If you have been wondering what type of insurance a plumber should have, you have stumbled upon the right article. There are different insurance policies a plumber can get for their business.
Just like every other business, plumbers are also advised to get insurance coverage to shield them from unforeseen events and help them manage risks.
A lot can go wrong with a plumbing job, and it may lead to damage or bodily injuries. Being an insured plumber is important to help you get over lawsuits and any other issues related to your business. Insurance does not only provide peace of mind but also liability coverage, which is legally required for plumbers.
While there are different business insurance coverages for business owners, there are some coverages plumbers should get.
5 Types of Insurance a Plumber Should Get
What insurance should a plumber get? is a common question plumbers ask. It is quite easy for plumbers to get insurance coverage, as long as they can identify the best insurance coverage for them. This section of my write-up contains five types of insurance a plumber should get.
• Commercial general liability insurance
Commercial general liability insurance is the most important insurance coverage a plumber should purchase. This is because it covers not only you but also your customers.
It offers protection in times when things go unexpectedly wrong, causing the plumber to face a liability claim.
In cases where you or your employee cause damage to a customer’s property or injury, commercial general liability will offer coverage for legal costs and compensation for the injury or damage caused.
However, this insurance covers property damage, products, bodily injury, and completed projects, making it a good option for plumbers.
• Commercial vehicle insurance
Commercial vehicle insurance is yet another important insurance policy plumbers should get. It covers the vehicles that plumbers and their employees use for work.
Plumbers who use cars for work and plumbers whose businesses use rented or leased cars should get this coverage. This is because it works just like car insurance; it protects the vehicle they use for business.
• Tools and equipment insurance
Tools and equipment insurance is essential for plumbers. It makes more sense to keep them insured. In cases of theft or damage, this insurance coverage covers the replacement and repair of your tools.
It also covers tools and equipment at job sites, in storage trailers, in company vehicles, and in other work premises. It also covers installation tools such as piping stored at job sites.
• Business interruption insurance
You may consider adding business interruption insurance to your plumbing insurance policy. It covers the financial expenses associated with bringing your business back to its feet after an insured loss at job sites or other work premises that causes your business to temporarily be on hold, as experienced.
This policy covers fire, vandalism, flood, wind, and other risks to your business. However, you need to ensure they are covered under your insurance policy.
• Errors and omissions insurance
Errors and omissions insurance protect plumbers from claims of professional negligence. It is the most common type of insurance for businesses that provide services and advice.
These businesses include financial services, law, event planning, and medicine. Mistakes may occur at any time in any business, and the penalties for these mistakes can be very costly.
What Plumbing Businesses Need Insurance?
Different plumbing businesses need insurance coverage. Insurance is not limited to the following plumbing businesses:
- Residential plumbers
- Water supply plumbers
- Construction plumbers
- Commercial plumbers
- Service and repair plumbers
- Plumbing contractors
- Sprinkler installers
These plumbers are advised to get insurance coverage for their business. All they need to do is determine the best insurance coverage for their business and the best insurance company.
How Much is Insurance for Plumbers?
Different factors can affect your insurance costs. Depending on the type of coverage you get, your business location, the number of employees you have, and the type of service you render, how much you have to pay for insurance is determined.
Every insurance company has different insurance quotes, rates, and pricing. However, you will need to check with your insurer on how much you are going to pay for insurance for plumbers.
How to Get Plumbers Insurance
It is very easy to get this insurance coverage for your plumbing business. You will need to shop online for different insurance quotes and rates and then compare them to find the one that is best for you.
Do not forget to check out their restrictions and limits when searching. After finding the one best for you, proceed with the purchase of the insurance coverage for your business.
If you want to, you can consider other additional coverage you can get on your insurance policy to offer you a wider coverage range.
However, to make this process easier for you, you can decide to work with an insurance agent or broker to help find the best insurance coverage.
