Types of Insurance for Plumbers

| August 05, 2015

Insurance for Plumbers – what types of insurance for plumbers is recommended for maximum protection

The plumbing industry is no different than any other industry in regards to needing proper coverage. Plumbers do have a special set of needs in regards to their coverage, and not having the right coverage can be a deal breaker for many potential clients. With that being said, it is highly imperative that plumbers and plumbing companies work with insurance agents/companies that have a thorough understanding of the risk management challenges and unique insurance that plumbing contractors routinely face.

Additional types of insurance for plumbers for complete risk reduction

It goes without saying that all plumbing contractors must have workers compensation coverage, but they also need additional coverage that can include the following:

  • Business Income/Extra Expense – This form of coverage is able to provide payment in the event that business activity becomes interrupted via damage that is insured.
  • Non-owned and Hired Auto – This will cover any damages or injuries that may be caused by an employee while they are driving their vehicles for business purposes.
  • Medical Payments for Medical Expenses – This is for persons, with the exception of employees and officers that will require treatment due to business related injury.
  • Reimbursement for Rental Costs – Should a lubing contractor be in need of renting substitute equipment due to their being out of commission as a result of covered loss, the fees associated can be reimbursed.
  • Property of Others – This will protect the property of others that have been left in your care during the commission of the work day.
  • Surety Bonds – This is inclusive of the following in order to meet the unique business needs: miscellaneous, supply, maintenance, payment, and performance bonds.
  • Employee Dishonesty – This will cover the plumbing contractor in the, unfortunate, event that an employee/s steals from the company.
  • Systems Breakdown – This coverage insures the electrical, air conditioning and heating systems that are utilized in order to maintain the plumbing business.
  • Liability for Employment Practices – This will deliver coverage in the event that loss occurs due to a wide range of employee lawsuits. Such lawsuits include the following: wrongful termination, sexual harassment as well as discrimination of any form.

Additional Insurance Coverage for Plumbers to Consider

In addition to the coverage types that have been mentioned above, plumbing contractors will also need to ensure that their building materials, appliances and fixtures are insured. They will need to be insured against loss during transport, loss at work locations as well as theft. Additionally, coverage will need to be extended to mobile equipment as well as tools (while keeping in mind that there may be limitations within some states).

Plumbing contractors must also protect themselves while maintaining a high level of customer relations. This will entail the insuring of damages that can, accidentally, occur via property that has been left in the company’s care regardless of actual fault. Should a particular plumbing business take advantage of seasonal peak periods, coverage for the inventory can increase by [an average of] 25% during busier times. Minor provisions can be made to the unique policies that are required via plumbers as a measure of guaranteeing coverage that can have both the company and customers placed safely at ease.

Review the Types of Insurance for Plumbers Your Company Has Today – WMSchwartz Makes Sure Your Company Won’t BURST Because Your Coverage Has a Leak!