As a plumber, you work hard to keep homes running adequately and your business turning a profit. But while you focus on fixing leaks and installing pipes, it might be crucial to think about business insurance and how it may help you. Business insurance for plumbers may help you avoid financial consequences from bodily injury or third-party property damage. Whether you’re an independent contractor or have a business with many employees, having business insurance may be able to help you evade monetary issues.
Who needs plumbing insurance?
If you’re a contractor that provides plumbing services, you may want business insurance. Depending on your coverage, business insurance may help pay for damages from a covered accident on a worksite. Some contractors or businesses that could benefit from insurance include:
- Independent contractors: Solo plumbers may want insurance to help pay for damages during a plumbing job.
- Plumbing companies: Businesses that employ multiple plumbers for larger projects may benefit from business insurance.
- Service providers: Business insurance may be beneficial for companies that offer additional services, like HVAC or drainage work.
- Remodeling contractors: Remodeling businesses that perform plumbing services may want insurance that may help pay for damages from work-site accidents.
Why do I need insurance for plumbers?
Providing plumbing services can come with its share of risks. Unfortunately, even the best plumbers are susceptible to accidents, and unexpected issues may arise during a job. Here are some common scenarios where business insurance may help contractors or business owners:
- Property damage: If your employee negligently installs a pipe that bursts and it causes damage to someone’s home, you could be held liable for repairs. Depending on your coverage, business insurance may help cover the costs for the damage.
- Bodily injury: If your business is responsible for somebody else’s injury, you may have to pay for medical expenses or legal costs. Depending on your coverage, insurance may help pay for those expenses.
What coverage does a plumber need?
Plumbers, contractors, and business owners may benefit from a variety of coverage options. Some key coverages you can consider include:
- Commercial general liability: This coverage may help cover third-party claims for bodily injury and property damage. General liability insurance can help you navigate situations where your business is responsible for injuring a customer or if you accidentally damage a client’s property while working.
- Commercial auto insurance: If you use vehicles for your plumbing business, commercial auto insurance may be beneficial. This insurance can help pay for damages to your vehicle during an accident, which a personal auto policy may not cover.
- Tools and equipment coverage: This can help pay for damaged or stolen equipment that you use for a job.
What is the average plumbing insurance cost?
Insurance costs for a plumbing business or contractor may vary widely based on several factors. Some of these factors include:
Type of coverage: The cost of insurance can vary between each distinct policy. If you purchase multiple policies and opt for more coverage, your insurance premium may also be more costly.
Business size: Larger companies or those with more employees may expect bigger insurance rates due to increased risk.
Location: Areas like urban environments with higher claim frequencies may experience higher insurance costs.
Experience: New businesses may pay more for insurance until they establish a good claims history.
Coverage limits: Higher coverage limits may lead to increased premiums for your business.
On average, business insurance for plumbers may start at $39 per month for general liability coverage, but rates change based on many factors. To find a more accurate quote for your business, you can contact Infinity Insurance Agency, Inc. at 1-855-478-3705.
Get a business insurance quote
Looking to invest in business insurance? Today may be the perfect day to purchase coverage that can help you avoid financial disruptions. If you want to find coverage that fits your needs, call IIA for a personalized insurance quote. Our experienced team can help you find insurance that matches your budget, so you can focus on providing quality plumbing services in your area.