As of 2019, there were more than 513,244 plumbers working in the United States. Many of those plumbers own their own business and need to do whatever they can to protect their company.
Investing in high-quality plumbing insurance policies will help protect your investment and keep your company running more easily. However, figuring out which specific policies you need can be a bit confusing.
Though every company’s risks will be different, every plumbing business can benefit from coverage. Here are a few of the most important policies to consider.
As a business owner, you’re responsible for everything that you and your employees do at work.
If something happens while you’re working on a client’s property and something in their home breaks or gets damaged, you’ll have to pay for the cost of repairs. Worse, if they’re injured, they may be able to sue you for the cost of medical treatments and other damages.
General liability insurance helps reduce your out-of-pocket expenses. If a client’s property gets damaged or they get injured as a result of your services, your insurance policy will help cover the cost of the damages. It can even protect you from legal fees and settlement costs.
Commercial Auto Insurance
You’re a responsible driver. That’s why you invest in great personal car insurance to protect you and other drivers on the road.
However, that policy won’t work for your car if you’re using it in the course of your work. It also won’t extend to other commercial vehicles you purchase for your company.
You need a commercial auto insurance policy to protect all vehicles used in the course of your business. This is true even if you use your personal car to drive to client’s houses.
If you file a claim with your personal insurance provider and they find out that you were using the car for business, they may deny the claim entirely. Worse, they could cancel your coverage immediately.
If you’re not sure what type of commercial auto insurance you need, talk to your insurance agent. They’ll help you find the right amount of coverage to fully protect your work vehicles.
Workers’ Compensation Coverage
If you plan to hire employees, one of the first things you need to do is look into workers’ compensation insurance.
Plumbing is a very physical job and accidents can happen at any time. If your employee gets injured on the job, workers’ compensation insurance will help cover the cost of any medical treatments they receive as a result of the injury. The insurance also gives them a portion of their regular wages to help them focus on recovering rather than worrying about making ends meet.
It also protects you from lawsuits as employees who file a workers’ compensation claim waive their right to sue your company. Depending on the situation, this insurance could save you thousands with just one claim.
Business Interruption Insurance
What would you do if your business wasn’t able to operate for a month or two? Would you be able to continue paying rent and covering payroll or would you have to think about closing for good?
Business interruption insurance helps you hedge against those unexpected shutdowns. It provides you with money to cover your regular expenses and helps you continue to pay your team during the shutdown.
Keep in mind that the amount of money you’ll receive will depend on the limits of your policy. Be realistic when thinking about how much your regular monthly income is and what expenses you’ll need to cover. The last thing any business wants is to not have enough insurance when they need to file a claim.
Whether you have a physical headquarters or you’re a single-person operation based from home, you still have tools and equipment that you rely on to do your job. If those tools get damaged by a thief or your office space gets damaged in a fire, you’ll need to find a way to pay for repairs or replacements.
Property insurance helps cover those unexpected costs for you. The best way to determine how much coverage you need is to think about what each item is worth. Inventory your office equipment, tools, and anything else you need to do your job.
The right policy for your business should be able to cover the full cost of those items easily.
Data Breach Insurance
Even plumbers store sensitive information. You keep a list of your client’s contact information and process their credit cards for payments at a minimum. Hackers can target your business to get that information from your database.
It doesn’t matter how small your company is. You’re at risk. In fact, about 60 percent of small businesses get targeted by hackers every year across every industry.
Data breach insurance helps cover the cost of settlements and damage caused by hackers.
As a business owner, it’s up to you to find ways to help your company succeed. Think about what would happen to your company and your family if you weren’t around to oversee the operation.
Would your company have enough capital to survive and ensure that your family has the money they need to make ends meet?
Life insurance is one of the best ways to protect both your business and your loved ones. If you pass away, the policy distributes money to your designated beneficiaries. They can use this money to help keep the company running and cover any unexpected expenses that might come from your passing.
The Right Plumbing Insurance Will Protect Your Business
Whether you’re an established plumbing professional or are opening your first business, the right plumbing insurance will protect your company for years to come.
Though every company’s insurance needs differ, these policies are some of the most important ones to invest in right away. If you’re looking for insurance that will fully protect your company and your interests, don’t wait.
Contact us to schedule an appointment with an experienced insurance agent today.