Plumbers insurance is an important set of covers which can help to protect plumbers from the financial risks associated with their work.
These risks can result in large costs to a plumber and include provision for stolen tools, injury to yourself or others and extensive property damage.
While correct insurance is essential for plumbers, finding good insurance cover at the right price can be difficult. Here’s what you need to know about the four most important types of plumbers insurance.
Public Liability
Like most tradespeople, plumbers are held personally responsible for the results of their work. This can be especially risky for plumbers, as one small accident can flood a customer’s property and leave you liable for the damage.
Public liability insurance can help to cover costs if you’re found responsible for personal injury or property damage as a result of negligence in your work.
These costs can also extend to a loss of income due to personal injury or while a business is being repaired. As the total cost of personal and property damage can reach into the millions of dollars, public liability cover should be an essential part of any plumbers insurance policy.
Operating without public liability insurance can be risky and end up costing a tradesperson much more than the price of typical cover.
Workers Compensation
Workers compensation insurance is a mandatory cover for employees, which ensures that if they are injured while on the job their medical fees will be able to be paid. While medical bills are typically covered, further financial support for rehabilitation and income extension may not be included.
In Australia, workers compensation is a legal requirement. If you employ any people, they will each need to be insured with workers compensation insurance. Employers in the position of a company director can also be covered by workers compensation, although in this case, it is optional.
Workers compensation regulations will vary depending on your location and insurance provider, so it’s important to be aware of your local regulations. This can impact both the level of cover required by law, as well as the type of entitlements that can be claimed by an injured worker.
Income Protection
Income protection insurance is a useful cover which will provide a stable income for you if you’re injured and are unable to work. While workers compensation cover can help to pay medical bills and other fees, it will not typically cover income lost during recovery.
Plumbers who are self-employed can also be left vulnerable. If you are operating your plumbing business as a sole trader, then you will not be able to cover yourself with workers compensation. This means that you can be left having to pay large medical bills without an income and while recovering from an injury.
Income protection insurance can help by providing a portion of your normal income for a length of time following your injury. This protected income stream can help you to keep paying the bills while you recover.
Tools Insurance
The high price of some tools can make them an easy target for thieves. Tools insurance is an important cover which insures the value of your tools so that if they are stolen or vandalised you will be able to make a claim and purchase new ones.
Without their tools, plumbers can face losing work and reputation. Rather than having to waste time and money buying a temporary replacement set, this cover can provide you with the immediate funds necessary to purchase high-quality replacements.
Tools insurance is an important protection which can help you to get back to work faster and avoid missing out on potential income following a theft.
Comparing Quotes
When it comes to insurance policies it’s important to know what you’re paying for. A qualified insurance broker can do the work for you and obtain quotes from various insurers, comparing prices and presenting you with the best option. They can also help to create a customised policy which best suits your needs and keeps costs down.
The right plumbers insurance policy will protect your finances no matter what happens, giving you the peace of mind to know that you’ll be covered.
