If you’re like most hard-working plumbers and plumbing contractors who are just starting out or who have been in business for a while, you might have some questions on one of your major expenses- insurance. Below are some clarifying comments around this important aspect of your business.
When to Get Insurance: Like when you begin driving a car, you need to get insurance that’s effective on the day you go into business. No insurance company anywhere on earth will insure you after something happens if you had no coverage when the loss occurred.
Lawsuits and Your Business: In this litigious society and especially in your profession, lawsuits are filed all of the time, some substantial, some frivolous. What insurance does, specifically liability insurance, is protect your business assets if your company is sued for an action it did (or didn’t) do. The protection pays for any damages that you are liable for as well as attorney’s costs and other fees incurred by the lawsuit. This happens whether the lawsuit is legit or not.
Exclusions from Liability: You will find exclusions on your commercial general liability policy. Usually excluded are coverages around lawsuits for nonperformance of a contract or claims by any employee charging wrongful termination because of gender or racial discrimination.
Business Income: If your business is closed because of a covered loss, this insurance may reimburse you for ongoing expenses like rent and even the net income that you would have received if the loss did not occur. It may also cover extra expenses needed to restore the business.
Employees: In most states, you have to carry some type of workers compensation insurance. While protecting the employee, it also offers you, as the business owner, some immunity from a lawsuit by an employee injured on the job.
Vehicles: Not matter how many cars you have in the business, you will need to cover them separately on a business auto policy.
In the early 1600s and 1700s chamber pots were used. This slowly gave way to the outhouse (also called the privy). The 1730 outhouse of William Byrd (Virginia) was made of brick and boasted five holes. A more advanced one of two stories (the second story was used when the first floor was blocked by heavy snow) was built about 25 years later in Crested Butte, CO.
USA Business Insurance Knows Plumbing Contracting Insurance
The questions about the best insurance for your plumbing business are endless. That’s why it’s best to consult with the insurance professionals at USA Business Insurance. Not only do we understand business insurance and all of its complexities but we have an insurance program especially designed just for plumbers and plumbing contractors.
Contact us today. With this program, you can be sure your business will be covered in case you get sued.