One hurdle plumbers face is which kind of business insurance do I need? Some plumbers only work on new commercial buildings. Others only on new residential buildings.
Still others work on updating heating, ventilation, and air conditioning in home renovations. Some do repairs and not installation and others do it all.
The first step in choosing your plumber insurance portfolio for your business is speaking to your business insurance agent. Yet all businesses need a basic package of insurance.
Every plumbing company has some insurance needs common to all plumbers. Following are those common policies.
This insurance protects your business against any claims (up to your policy limits) limit for any property damage or personal injury claims arising from the negligence of an employee.
Property Insurance for your plumbing business is very much like homeowner’s insurance. Coverage includes protecting your business premises from fire losses, natural disasters, vandalism and theft.
The amount of coverage you need as a plumber varies with the type of work they do. A plumbing shop that does repairs only needs to insure office furniture, office equipment, tools and inventory. The premium for this coverage will be the lowest.
Plumbers who do installations and repairs need everything above and added insurance for any display of air conditioning and heating units along with the inventory. This premium is midrange for plumbers.
Plumbers who do big jobs on new construction may own heavy equipment for moving earth. They need a special rider for heavy equipment on the job site.
Any commercial vehicles also need commercial vehicle insurance.
Though it is an oxymoron, Inland Marine insurance protects your tools, equipment, and supplies on the way to or from a job site. This valuable coverage typically protects:
Any plumbing business with employees must carry worker’s compensation. The purpose of worker’s comp is to pay medical injuries for an employee who has a work-related injury or illness. It also pays for lost wages and rehabilitation for a short time.
When working as a subcontractor on any job, you have to show your insurance certificate. Many general contractors or building owners will ask you to add them as named insured for the project. If you do not have insurance, you cannot work with them.
There are many other insurance options for your consideration. Speak with your insurance broker about:
Your insurance professional can help you choose the best and most appropriate coverage for your plumbing business, guide you on deductibles, and keep your plan affordable.
Precision offers plumber insurance for businesses located throughout the Inland Empire. Nearby cities include Chino, Ontario, Upland, Claremont, Rancho Cucamonga, and Pomona.