Water leaks and faulty parts are not only major headaches, but can result in a lawsuit that could financially devastate your business. Plumber insurance helps cover medical bills and legal costs from injuries and accidents, and it's often required to get licensed.
A general liability insurance policy protects plumbers against legal expenses related to client property damage and injuries. It's often required by commercial leases and contracts.
A BOP bundles commercial property insurance and general liability coverage at a discount. It's often the most cost-effective type of insurance for a small plumbing business.
Most states require plumbing companies with employees to carry workers' comp to help cover workplace injuries. In some states, even sole proprietors who work in construction must have this policy.
Plumbers with business-owned vehicles must carry commercial auto coverage to comply with state laws. It helps cover financial losses in an accident, including legal costs and property repairs.
A type of inland marine insurance, business tools and equipment insurance protects your equipment wherever you bring it. That includes items in transit to jobsites, stored off-site, or at a client's home.
Professional liability insurance covers legal fees related to a mistake, missed deadline, or other accusation of professional negligence. It's also called errors and omissions insurance (E&O).
Here's a quick look at the average cost of plumber insurance policies purchased by TechInsurance customers:
General liability: $115 per month
Business owner's policy: $166 per month
Workers' compensation: $195 per month
Factors that can influence contractor insurance costs include:
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Find answers to frequently asked questions about plumbing contractors' insurance requirements and licensing.
Professional indemnity insurance, often called professional liability insurance, helps pay for customer lawsuits stemming from an accusation of professional negligence. That includes mistakes, oversights, and missed deadlines that financially impact a customer.
While not usually required, it's strongly recommended for both plumbing companies and plumbing contractors. That's especially true if your business does plumbing design or consulting work for clients.
Here are a few situations where a professional liability policy would protect a plumbing business:
A simple mistake can lead to tremendous out-of-pocket costs if you're not adequately protected. The right plumbing liability insurance pays for legal expenses if you're blamed for a leak or other damage, and provides peace of mind so you can focus on your work.
In addition to those mentioned above, there's a wide range of plumbing insurance policies to match the specific needs of your business.
Plumbing professionals, including sole proprietors, should consider the following policies:
Plumbers often need licenses, permits, and bonds to do their work legally or to take on certain projects. Here's a quick breakdown:
Plumbing businesses often need a license, permit, bond, and plumber liability insurance in order to do their work legally. This helps you avoid penalties, and ensures you're protected financially in the event of a lawsuit.
It'll take a little research to learn the regulations for your area. In addition, most states require workers' compensation insurance when you have employees, and commercial auto insurance for business-owned vehicles.