing you to quickly replace or repair essential tools to keep your operations running smoothly.
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Commercial Auto:
Your business relies on vehicles for transporting tools, materials, and workers. Commercial auto insurance covers your business vehicles against accidents, theft, and other incidents, ensuring uninterrupted service to your clients.
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Custom Solutions:
Each plumbing business is distinct, with its own set of risks and operations. We offer tailored insurance packages that meet your specific needs, whether you run a solo operation or a large plumbing company. We work with you to create a plan that provides the necessary coverage without excess costs.
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Plumbers Insurance Rates And Coverage
This table displays typical rates and coverage for Plumbers General Liability
for $1 Million/$2 Million Policy.
| State | Coverage | Guard | Travelers | Liberty Mutual | Attune | Nation Wide | Next Insurance |
|---|---|---|---|---|---|---|---|
| IL | 1M/2M | $1590 | $1605 | $1610 | $1580 | $1600 | $1595 |
| IN | 1M/2M | $1585 | $1608 | $1598 | $1610 | $1600 | $1580 |
| CA | 1M/2M | $2235 | $2240 | $2250 | $2220 | $2245 | $2230 |
| PA | 1M/2M | $1602 | $1590 | $1610 | $1600 | $1595 | $1585 |
| WA | 1M/2M | $1600 | $1595 | $1580 | $1605 | $1590 | $1610 |
| GA | 1M/2M | $1603 | $1590 | $1585 | $1608 | $1598 | $1600 |
| CO | 1M/2M | $2230 | $2245 | $2220 | $2240 | $2255 | $2235 |
| TX | 1M/2M | $1605 | $1598 | $1600 | $1610 | $1585 | $1603 |
| LA | 1M/2M | $2235 | $2250 | $2220 | $2245 | $2230 | $2240 |
| FL | 1M/2M | $1920 | $1915 | $1925 | $1908 | $1918 | $1922 |
| NY | 1M/2M | $2405 | $2398 | $2415 | $2400 | $2420 | $2395 |
Annual premium above includes unlimited certificates of insurance.
Rating assumes $50,000 – $100,000 gross revenues for plumbers/general contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
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Plumbers Insurance Cost
Plumbers are typically well-liked in the insurance world, but the premium on Plumber’s General Liability Insurance can vary greatly depending on your business. This is normal, and it is for this reason that ContractorsLiability.com does not make unsubstantiated promises about the plumber’s insurance averages.
Instead, we like to help customers understand whether their insurance rates might be too high or whether their coverage is too low, based upon common factors we use to examine insurance premiums. This include:
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The age of your company
Since handyman services involve working at client sites, accidents may occur. General liability insurance protects your business from lawsuits arising from injuries or property damage while you’re performing work. For instance, if a visitor gets hurt at a job site or if your work inadvertently damages a property, this coverage helps pay for medical expenses, repairs, and any legal costs that arise, safeguarding your business from significant financial loss.
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Your company’s accident history
Insurance companies expect accidents to happen, so it’s not a total disaster when they do. However, if your company has a track record of having many accidents, you will be considered to be a greater risk, upon which your rates will increase.
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Your Credit History
While credit is not everything, it is something that insurance companies consider before offering certain policies. The better your credit the lower the premium.
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Your employees
Plumbers are highly skilled, so insurance agencies also consider how well your employees have been trained, where they’ve trained, how old they are, how long they’ve been in business, and their individual histories. The more employees you have the higher the premium.
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Sales/Revenue
The more revenue or sales you have the higher the premium. This makes sense as a plumber that has $100,000 in sales, everything else being equal, has less of a chance of something going wrong as a plumber with $3,000,000 in sales.
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Location of your business
Premiums vary greatly depending on what state you are located in. States like New York, California, and New Jersey are significantly more expensive than States like Texas and Indiana. This has mainly to do with the amount of regulation involved and the propensity for higher jury verdicts in those States.
These are things that all insurance companies take into account when determining your premium. Rest assured at Contractorsliability.com we will use this information to get you the Cheapest Plumber’s General Liability Insurance Policy around.
Statewise Plumbing Insurance Information
Explore our selection of statewise articles that provide general information on the policies required for plumbing contractors in each state. Stay updated and compliant by familiarizing yourself with the diverse insurance requirements and suggestions, ensuring the security and success of your business across different regions.
What Does Plumbers Insurance Cover?
Not only is Plumber’s General Liability Insurance required in most states, but it also helps plumbers cover themselves if a claim is made against their work. Here are some of the common types of injuries associated with plumbing and some potential examples of the injury:
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Injuries to the Body:
Injuries made directly to the body of a third party at your worksite.
Example: A trip hazard, such as a pipe on the ground, causes someone on the property to fall and injure themselves. They must take time off work and are suing for damages.
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Damages to the Property:
This includes any sort of damage directly related to work completed or units installed.
Example: A water heater is improperly installed and causes damage to the building it was meant to provide hot water for.
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Advertising Injury:
Think of this as any sort of claim or action taken against a company that causes that injury to others reputation or an invasion or privacy.
Example: Your company makes a comment about another company, which results in the worsening reputation of the other company and overall loss of business. They sue for advertising injury.
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Medical Payments:
This covers the medical bills of a third party that is injured due to fault of the plumber’s company.
Example: A client is injured on the worksite while you are working there, resulting in a broken leg. An affordable Plumber’s General Liability Insurance policy will cover the medical costs and legal fees associated with the injury.
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What Types Of Insurance Do Plumber’s Need?
Besides obtaining a Low-Cost Plumber’s Liability Insurance, you should also think about the following other types of insurance for your plumbing business. The most common are:
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Plumber’s Commercial Auto Insurance
You need to have Plumber’s Commercial Auto Insurance to cover the vehicles used in your business. If you just have personal auto coverage your insurance may deny your claim, especially if your van is covered in your companies advertising.
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Inland Marine Insurance for Plumbers:
Do not let the name fool you. Inland Marine Insurance for Plumber’s covers your tools and equipment from theft or loss. Just think how much it would cost to replace all your tools if they were stolen or destroyed.
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Workers Compensation Insurance for Plumbers
If you have employees you are required by law to have workers Compensation Insurance for Plumbers. Failure to have this coverage can lead to administrative actions and large fines. Also if an employee is injured on the job you will have to pay the medical bills, attorney’s fees, lost wages, etc. from your own pocket.
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Business Owners policy for Plumber’s (BOP)
If you operate out of a physical location this is an option. A Business owner policy (BOP) for Plumber’s and Plumbing Business bundle’s a general liability and property coverage together in one policy. It is generally cheaper than buying the same coverage separately.
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Umbrella Insurance for Plumber’s
An Umbrella Insurance Policy for Plumber’s gives protection from catastrophic losses that exceed an underlying policy insurance limits. It is relatively inexpensive and protects you from claims that would more than likely wipe out any business financially.
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Surety Bonds for Plumber’s
If your state requires a license in most cases there will also be a Plumber’s Surety Bond requirement. It is also often the case that when you are connecting to a City sewer or water system a bond will be required before a permit is issued. These bonds are generally cost about 1% of the amount of the bond requested. In some instances, there may be a credit check before they are issued.
What Happens If I Don’t Get Plumbers’ Insurance?
If your State requires it you will probably lose your license and be subject to administrative action. If you have a claim you will have to cover all the costs of the claim including attorney’s fees from your own funds. This could easily result in you losing everything you own.
Here’s What Contractors Think
Frequently Asked Questions
Contractors Liability recommends getting the right liability coverage for your company – after all plumbers have little to no use for a form of liability coverage that is designed for an electrician or another skilled tradesman.
In most States Plumbers are licensed at the State level. This is largely due to the strong public health concerned with plumbing. There is usually a rigorous examination that must be passed and a minimum insurance requirement. Sometimes general liability insurance is not required; however, it is highly recommended that you obtain affordable Plumber’s General Liability Insurance That way, in case of an accident of which you are culpable, your reputation and your assets are covered.
No. Worker’s compensation is a type of insurance that covers employees, and that is a separate policy. Plumber’s General Liability Insurance covers only third parties and their property in the case of an accident. However, you will need to purchase a worker’s compensation policy for your plumbing employees if you want them to be covered.
If your State requires it you will probably lose your license and be subject to administrative action. If you have a claim you will have to cover all the costs of the claim including attorney’s fees from your own funds. This could easily result in you losing everything you own.
As compared to other trades it is about the middle of the pack. It is less expensive than Roofer’s insurance but more than a drywall contractor. It certainly is not expensive if you have a claim.
We understand that it is hard to work in a trade that requires so much time and management for seemingly thankless jobs. To thank you for your service, we offer plumbers:
- A-rated insurance policies from insurance companies that you know and trust.
- Customized plans that cover all potential problems plumbers might face.
- Help from licensed and knowledgeable insurance agents who possess backgrounds in contracting work.
- Prices that are affordable while providing comprehensive coverage.
