Whether you are a residential or commercial plumber, you face various risks during the installation and repair of plumbing systems. Your assets are at risk of damage or loss, employee injuries may prevail, or sudden mishaps that might compromise your source of income.
So, acquiring insurance coverage is a good investment for plumbers as it protects personal and business interests. Depending on the risk you wish to protect your business against, there is a variety of insurance policies to explore.
Here is why you should get insurance for plumbers.
- To secure legal permission
Various states have put the legal requirement for businesses to meet to ensure personal, employee, client, and public welfare. For example, several U.S states require that all businesses have Workers ’ Compensation Insurance. It is, therefore, in your interest to adhere to the regulations for licensing as a certified service provider.
Also, plumber insurance provides a quality guarantee even when you need repair for structural damage. As such, most customers are willing to only hire insured plumbers for the accompanying security and liability freedom. So, acquiring plumber insurance will ensure you operate within the law since it secures your legal permission.
- For personal protection
Personal plumber insurance is the ideal policy to protect yourself and your family. This policy covers your income, provides life insurance as well as trauma and TPD insurance. This way, in the event of a calamity or unforeseen risks occurring, your family has financial protection.
Acquiring a business owner’s policy offers three coverage options:
- General liability insurance
In case of a customer or employee injury at the workplace, a general liability insurance policy will protect you against these claims. Also, if an employee damages the client’s property when installing or repairing pipes, this policy covers this claim.
- Business income insurance
In case of fire, natural disasters, and other damage, this policy will ensure you recover the lost income due to the operation interruption.
- Commercial property insurance
Whether you lease or own your physical business location, this policy will protect you and the equipment.
- To protect your plumbing tools and equipment
The simplest to the most complex plumbing businesses all have gear for effective and efficient operation. A comprehensive policy will cover all your tools, equipment, and plants at your premises. A Contractor’s Equipment Insurance policy covers your business equipment in case of theft, damage, or misplacement. Depending on the terms of the policy, the insurance may also cover employee-owned equipment.
A computer and media insurance policy account for the digitization of your plumbing businesses. It covers your equipment in the event of a virus attack on your network or other factors that might damage the computers. This coverage may also include the income lost when the computers and media resources malfunction.
- To protect employees
The welfare of your employees is crucial in maintaining normal operations and productivity. So, a Workers’ Compensation Insurance will help cover medical fees for sick or injured employees while on-premises. Also, this policy may replace lost income when the hurt or ill employees are out of work. What’s more, if the employee injury occurs at work and the family happens to sue you, this policy can meet the legal fees.
- To protect commercial vehicles
Whether you are a residential or commercial plumber, chances are you own one or a fleet of automobiles. Securing a commercial vehicle policy will insure your truck or van in the event of an accident or other risk while on duty. So, when you or your employees are on the road to perform business responsibilities, this policy will protect you.
- To protect your clients
Customers feel secure with your services if you have plumber insurance since it signifies you are licensed and registered. Besides making your services more reliable, insurance coverage offers clients liability freedom. So, in case an employee is hurt on the client’s property, the policy helps foot the medical fee.
There are various plumbers’ insurance options to consider for personal safety, that of your business, employees, and clients. Be sure to check with your local state laws to ensure you meet all insurance acquisition requirements. Whether your business is home-based, remote, or has a physical location, there are custom policies just for you.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.