The plumbing business is often underestimated. Most people think that it is a safe business and nothing can go wrong with it. The need for insurance for plumbers has always been questioned. However, every business has its own risks and liabilities and plumbing business is no exception. There can be incidences where a plumber gets injured while working, some damage is caused to the property while fitting the pipelines, you may get sued by some client or even employees for financial disagreements. Several situations can be stated where insurance can be instrumental in paying your liabilities without causing much financial load to your business. Here are some common risks that are associated with the plumbing business where the insurance can lend significant help.
- Commercial risks
Damage caused at the worksite is the most expensive risk that a plumbing business faces. It refers to a situation where the property owner (third party) claims for remuneration or sue you for the damage caused to his/her property. The specifications of commercial property are sometimes tricky. It is important to know that such policies only cover the damage caused to the property. Any work that was completed before the incident has to be redone by you and the insurance company does not cover that. Consider your business liabilities, upfront cost, conditions and deductibles, and policy limits before putting your money on any insurance plan.
- Loss of equipment and inventory
Frequent events of loss of tools and equipment from the worksite have been observed. This makes it necessary for plumbers to invest in tools and equipment coverage insurance plans. These plans provide coverage for loss or theft of tools from a worksite, your company’s premises, vehicles, and storage trailers as well. The plans offer coverage for tools stolen or lost from worksite until the installation … Read the restRead More »