You’re the expert in pipes and plumbing. You understand the importance of having the right tools for the job in your profession. The same idea goes for insuring your business. You need the right coverage to protect a variety of risks you face when working on a client’s home or business. Let’s look at what plumbers insurance coverage you need to prevent a financial loss from happening.
Who Needs Plumbing Insurance?
Plumbers insurance can help protect your business from bodily injury, property damage, and personal injury claims. The following professions below can benefit from having this protection:
- Plumbing contractors
- Pipefitters & steamfitters
- Septic system construction workers
- Drainage system installers
- Sewer hookup contractors
- Water pump installation and servicing contractors
Why Do I Need Business Insurance?
At AIS Insurance, we understand you face unique risks daily. It all comes with certain risks and liabilities, from fixing leaks and installing plumbing fixtures to removing obstructions. That is why liability insurance for plumbers is vital for keeping your business afloat. Take a look at some examples of what could go wrong and how a plumber’s liability insurance policy could protect you:
Bodily Injuries: You installed a brand-new water heater for your client. However, the temperature control malfunctions and your client is burned, requiring medical attention. If your client decides to sue you, you could be on the hook for those hospital bills and any future legal expenses. A plumbing insurance policy could cover those costs, protecting you and your business.
Property Damage: While installing a new kitchen faucet, you neglected to tighten a hose properly, and water leaks into your client’s home overnight damaging their new wooden floors. Your plumbers’ insurance policy could cover the property damage costs thereby protecting your business.
What Kind of Insurance Do I Need As A Plumber?
Finding the right insurance for your small business starts with knowing what you need. Many plumbing businesses benefit from a Business Owners’ Policy (BOP), which combines commercial property insurance, general liability insurance, and business income insurance. You can also add additional coverages (endorsements) into your BOP or bundle other types of insurance policies with your BOP. Here are some of the most common insurance coverages for plumbers:
Business Interruption. This coverage helps pay the lost income and extra expenses of operating while your company rebuilds.
Professional Liability Insurance. Also referred to as errors and omissions, this insurance coverage protects your business from the cost of faulty workmanship claims.
Workers’ Compensation. This insurance provides wage protection and coverage for medical expenses if you or your employees are hurt on the job.
Commercial Auto. Commercial auto insurance helps cover costs related to accidents when driving for work. Covered expenses may include physical damages, bodily injuries, theft, vandalism, towing, repairs, and rental reimbursement.
Tools and Equipment. Tools and equipment insurance gives you coverage for repairs and replacements if something happens to your work gear, like theft or damage.
Cyber Liability Insurance. This coverage is beneficial for plumbing businesses running a website or any other digital system to collect payments and market services.
Contractor Bond. Plumbers may be required to secure a plumbing bond. A plumbing contractor bond protects the customer and helps guarantee a licensed plumber will perform their contractual obligations.
How Much Is Insurance For Plumbers?
A majority of insurance companies will offer you a package deal for the coverage you are seeking. The cost of these insurance bundles varies depending on a few factors, such as:
- The size of your business
- Location of business
- Gross income
- Number of employees on the payroll
- Property owned
- Years of experience
- Claims history
Why Do Plumbers Choose AIS?
Small business insurance is one of our specialties and we’re dedicated to helping you find the best protection for your business. We have helped plumbers plan for their financial futures and be more prepared for whatever comes their way. Speak with one of our Commercial Insurance Specialists today at (855) 919-4247 for a fast and free commercial insurance quote.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.