Essential Insurance Coverage for Plumbers

Running a successful plumbing business takes a lot of discipline. You have to juggle multiple responsibilities. Purchasing insurance allows you to protect your investment. Unfortunately, many plumbing business owners neglect purchasing a strong insurance plan. That leaves their business vulnerable if a disaster arises. Purchasing insurance should be one of your top priorities so that your business will be covered in the unlikely event of an emergency. To assist you with the process, here’s a look at the essential types of insurance for plumbers.

General Property Coverage

As a plumber, you’re mostly traveling around to different places to complete tasks. You’ll likely take your equipment with you as you travel to different jobs. Having your gear damaged or stolen would be a major inconvenience, especially if you have to cancel a job and you don’t have the financial security to repair or replace the damaged items.

Purchasing general property coverage is recommended because it offers a safety net in the unlikely event of something happening to your equipment. General property coverage could prevent you from being on the hook for thousands of dollars’ worth of repairs regarding your damaged equipment.

Workers’ Compensation Coverage

Workers’ compensation is essential insurance for plumbers if you have employees that work alongside you. Adding workers’ compensation insurance may be mandatory to help you secure some contracts. The policy is designed to help you and your employees if there is an issue on the job. If one of your employees is injured on the job, workers’ compensation covers their medical treatment and prevents you from dealing with a potential lawsuit.

Life Insurance

Talking about life insurance is an uncomfortable topic for many people. While preparing for life after death is uncomfortable, it’s important to think about how your loved ones would be impacted if you passed away unexpectedly. Having a life insurance policy in place could help alleviate some of the financial burdens on your loved ones.

Life insurance provides a payment to your loved ones after you have passed away that they can use to assist with future expenses. Your loved ones can use the funds to cover any remaining debts, assist with regular expenses, or plan for the future. Life insurance gives your family something to lean on while coping with your passing.

Read: 8 common occupational hazards faced by plumbers

Public Liability Coverage

Public liability insurance is one of the most important insurance for plumbers. The policy covers your business if you are held responsible for damaging a client’s property or injuring someone while working on the job. There are multiple situations where an accident may happen on the job. Perhaps a pipe you were working on starts leaking and causes damage to a client’s home. Perhaps your equipment malfunctions and injures someone. Public liability insurance protects you in these situations by covering any replacement costs, medical bills, and other related expenses.

Personal Accident and Illness Insurance

While being self-employed comes with many unique benefits, one injury could lead to you being unable to work for an extended period of time. This could cause significant damage to your finances. Personal accident insurance stabilizes your income if you are unable to work due to an injury or illness. You’ll receive a fraction of your lost wages so as to continue paying your bills and meeting other needs until you are healthy enough to return to work.

Consult with Artisan Insurance Solutions Today!

Purchasing insurance for plumbers ensures that you can operate your business comfortably well into the future. If you have any questions, contact the team here at Artisan Insurance Solutions, and we will assist you.

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