Claiming Home Insurance For Gas Line And Hvac System Damage In Japan – You are here: Home / Plumbing contractor insurance / Types of plumbing insurance to manage your business risks
As a plumbing professional, you face risks every time you answer a call and go to work. Whether you work alone or with a team of plumbers under you, it is crucial to have the right specialist plumbing insurance to protect your business from these risks.
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You have trained hard to get the necessary certifications and are working to build your business. You’ve carved out a nice little business for yourself in what is a lucrative trade. And no doubt, you have invested tens of thousands or even hundreds of thousands of dollars in tools, supplies, vehicles and staffing to contribute to the successful operations of your plumbing business.
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So, what happens to your business if something goes wrong? What have you done to protect your investment in your business? Do you have the cash reserves to address a financial threat to your company?
The truth is that plumbers face unique threats every day. You install pipes that go in and out of homes and businesses, repair water leaks, and work around gas connections and gas lines that have the potential to be severed. You also have your employees to consider. What if they were hurt while working for you?
Your plumbing business faces liability risks, property damage risks, bodily injury risks, personal injury risks, and more. PlumbingPro insurance helps manage the risks for you so that your business can thrive and remain successful.
If your business involves any of the following, you need plumbing insurance to protect your company’s financial interests:
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Plumbing professionals have higher exposures than many other types of small businesses. There is always a chance that work done by one of your employees may cause damage or injury. Unfortunately, there are also hidden hazards and risks that you may not think about until it’s too late.
In addition, most states require plumbers to have a minimum liability insurance, and potential customers will certainly want to hire a company that is adequately insured.
But more than that, the right plumbing insurance will help manage the financial and legal ramifications that arise from costly claims and lawsuits against your business.
Other factors may affect the premium for your plumbing insurance policy. It is advisable to speak to a specialist business insurer about the details involved in your business. In many cases, an insurance company can bundle policies to help lower the cost of your premiums.
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Small businesses typically benefit from several types of insurance policies, and plumbing contractors are no exception. An experienced insurance agent can help determine which policies are specifically needed for your business. However, most plumbing businesses need some or all of the following types of insurance:
Commercial general liability coverage is needed for every small business owner, including plumbing contractors. When you do business on someone else’s property, there is a risk that something could go wrong.
If someone claims wrongdoing by your company, business general liability coverage offers broad protection for your business against claims related to bodily injury, damage to a client or third party’s property, and related medical expenses.
General liability/property damage claim example: Think about what would happen if one of your employees fails to tighten a connection properly. The next day you get a call from your customer that water is leaking in the kitchen, damaging the new high-end floor they just installed.
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There is also water damage to the molding, cabinets and surrounding areas. This would be considered property damage covered by a general liability policy. An insurance policy would help pay for these types of damages, while easing the financial burden on you and your business.
General Liability / Bodily Injury / Personal Injury Claim Examples: Let’s say you install a water heater in a school. Unfortunately, before you realize it, there is a malfunction of the temperature setting, and one of the students gets scalded when washing their hands.
The parent is likely to blame the school, while the school is likely to blame you and launch a claim against your plumbing business.
Without general liability coverage, your business would have to pay for the student’s medical treatment. If the parent decides to sue you, general liability would also pay for legal expenses and any resulting amounts awarded by the courts. A lawsuit by the parent is an example of a personal injury claim.
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According to Business Insider, plumbing ranks as one of the most dangerous jobs in America. If you have employees who work for you, you don’t want to lose coverage for them if something were to happen to them on the job.
Worker’s comp insurance was created to fit this need. It provides dual benefits – protection for your business and compensation for your workers for work-related injuries or illnesses.
Plumbing work has several potential hazards. Not only are your workers doing their jobs in wet, slippery environments, but there’s also the potential for exposure to mold, asbestos, raw sewage, chemicals, and other toxic substances.
Plumbers also work in confined areas that are difficult to access, placing them at a higher risk for musculoskeletal disorders and injuries.
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Adequate coverage for your workers is a must. In fact, most states require that businesses carry workers’ compensation coverage for their workers.
Suppose one of your workers has an injury or illness received while working for you. In this case, Workers’ Compensation will pay for lost income, medical treatment related to the claim, and any legal expenses to protect your business if the employee decides to sue.
Workers’ comp claim example: Imagine a customer calls your plumbing company to replace a leaking water heater. The water heater is located in an attic. Water was left running for a while because when your worker goes into the attic to replace the water heater, the rotten floor falls down, sending your worker through the ceiling of the lower level.
Your worker suffers injuries and needs medical attention. Doctors determine that your worker will also need to be off work for several weeks to recover. It is a good thing that you have a worker’s comp to pay for your employee’s medical expenses and lost wages.
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Also, because your employee feels like he is being taken care of, he is more likely to return to work and not take legal action.
Plumbers work in conditions that predispose an environment to pollution. Plumbing operations can sometimes involve the repair or installation of water supply lines and waste disposal systems.
Both of these are highly conducive to pollution exposures, such as mold, toxic chemicals, sealants, underground utility lines, contaminated soil, and more.
General liability policies typically exclude pollution-related losses. So, a contractor’s pollution liability policy is vital to bridge this coverage gap. It will pay for property damage, bodily injuries, and cleanup costs that arise from pollution exposures at a job site.
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Contractors Pollution Liability Claim Example: While you are probably conscientious about proper disposal methods on a job site, one of your workers may not be as well informed or may decide to cut corners. Almost no plumbing work uses chemicals in its operations.
If one of your workers improperly disposes of a material like asbestos or lead, it could lead to a pollution claim against your business. In this case, a contractor’s pollution liability policy would help manage these types of claims.
The general liability insurance policy you choose will have coverage limits. So what happens if you choose a policy with a $500,000 limit and a liability claim against your company results in a $1,000,000 judgment awarded against your business? That’s where an umbrella liability policy comes in.
An umbrella policy will provide the extra coverage you need to pay for amounts that exceed your general liability limits. Otherwise, you’d have to pay out of pocket for any liability claim that exceeds your coverage limits.
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In some cases, an umbrella liability policy will also pay for claims that exceed the limits of your commercial auto insurance. An umbrella policy includes payments for medical bills, legal costs, damage to someone else’s property, and any settlements or judgments awarded by a court.
Example of umbrella liability claim: Imagine for a moment that the worst happens. You and your workers are contracted to replace the outgoing sewer lines in an apartment complex. Your worker accidentally hit a natural gas line buried underground. However, before the area is secured, a passerby lights a cigarette, prompting an explosion.
Several claims are filed against your plumbing business, because the blow took out half of the residence, which is worth 750,000 dollars. Many people were injured and killed in the explosion, which caused several lawsuits against your business. The problem is that you only chose a $500,000 limit per occurrence in your general liability policy.
Lawsuits of this magnitude could bankrupt your business and permanently put you out of commission. On the other hand, the financial impacts may be minimal with an umbrella liability policy that pays for damages outside of your general liability limits.
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There is no doubt that when someone consults your business on a plumbing matter, you offer your best advice with the knowledge you have. Unfortunately, there are sometimes unforeseen circumstances where a
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