If you work in the plumbing industry, you need insurance to protect your business from financial losses. That’s why it’s important to know what types of coverage you need and how much they cost.
How Much Does Plumbing Insurance Cost?
The cost of insurance for plumbers varies depending on the size of your business. The average plumbing insurance policy costs around $125 per month, or $1,500 per year for a small plumbing business. The more employees, company vehicles, and plumbing jobs your company does, the more expensive insurance will be.
General Liability Insurance for Plumbers
If you’re a plumber, general liability insurance is the coverage that protects you from claims of property damage, personal injury or bodily injury that arise from your work. It can also help to cover any resulting legal expenses.
This coverage helps to protect your gear when it’s in your vehicle, on a job site or in a trailer. It also provides protection if it gets stolen.
Another important coverage is pollution liability, which pays for damage arising from the use of toxic or harmful materials. It can be especially important for plumbers, who work in environments that are highly conducive to polluting exposures, such as the repair or installation of water supply lines and waste disposal systems.
Whether you’re working on a new construction project or fixing an old one, plumbers face a number of occupational hazards. Those hazards can be dangerous and result in injuries that could affect your livelihood.
Most states require that businesses carry workers’ comp to cover their employees in case of accidents, injuries, or illnesses they may receive while on the job. For example, if one of your plumbers dislocates his shoulder while fixing a customer’s pipe, workers’ comp would pay for medical expenses, rehabilitative therapy and any lost income if the injury affects their ability to work.
Workers’ compensation is a critical insurance policy that pays for medical expenses and lost wages when employees are injured on the job. It’s essential for all plumbing businesses to have this coverage.
To determine the appropriate class code for your plumbing business, you need to know the specific work your employees do and the risks associated with their job duties.
Getting the right class code is essential to making sure you don’t pay too much for your employee’s coverage or too little for their benefits. In addition, you’ll need to ensure that all of your payroll is correctly reported to the insurance company to keep your rates as low as possible.
Auto Insurance for Plumbing Company Vehicles
When it comes to running your plumbing business, your fleet of vehicles plays a crucial role. Whether you hire or borrow vehicles, you need commercial auto insurance to protect them from damage and liability.
The cost of commercial auto coverage varies depending on the size and number of vehicles you own, as well as your business’s industry and driving habits. Your agent can help you create a policy that meets your needs at a price that works for you.
In addition to general liability and workers’ comp, plumbing companies often need a variety of other policies to ensure their operations are protected. These include commercial auto, inland marine and business owner’s policy.
Business Owner’s Policy
If you own a plumbing company, you may need a business owner’s policy (BOP). This policy bundles general liability insurance and commercial property coverage into one affordable package.
A BOP is essential for a plumbing business because it provides protection against disasters that can affect your bottom line. For example, a fire or severe weather could destroy your buildings and equipment, leaving you without a place to work.
Your business property insurance would help you cover the cost of replacing these items. Likewise, errors and omissions insurance protects you from claims of unintentional mistakes, such as installing the wrong sink or recommending a service that is unnecessary.
As a plumber, you know that your clients rely on you to provide them with professional services and top-quality work. However, even the best and most experienced professionals make mistakes from time to time.