As a plumber, you face a wide range of risks every day. From on-the-job injuries to property damage to the theft of equipment, there are countless hazards that could put your business at risk. That's why it's essential to have the right insurance coverage in place. Here are the four most important insurances that every plumber should have, along with a brief overview of each coverage and a sample claim that it would protect the plumber from:
- General Liability Insurance: General liability insurance provides coverage for bodily injury or property damage that occurs as a result of your operations or products. This type of insurance can protect your business from costly lawsuits and claims.
Sample claim: Let's say you've installed a new plumbing system in a high-end residential property, and shortly after the installation, it suddenly leaks and causes significant damage to the expensive wood floor. Your general liability insurance would cover the cost of repairs or replacement of the damaged property, as well as any legal fees or settlements associated with the claim.
- Workers' Compensation Insurance: Workers' compensation insurance provides coverage for medical expenses and lost wages if an employee is injured on the job. This type of insurance is mandatory in many states.
Sample claim: An employee falls off a ladder and breaks their leg while working on a job site. Your workers' compensation insurance would cover the employee's medical expenses and provide income replacement while they recover.
- Commercial Auto Insurance: Commercial auto insurance provides coverage for accidents and injuries that occur while driving a company vehicle. This type of insurance is necessary if you use your vehicle for business purposes.
Sample claim: Imagine that your plumbing van is stolen, along with all the tools and equipment inside. While the insurance covers the replacement of the van, it does not cover the cost of replacing the stolen tools and equipment. However, if you have tools and equipment insurance in place, it can help cover the cost of replacing the stolen items.
- Tools & Equipment Insurance: Tools and equipment insurance provides coverage for loss or damage to the tools and equipment you use in your business. This type of insurance can protect your business from the financial impact of theft or damage.
Sample claim: Continuing from the previous scenario, your company van is full of expensive plumbing tools and equipment when it is stolen. With tools and equipment insurance in place, you can file a claim and receive coverage for the cost of replacing the stolen items, which can help you get back to work more quickly and with minimal financial loss.
Having these four types of insurance coverage in place can help protect your plumbing business from financial loss and liability. At Pascal Burke Insurance Brokerage, we specialize in providing insurance coverage for plumbers and other contractors.
At Pascal Burke Insurance Brokerage, we understand that protecting your plumbing business is critical to its success. That's why our team of experts specializes in providing insurance coverage tailored specifically to contractors like you. We take the time to get to know your business and its unique risks and challenges, so we can provide you with the right coverage to protect you from potential financial loss and liability.
To help you understand what types of insurance coverage your plumbing business needs, we offer a free, no-obligation Insurance Needs Survey. This survey takes just a few minutes to complete and provides an instant report outlining the coverage options that best fit your business needs and budget.
Don't wait until it's too late – take the first step in protecting your plumbing business today. Contact us today at 877-893-7629 to learn more about our insurance options and how we can help protect your business or you can visit our website BuildersArtisans.com to access the free Insurance Needs Survey and find the right insurance coverage for your business.