A major issue plumber’s face when deciding on the insurance coverage needed is that no two may do exactly the same type of work. Some may do only commercial building projects. Some may do just residential or just repair.
Some plumbers do heating and air conditioning, some don’t. No matter what your plumbing business focuses on, it is important to review any types of work accepted when considering insurance risk.
That leads to the crucial point of Plumber’s insurance, using a licensed insurance professional every step of the way in designing your business insurance.
Make sure to review what your business does, and what types of work you would consider taking in your business so an unforeseen incident doesn’t wreak havoc on your business.
Like most businesses, a basic combination of general liability, property insurance, and workers compensation is the starting point. After getting the basic coverage, additional protection needs to be reviewed. Often, liability and property coverage can be combined in a business owner’s policy. These policies as a rule are less expensive than buying separate coverage.
Start with your general liability insurance. A business of any type, including a plumbing business needs to have liability insurance in place. This liability insurance protects you and your company against many forms of negligence.
Next, your property insurance for your business is very similar to the homeowner’s coverage you carry personally. You are protecting the building, furniture, and business equipment such as phones, computers, cabinets, and copiers. It’s important to note that a separate commercial automobile policy also needs to be included.
Finally, workers compensation insurance is necessary if you have any employees. This is purchased separately from your business owner’s policy.
Once the basics are covered, talk to your agent about other types of coverage which again are often an option in a business owner’s policy. Coverage like mechanical breakdown, loss of income, and other options are usually available.
The key to maximizing coverage coupled with affordability is working with your licensed insurance professional every step of way in formalizing your plumber’s insurance package.