Running a plumbing business is hard work. One day, you may be knee deep in water from a busted water pipe in the basement and the next, you are writing up quotes for a new client. In the busy pace of operating your business, have you stopped to think about what kind of insurance you may need?
The first thing to consider is, do you need plumber insurance? A plumber insurance policy covers a variety of job types and work situations within the plumbing trade. If any of the following describes part of your operations, you should speak to an insurance broker to get the coverage you need.
- Plumbing contractors or business owners
- Septic tank installers
- Home builders and developers
- Home renovators and remodelers
Additionally, there are a few reasons why you may need to obtain plumber insurance. For example, it may be a requirement to obtain your license. If you are a general contractor and work with or hire plumbers, you may be required to carry it. Often, property owners want to know you are insured before they will hire you to complete a job.
With all the choices available, it can be difficult to determine the best coverage for your company’s needs.
Basic Business Policies for Plumbing Services
Here is a breakdown of the types of business insurance for those in the plumbing field. Remember, your coverage needs will vary, so be sure to talk with an established broker to get you the policy and protection you need.
- General Liability Insurance: The cornerstone of your insurance coverage, general liability insurance helps provide protection against injuries, lawsuits, or other financial liabilities resulting from accidents on jobs.
- Property Insurance: Property insurance helps protect you if and when there is damage to your equipment or tools.
- Loss of Income Insurance: If you suffer a business interruption, this coverage may reimburse you for lost income.
- Workers’ Compensation: The moment you hire your first employee, you may need to apply for this type of coverage. Workers’ compensation could cover job-related injuries, illness, or loss of income.
- Commercial Vehicle Insurance: If you drive your personal vehicle for your business, it is easy to think that your personal insurance will cover any loss from an accident. However, that is not necessarily the case. Personal auto insurance is quite often, not adequate (or does not apply) when you are out on business.
- Plumber Liability Insurance: While general liability insurance may cover many of your business needs, plumber liability insurance extends your coverage. It is more specific to your needs in the plumbing field than general liability coverage.
- Other Endorsements: Depending on your business, you may need additional policy endorsements to make sure your company is adequately protected.
Work with an Experienced Insurance Broker to Ensure You Have the Coverage You Need
Avoid leaving your business insurance requirements to chance. Work with a skilled broker at The Nowell Agency to determine what works best for your distinct needs. We understand each industry requires different levels of coverage. We will identify any coverage gaps and tailor an insurance package with your plumbing business in mind. One of our brokers will be happy to discuss what policies are available to give you the most coverage for your investment.