Plumbing Contractor Insurance

All contractors benefit from having insurance, and plumbing contractors may benefit the most. As a plumber, you are often called to work on older systems that are delicate but in need of repair. A mistake in your work can cause tens of thousands of dollars in damages. To protect your business and your livelihood, it makes sense to have plumbing contractor insurance. General liability insurance can protect your business from mistakes you make; otherwise, those costs might have to come out of your own pocket.

What Type Of Insurance Plumbing Contractors Need?

When plumbing contractors get an insurance package, there a few options for coverage that are usually recommended. These ensure that your business is as protected as possible. You might notice:

  • General Liability
  • Tools Coverage
  • Auto Insurance
  • Bond

While these are the most common insurance policies in the plumbing business, there are other coverages that plumbing contractors might find helpful. Lost wages coverage may be helpful in making up for lost revenue after a major loss causes a temporary stop in your business operations.

How Much Is Plumbing Contractor Insurance

The cost of insurance policies for plumbing contractors will vary significantly depending on where you live and what coverage you need. Your work history – whether or not you’ve had many accidents on the job – may also factor into the cost. But when you’re building your business plan, it helps to have a rough idea of what the coverage might cost. A good guess is that:

  • General Liability Insurance for a Plumbing Contractor could start from around $995 per year.
  • Tools coverage for a Plumbing Contractor starts at $200 per year to cover $10,000 of tools.
  • Auto Liability Insurance for a Plumbing Contractor could start from about $870 per year for a pickup truck.

Since the actual cost of insurance for plumbing contractors varies so much, the best way to determine your cost is to call us and get a direct quote.

How To Get Plumbing Contractor Insurance

Even when you know you need insurance, you may not entirely sure where to get it. In order to help you protect your business, we make it simple to get the insurance that you need. Get your business information together and contact us today to get an accurate insurance price for your business based on your needs. We’ll help you find the right policies for your company.

Plumbing Contractor Liability Insurance Explained

When your business works with plumbing, having general liability insurance is a necessity. General liability insurance protects your business from situations like a customer being injured at your place of business, injuries your customers suffer in the course of you doing your job, or damage to your customer’s property as you go about your work. So if you have to pay for repairs or medical bills due to your work actions, general liability insurance may help absorb the costs.

The other important coverage that comes with general liability is some protection against lawsuits. Many companies think that they’ll never be sued because they do their work so well, but it’s important to remember that a lawsuit doesn’t ultimately need to be winnable in order to be filed. Legal fees are expensive, but small businesses defending themselves in court is a poor idea. If a customer or another business sues you, general liability insurance can help you pay your legal fees.

Plumbing Contractor Tools Coverage

As a plumbing contractor, you use many different tools, some of which are quite expensive. If your tools are lost, or stolen, you are often unable to work without having replacements or repairs. Yet without the ability to do your work, you may struggle to get in enough income to keep doing jobs; this sort of problem can seriously handicap a small business.

With insurance coverage for your tools, they can be replaced more quickly. This will help you get back to work more quickly, which can help keep your business solvent.

Plumbing Contractor Auto Insurance

When working as a plumber, you probably drive from one jobsite to another. Since most of your equipment is bulky and heavy, you may have a separate car or van that is used just for your work. But most personal auto insurance policies won’t cover accidents or damage done to your vehicle if the accident occurs when you’re driving for business. Including commercial auto insurance in your policy protects you and your vehicle when you’re traveling from site to site.

Plumbing Contractor Bond

As a plumbing contractor, you are not required to have a surety bond; many contractors don’t. But they are becoming more common in the industry, especially if you work with commercial customers. Many customers these days will ask if you have a surety bond as a plumbing contractor. If you don’t, they’re likely to go with another company. If you maintain a surety bond, you’re more likely to have better access to the best jobs.

Customers want to know that their contractors have a surety bond because that bond works as a guarantee that you will complete the services for which they are paying. After all, no one wants to worry about a contractor disappearing halfway during the job. The bond gives them some assurance that you’re a high quality, reliable business.

When you get a comprehensive plumbing contractor bond, you can get several different surety bonds, including:

  • Plumbing Contractor License Bond
  • Contract Bond
  • Performance Bond
  • Janitorial Bond
  • Dishonesty Bond
  • ERISA Bond (For Directors and Officers)
  • Bid Bond