Some businesses are an integral part of daily lives and always stay relevant. One such business is plumbing. Although many people will argue against calling it a business, it is one of the major subsections of the construction business that owns a significant share of the market. It can be safely said that it is impossible to find a building without any pipes, sinks, bathrooms, and other plumbing fixtures. Most of the plumbing businesses are independent Frenchies or stores who either cannot afford insurance or consider it an unnecessary expense. However, the truth is exactly the opposite of the notion. Accidents can happen anytime anywhere and with a business, like plumbing, these happen more often than not. Accidents can happen due to the client’s fault or the employee’s fault. In either case, you are liable to answer the mishap. Sometimes these accidents can incur major losses to you or the client and can repaying/recovery can be back-breaking. The owners need to invest in business insurance for plumming companies to handle such situations to minimize losses and save the money and reputation of the company. Here is some vital information about the business insurances for plumbing that you need to know.
- Types of business insurance need for a plumbing business
Just like any other business, plumbing businesses also face liabilities during their daily operations. These liabilities include damage to the client’s property, injury to the plumber, medical bills, lawsuits against the company by an unsatisfied client or an unhappy employee, or market competitors, etc. Insurance plans are available to accord you with the expenses incurred while addressing all these situations. The type of insurance you wish to invest in depends on your requirements, liabilities you more often face, etc. Some common insurance that is needed in the plumbing business includes the following.
- General liability insurance
- Property insurance
- Worker’s compensation insurance
- Auto insurance
- Owners policy
- Inclusions of a plumbing insurance
What a particular type of insurance would cover is subjective. The inclusions can be different for different insurance providers and can be best known through the policy ‘s product disclosure document. In general, the insurance plans would include:
- General liability: It includes employee injury and medical bills, standard lawsuits, etc.
- Auto insurance: It covers employees at work and transport vehicles used for supplies.
- Property/owner’s policy: You get protection for property you use for the work.
Consider the basic coverage and additional benefits offered by every plan while choosing for your plumbing business.
- Who the insurance is for
Plumbing insurance is necessary for every business that is linked to working with pipes, basins, taps, and other plumbing fixtures. These include plumbers, plumbing contractors, renovators, general contractors, home builders, etc. The need for the insurance and level of cover may be different. You can team up with an insurance expert or experienced advisor to find the best plan for your business.
Several factors contribute to the determination of the cost you would pay for the insurance policy. Some common factors are:
- Scale and type of your businesses and business needs
- Location of your business as different states have different rules and laws for insurance
- Number of employees and vehicles you want to insure
- Company’s history and reputation. Companies with cleaner history are likely to get insurance at a lesser price.