Plumbers need plumbing insurance packages for protection against potential risks to company assets. Service mistakes or worker accidents can result in damages that could potentially drain your budget beyond recovery.
Often, construction businesses choose to combine all their necessary business insurance coverage into one package. Not only do custom insurance programs streamline business policies, but plumbing contractors also find that package policies are more affordable as well.
Who Needs Plumbing Insurance?
Business owners working in the plumbing trade must protect their income and assets with appropriate insurance coverage. Contractors, handymen, pipe fitters, remodelers, septic system installers, developers, sprinkler technicians and other plumbing-related business all benefit from the protection that plumbing insurance offers.
Types of Plumbing Insurance Policies
The various types of programs available often depend the state and business location, but usually companies require the following:
General Liability Insurance
This coverage is a must for plumbing insurance policies. It protects from financial liability related to lawsuits resulting from property damage or customer accidents. For some plumbers, agent or brokers bundle the general liability coverage into business owner’s policy or BOP. These policies are not always necessary for all plumbers so check with your agent to learn whether a BOP is right for your needs.
Workers Comp Insurance
Workers comp covers medical expenses and loss of wages when employees injure themselves or become ill while on the job. A majority of the states make this coverage mandatory for business owners with employees.
Commercial Insurance for Plumbing Vehicles
Fleet insurance covers your plumbing vehicles for liability and/or comprehensive coverage. Whether your company owns and maintains vans, pickup trucks, box trucks or trailers, there are state minimums of coverage required for business owners.