When people think of a plumber, they are unlikely to think that your plumbing business is high risk. The truth is that plumbers are both highly skilled and safety conscious because you often face dangerous conditions in the course of a project. In this line of business, it makes sense to have the right general liability insurance policy.
Plumbers’ insurance is a type of general liability insurance. It includes some of the more specific aspects of being a plumber, so that you don’t end up paying for coverage that plumbers won’t need.
What Does Plumbing Insurance Cover?
As a plumbing contractor, having plumbing insurance can cover your business from major financial losses associated with the following risks:
- Bodily Injury:
Bodily injury that is caused by your work activities on site is covered by plumbing insurance. Bodily injury may constitute an injury to clients or their representatives, injury to your workers, and also the public. In other words, injuries made directly to the body of a third party or one of your plumbing business clients at your job site
For that reason, it is crucial that your plumbing business has insurance coverage like general liability insurance.
Injuries as a result of accidents are common but may result in high financial losses that surpass your profits, thereby hindering your business operations. For instance, if a client, while inspecting the work, slips on your tools or leaked water and breaks an arm due to incomplete works, the associated costs will be covered by your plumbing insurance.
Note that your plumbers general liability insurance policy does not cover injuries or accidents to your workers. Worker’s compensation is a separate type of insurance that covers employees. Workers compensation insurance is required by law.
- Property Damage
Plumbing insurance also covers any damages to property that may arise as a result of your activities on site. For example, a faulty or loosely-fitted pipe may burst when a water pump is fitted, thereby flooding the house and consequently damaging the entire wooden flooring.
Plumbing insurance will cover the costs of the damage to any property in that case, and any legal costs that may arise if taken to court. It is important to ensure that your plumbing insurance also covers property damages on your contract works that may result from force majeure such as floods and fires.
Property damage is one of the most common and frequent risks with the highest financial implications on any job site. This is one of the reasons why plumbing insurance is a great investment. Insurance coverage can save your business from unforeseeable costs that may bankrupt your a plumbing business.
- Business interruptions
Plumbing insurance may sometimes additionally cover unforeseen business interruptions that disrupt your business operations for a given period of time. Compensation is made by the insurance provider for any loss of profits suffered by your business within that period. Additional payments for relocation, wages, taxes, loan repayments, and other reasonable costs may also be covered.
Instances of plumbing business interruptions may include fires, floods, explosions, government, and political interruptions among others. Your plumbing insurance cover will, therefore, ensure your plumbing business is not financially affected during the disaster until it is fully recovered.
- Business Property Breakdown
Plumbing insurance may similarly cover your business property from any financial costs resulting in damages or breakdowns. As a plumber, you can take insurance coverage for your business premises, plant & equipment, trucks, business stock and materials.
For instance, if your stock of ceramic fixtures breaks during fixing or transportation to site, having insurance cover will save your plumbing business from incurring such financial losses. Therefore, assess your business and consider taking up plumbing insurance for any risks that your business is unable to cover financially.
Plumbing Insurance Costs
A plumbers insurance policy will protect your plumbing business from unique risks on and off the job site. Get a free insurance quote from Contractors Liability insurance agents. We specialize in contractors insurance. We will get you a free quote for liability coverage or workers compensation insurance designed specifically for plumbing contractors.