Plumbers have one of the toughest jobs out there — the messes, the work in tight spaces, the stingy clients, and the non-stop emergencies are constant challenges. The last thing they need to worry about is protecting their business from the unexpected costs that could have been covered by proper plumbing insurance.
It’s important to understand the real-world risks that could affect your plumbing business and the insurance options that can protect your bottom line. Let’s take a closer look at what kind of coverage you may actually need.
Plumbing Business Risks
The most common plumbing business risks include property damage, bodily injury, and equipment theft. Any one of these issues could impose a significant financial burden on any company. When you add the likely business interruption to the direct costs of an incident, the monetary consequences of being uninsured can put a major dent in your ability to turn a profit.
Like it or not, something is bound to go wrong eventually. Plumbing insurance protects your business from those risks. The right coverage helps you stay in control when the unpredictable inevitably happens, such as:
- Injuries while welding, cutting, lifting, digging, or working with gas or flames
- Damaging your customers’ property
- Damage, loss, or theft of your equipment
- Mistakes or negligence that results in a loss
- Installing a product or part that causes damage
- Lawsuits and legal fees
- Vehicle accidents en route to a job
The Protection That Plumbing Insurance Provides
Most plumbers own their own business. If you own a brick-and-mortar location, tools and supplies, vehicles to take you out to job sites, or employ anyone, you need to be aware of your risks. Protecting your property and your staff with the right insurance can give you peace of mind that your financial investments are secure.
Typical coverages to consider include:
General Liability Insurance
General liability insurance covers any bodily injury of you or your staff while on the job, property damage to your business or your customer’s site while working, and advertising injury.
Commercial Property Insurance
Commercial property insurance covers your building, all the equipment used on site, and any valuable inventory you keep in stock. Having adequate coverage for your tools and vehicle assets can safeguard your finances, so you can focus on doing your job.
Workers’ Compensation Insurance
Most states now require workers’ compensation insurance. Out-of-pocket costs can run very high if you are uninsured or underinsured. Workers’ comp covers employee injuries while on the job.
Commercial Auto Insurance
Covering your service vehicles when your plumbing team is on the job is a must. When you have employees driving your vehicles, commercial auto insurance will protect your business from risks like accidents and injuries. The options for additional coverage can also cover cargo.
Do You Need Additional Coverage?
While the policies above should cover many of the common issues a plumbing business could encounter, you may want to consider additional coverages depending on other factors. Professional liability insurance, equipment breakdown insurance, and cyber liability insurance provide protection in the event of a specific incident or accident. Possible options include:
Professional Liability Insurance (Errors and Omissions)
Liability insurance protects your business against all claims of negligence, mistakes, or misrepresentations. Should a dissatisfied client make an allegation or sue you for damages due to your plumbing work, you’re covered.
Equipment Breakdown Insurance
This will cover damage to equipment due to mechanical or electrical failure.
Cyber Liability Insurance
In the ever-evolving world of cyber risks, it’s not a question of if your business will have a data breach but when. Cyber liability insurance shields your business against the potentially devastating financial effects of a cyber-attack, which can happen to virtually anyone, anywhere, at any time.
How to Choose the Right Plumbing Insurance
Eber & Associates can explain all the important factors involved when selecting the right plumbing insurance policy for your needs. Our team will help find the best policies that fit your budget by leveraging our wide range of insurance companies.
Contact Eber & Associates for a free consultation for your plumbing insurance needs and create a customized business insurance plan that will protect your team and your company from the potentially devastating effects of an incident at work. We’re here to help you be covered through life, for life.
