Plumbing insurance satisfies many different risk factors if you own a plumbing business. From general liability to guaranteeing your workmanship, a good insurance policy will protect you, as well as give your customers peace of mind, knowing that your work is protected financially. It’s important to work with an insurance agent who specializes in policies written for skilled tradesmen.
What Types of Insurance Do Plumbers Need?
Plumbers need multiple types of coverage. If you have employees, Workers’ compensation insurance is a must. Liability coverage is also essential. If you have vehicles, you will need a commercial auto policy as well. Surety bonds to cover your employees and an umbrella policy to fill in any gaps will also be extremely beneficial. As a plumber, you have tools and equipment that are essential to your job. It’s important to cover these items as well.
Business Insurance Policies for Plumbers
A solid business insurance policy will cover many of the intangibles involved in running a business. A BOP policy will cover unexpected interruptions in your business, as well as any unforeseen events that could stem from misleading advertising or poor workmanship. A business owners’ policy is made up of several types of coverage to protect every aspect of your plumbing business. Having this type of policy is to your advantage.
Liability Policies for Plumbers
Every business will be faced with some type of liability during the lifespan of its operations. If you are busy working and someone trips over one of your tools and is injured, you will probably be facing a liability claim. If you run into problems installing someone’s plumbing or the work that you have performed is defective in some way, it may be grounds for a liability claim. Understanding what is involved in a liability claim is important when trying to protect yourself and your business.
Insurance Requirements for Licensed Plumbers
Most types of business insurance are optional but extremely beneficial to have. Two types of insurance are mandatory. Auto insurance (both personal and commercial) and Workers’ compensation insurance are required in almost every state in the country. They can be written as separate policies or they can be included as part of a comprehensive business owners’ policy.
How Much Does a Good Plumbing Insurance Policy Cost?
Your cost will depend on many different factors, including the location of your business and the size of the area you serve. Your annual revenue, number of employees, and how much technical experience you have. All of these factors, plus the type of plumbing insurance you purchase will determine the price you pay for your business coverage. You may have discounts available to you that will bring down the overall cost of your premiums.
Artisan Insurance Solutions Can Help!
Owning a plumbing business carries a lot of responsibility. It’s essential to protect yourself, your business, and your employees by purchasing a good plumbing business owners’ policy. Contact our agents here at Artisan Insurance Solutions today to learn more about the insurance policies we offer. These are policies designed specifically for plumbers and other skilled craftsmen who provide specific types of services to their customers. You can also call our office today to learn more about insurance policies written specifically for plumbers!