So much goes into running a busy plumbing business, so it is crucial to stop and examine your insurance policies to ensure you are adequately covered from your unique risks. Plumber insurance plans are designed to protect you and your business, and it’s important you are equipped with the right policies. Consider these top plumber insurance policies that these professionals should carry.
Public Liability Insurance
Liability insurance protects you when you’re found liable for property damage or injury to a person that has occurred on the job. Plumbers commonly find themselves exposed in situations involving a pipe leaking after a job damaged a client’s home. Injury to clients may also occur if someone trips or is injured from the equipment you’ve installed or worked on. If damage does occur, you may be held liable for repairs, replacements, medical bills, rehabilitation, and associated costs.
General Property Coverage
Typically, plumbers must commute to different jobs. You most likely are taking your equipment and tools with you while traveling to various locations. If your gear becomes lost, damaged, or stolen, not only can this inconvenience cause serious consequences, you will also incur hefty expenses when replacing these items. Consider how many tools you own and how much each of these items cost. This out of pocket expense could be financially devastating for you and your business. Be sure to secure general property insurance to protect your vital equipment.
Although not a pleasant thing to think about, what would happen to your family if you were to pass suddenly? How would they cope financially? Life insurance provides a lump-sum payment to your dependents in this scenario, which they can then use however necessary. This payment is commonly used and helpful for debts such as car loans or mortgage, other bills such as rent and utilities, children’s education costs, and general living expenses.
Those who own their own plumbing business and have employees working for them should have workers compensation established for employees. This type of insurance is designed to protect both you and your employees. If an employee becomes sick or injured and is successful in filing a worker’s compensation claim, this policy will reimburse you for any ongoing payments that you make for their leave of absence.
Personal Accident and Illness Coverage
Being self-employed can have many pros and cons. One of the disadvantages is that you generally will stop earning an income if you become unable to work. If injury or sickness forces you to be out for a while, personal accident and illness coverage will allow you to continue to receive a portion of your regular income throughout a set period, paying you an income needed to keep you afloat and maintain your lifestyle until you return to work. Contact an agent to organize an insurance package so you can have the peace of mind needed to focus on running your plumbing business.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.