Being a professional plumber, you have to focus your attention on your work. However, regardless of how careful you are with your job, there are always chances that something might go wrong. In case you cause harm to someone or damaged their property, then this could result in financial trouble for your business.
The good news is plumbers insurance can help you in dealing with these situations. You can tailor-make your cover so it can fit your particular work activities. Hence, you can enjoy having the protection that you need. This can give you peace of mind as you continue running your business.
What can be covered by a plumbers insurance?
Plumbers insurance can cover individual plumbers as well as plumbing service companies which have many employees. It can also cover a variety of plumbing works which are done in different types of properties, whether it is commercial or domestic or even in risky locations. Plumbers insurance can also cover injuries which are caused by plumbing jobs. Most of all the tools, equipment, and vehicles that you use for your business can also be covered.
Sometimes plumbers are very busy fixing leaks and they don’t have time to think about getting a cover for their own business. It is very important that every plumber should know what can be covered by public liability insurance and what are the other types of insurance that they might need.
What type of insurance do plumbers need?
Do you have a plumbing business? If so, then you must have seen different insurance claim situations. However, you should not only worry about other people’s leaks and floods. In fact, you should also understand that you might be facing certain risks in your business. That is why, having the right insurance in place can protect you, your business, your staff as well as your customers. There are different types of cover that you can include in your business insurance package so it can be tailored to fit your specific needs. This includes public liability insurance, employers’ liability insurance, and more.
Public Liability Insurance for Plumbers
Obviously, you want your job to be done correctly. However, if you are working on a pipe or tap that is not fitted accurately, then it can lead to devastating consequences. Public liability insurance can cover your legal and compensation costs in case you have injured or killed someone or damaged their property while doing your job. Although, this is not a legal requirement, yet if you are working with other people then it would make sense to take this type of insurance.
Employers’ Liability Insurance
If you employ workers who are not your family members, then you are required by law to take out an employers’ liability cover. It is a valuable cover if you want to protect your business against claims filed by your employees due to injuries and illness. What if one of your workers gets sick or injured while working on their job.
Keep in mind that you have to update your health and safety rules so that your policy won’t get invalid.
Business Tools Insurance
Your plumbing tools are very important since you can’t work without them. But what if your plumbing tools are lost, stolen or damaged and you don’t have enough money to pay for its repair costs or replacement? Most often, plumbing tools and equipment are a bit costly. With a business tools insurance, your plumbing tools and equipment can be covered against different kinds of incidents such as theft, flood, fire, storm, and more.
Contract Works Insurance
If your work is part of a bigger project, for instance, you are doing plumbing works in large property development, then having this cover can protect your business against any disasters that might occur. Some of these unforeseen events include fire, flood, storm, and theft.
What if you are done doing your plumbing works in a new building and it was suddenly destroyed by a heavy storm. Obviously, you will have to do your plumbing works again. Contract works cover can pay for your materials as well as your tools.
Business Interruption Insurance
In the event that you can’t continue to operate your business for a certain period of time, the business interruption insurance can cover for the income that you’ve lost due to an unexpected incident.
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About business banking
A business bank account is essential for any business – whether you are a contractor or a large firm with thousands of employees. There are many business account options with different account features based on your specific needs, including overdraft options, online banking, free business banking and interest on in-credit balances.