If you’re a plumber that works for themselves, run your own business or you work as a subcontractor you will generally need liability insurance as a priority to start work and step foot on site. Many work sites list this as compulsory within their contracts, however it is also a good idea even if it is not compulsory as Liability claims pose the greatest financial risks to plumbers.
Plumbers Liability Insurance can make sure that your plumbing business is kept safe financially should a third party make a claim against you. The financial losses for these types of claims can run into the thousands and even millions of dollars and if you don’t have Plumbers Liability you can face seeing the end of your business due to financial strain
What is Plumbers Liability Insurance?
Plumbers Liability Insurance can be described as insurance which protects you in the case there is property damage or personal injury to a third party whilst you are undertaking your plumbing work. If there is damage or injury, the insurance provider will pay for the losses rather than leaving you out of pocket. Of course there is excess to consider also which you will have to pay according to your specific policy, but the brunt of the damage the insurer will cover.
What Are The Financial Risks for Plumbers?
Don’t think twice about going without Plumbers Liability Insurance. You’ll risk paying for damages for anything from simple cleaning up after a water spillage, to thousands in water damage should a main pipe burst. And third party injuries come at a higher risk where a severe disability or fatality occurring can see you liable to pay into the millions of dollars in medical fees, medical care, rehabilitation, or compensation.
Good insurance for your business can save you. It is much easier to pay a few hundred dollars or so for your liability insurance each year rather than millions in damages later. It also gives your clients and worksite managers’ peace of mind that you are covered in case anything happens. Your insurance premium costs will depend on factors such as your business size, associated risks, and if you have employees.
Many businesses that fail to obtain Liability Insurance and have been hit with a large claim never recover financially. Often personal savings or business savings need to be used to cover larger costs instead, reputation falls, and the business cannot recover.
If you need an insurance quote for your plumbing business you can get one by visiting the All Trades Cover website. If you are unsure which insurance you might need for your business, contact All Trades Cover today and we will be more than happy to help you set up your policies. Or give us a call at All Trades Cover on 1300 826 850 to speak to a friendly expert. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.