If you run a plumbing company, having a close look at your insurance probably isn’t in your priority list. But insurance is intended to protect you and your business and it’s important you have the right policies in place. Today we will take a look at the very top insurance policies that plumbers need to consider.
1.Public liability insurance
Public liability is something you’re familiar with because it’s absolutely essential for plumbers. Your liability insurance ensures you are covered if you are found liable for damage to property or injury to an individual that has happened on account of your activities at work. You may easily find yourself accountable in scenarios such as a pipe leaking after a job and harm happening in a client’s house. Injury to an individual could also happen if somebody walks or is injured by the gear you have installed. If damage occurs, you could be liable for the cost of repairs, replacement, medical bills, rehabilitation, and any other related costs.
2.General property cover
Plumbers generally will need to travel around to various jobs and your gear and gear travel with you. If your equipment is lost, stolen or damaged, not only is that a significant inconvenience but it can also be a huge expense if you need to pay for replacements or repairs. If you believe about just how many tools you own and the individual price of these things, your out of pocket expenditure may be tens of thousands of dollars. General property insurance covers the items that traveling with you if they are lost, stolen or damaged.
However uncomfortable you may feel talking about it, you need to consider what could happen to your family in the event that you suddenly died. Life insurance provides a lump-sum payment to your family following your death which they can then use however they need to. This cash is often employed for debts like car loans or mortgage, continuing costs like rent and utilities, education costs for children and basic living expenses.
4.Workers Compensation Cover
If you operate your own plumbing company and have employees working for you, it is compulsory that you have workers’ compensation coverage in place.
5.Personal accident and sickness cover
Becoming self-employed can have many advantages but after of these disadvantages is that if you are not able to work, you cease earning an income. If you are suddenly not able to work as a result of injury or sickness, personal accident and illness cover means you’ll continue to get some of your regular income during this period. These payments mean you’ll have the ability to cover your bills and keep your lifestyle until you go back to work. You can also check out Lukenbuilt Plumbing
To organize an insurance program for your plumbing business, contact All Trades Cover today on 1300 826 850 and we’d be pleased to assist. You could also fill in our simple online form.