If you are an independent plumber or into the business of plumbing, a plumbing contractor or a sole trader of water and pipe related business in San F
If you are an independent plumber or into the business of plumbing, a plumbing contractor or a sole trader of water and pipe related business in San Francisco then it is understood that you bear a plethora of understanding that revolves around the said line of work. However, not everyone has the understanding of an insurance. For few, insurance is all about securing the future times of misfortune. Sometimes many of us remain skeptical about the occurrence of an event as most of the time we end up paying oodles of moolah in terms of premium and get almost nothing in return!
This is where people miss the crux of insurance that essentially means to not just protect your future, but also brings it back to the condition (indemnify you) from where you actually lost your business. So all kinds of business require an insurance policy handy and if you are in a line of work which is related to plumbing work, getting an insurance is probably one of the smartest moves.
Why do you Need Plumbing Insurance?
Plumbing requires working with heat, electricity, hazardous chemicals, gas and most importantly the nation’s water, so a plumber is exposed to several types of risks that might arise from these probable perils. There is also the risk of harming or hurting other individuals or public property while working. So there are innumerable uncertain risks that might come up in the plumbing business. An insurance policy for plumbing contractors prevents spending a fortune which is caused accidentally due to damage.
Different Kinds of Risks a Plumbing Contractor is Exposed to
A plumber or a contractor is exposed to several types of risk, namely:
Product Liability– On site risks that arise out of physical failure of the materials involved in the business. An example for the same is the breakdown of the pipeline or leakage of the pipes/taps or even complete failure of the system involved in the work.
Public Liability– One of the most important types of risks, which is directly related to other persons who are not involved in the plumbing work but might get affected due to the negligence of the plumbing contractor. Plumbing works like welding, cutting, fitting and excavation work that might affect other individuals come under public liability.
Professional Indemnity– As a plumber, even if you don’t charge for a piece of advice, you are liable to pay for the damages that might arise due to the advice. Other than this, breach of contract or service also comes under professional indemnity.
If you are covered under a liability insurance policy, then you are covered for the compensatory damages (covers up for financial losses), punitive damages (covers up for wrongful acts committed through your business, knowingly or unknowingly) and general damages (covers up for intangible losses like pain, anguish and mental agony)
Types Of Insurance For Plumbing Contractors-
Plumbing contractors can go for tailor made insurance policies that are designed specially for such line of business. Other than this, few general policies for plumbing contractors can be:
- Public Liability Policy
- Products Liability Policy
- Professional Indemnity Policy
- Workman Compensation Insurance
Once the basic coverage is provided, you may ask your agent to know about other insurance policies that might be helpful, for example, loss of income, personal accident, mechanical breakdown and medical policies.