Plumbers
For a plumber, business liability coverage that protects plumbing contractors against lawsuits and other financial challenges resulting from accidents or mishaps, is the key component to keeping your business afloat. And being held legally liable for flooding a customer's kitchen or basement due to your negligence, could cost you your business.
So how much insurance should you purchase?
Lawsuits over the years have soared into the multi-million dollar ranges for liability due to faulty pipes and installation.
Even the most seasoned plumber can be sued for many problems with their installation. Even for the defects in materials they use. But having the proper insurance coverage in place can prevent you from having to close your business from bankruptcy.
Here are coverage types that your business needs:
- General Liability Insurance: For a plumber, General Liability Insurance is one of the most important insurance policies. Water damage, leaks, and other property damage lawsuits can all be covered under a liability insurance policy.
- Surety Bond: In order to be a licensed plumber, you'll usually need to have a License Bond or Permit Bond when you apply for your plumber's license.
- Commercial Auto Insurance: Commercial Auto Insurance covers the cost of auto accidents and related lawsuits if your plumbing service truck caused an accident during or on the way to a job.
- Umbrella Insurance: Umbrella Insurance adds extra coverage to General Liability, Workers' Comp, and Auto Liability insurance so you can pay for lawsuits that exceed the limits on your primary coverage.
- Workers' Compensation Insurance: In order to meet state requirements, plumbers usually need to have Workers' Compensation Insurance as soon as they hire employees. When an employee is injured on the job, Workers' Compensation pays for their medical bills and covers some of their wages if they are unable to work.
Get a quote with one of our plumbing specialist. Fill out the form below and learn more about proper coverage for your business.