Plumbing Insurance
Whether you’re just getting started or you’ve been in the plumbing industry for years, you might be wondering if it is worth it to obtain insurance for your business. While obtaining insurance can be an expensive endeavor, it’s an important investment in the future of your business.
Insurance for your plumbing business covers a range of risks, including claims of liability, damage to property, and injuries or illnesses to employees. It also helps to cover the cost of replacing your inventory and tools in case they are damaged or destroyed by fire, floods or other catastrophes.
General liability insurance is a must-have for plumbers because it protects you against a variety of potential liabilities that could hurt your bottom line, including claims from clients and customers who are injured on your job or in your business’s premises. As an example, let’s say you install a new toilet at a customer’s home and the resulting water leak damages the living room floor, ceiling, and furniture. Without a GL policy, you’d have to pay for the repairs and then have to deal with any legal expenses if a claim is filed against your company.
Is Plumbing Insurance Worth It?
A plumbing company often works in busy construction zones and requires employees to work in areas that can be hazardous. A worker who suffers an injury from exposure to chemicals or waste may need hospital stays and/or rehabilitation services. If your workers’ compensation policy doesn’t cover these costs, you might have to shell out significant amounts of money in order to pay for their medical treatment and disability benefits.
Performing plumbing services can be an extremely specialized skill, and sometimes even honest mistakes or errors occur. In addition, plumbers often work with sensitive materials and a variety of tools. That makes it easy for clients to file a claim against your business if they believe you’re providing subpar service or recommending unnecessary repairs.
It’s possible that you may be required to carry a PLP by state law in order to operate your business. That’s why it is crucial to find a reputable insurance company that understands your specific business risks and offers competitively priced coverage options. Plumbers commonly use their own vehicles to transport their supplies and equipment, so it’s important to have a commercial auto policy that covers them against liability accidents. In fact, many states require that plumbing contractors carry a certain amount of commercial auto insurance.
Insureon’s licensed insurance agents can help you find a suitable PLP that fits your business needs and budget, while also helping you save by bundling policies and getting discounts. Get a free quote and apply online today to compare rates from top-rated U.S. carriers.
A BOP is a great way to bundle all your insurance needs into one single package, and it can be especially helpful for a small business. Depending on your needs, a BOP might include general liability, business property and business interruption insurance, and it can be customized to suit your unique requirements.