Do you need plumber liability Insurance?
Are you an independent plumber, plumbing contractor, or plumbing business looking for Affordable Plumber’s General Liability Insurance? If so, our insurance team at ContractorsLiability.Com® is ready to answer any questions you have. We will also provide you with a free quote as well. The information below information is quite useful to you whether or not you choose to get a Low-Cost Plumbing Business Liability Insurance policy from us. So keep reading!!!
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What Does Plumbers Insurance cover?
Plumber’s General Liability Insurance covers you in the case of any covered claim from damage to third parties or their property. Despite the popular depictions of plumbers on television and media, plumbers are highly-skilled individuals who often put themselves at high risk when improving our sanitation standards.
Wherever there is potential for injury for a worker, there is also the potential for injury of a third party. 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:
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.
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.
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.
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.
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:
The age of your company.
Homeowners have their trusted plumbers that they return to time and time again. Most insurance companies take a similar stance on insurance rates. If a company has been in the business a long time and has a clean accident history, their plumbers’ insurance rates will be lower.
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.
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
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
Plumber’s Frequently Asked Questions FAQs
Is plumbers’ insurance mandatory?
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.
Does plumbers’ insurance cover my employees?
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.
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.
Is Plumber’s Insurance expensive?
Why Should Plumbers Choose Contractors Liability?
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
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. For more information about how to get yourself covered, contact Contractors Liability via web or call us at (866) 225-1950 for a 5-minute quote.
Why you should choose Us?
Our goal is to be a trusted advisor, deliver great customer service and provide excellent value.