What would happen to your plumbing business if all your profits went down the drain
as a result of a lawsuit? Do you have the financial pockets to pay for a flooded
home or business that resulted from a defective part you installed? On the other
hand, could you pay the medical benefits and possible defense and court costs as
a result of accident with your plumbing company van that caused an injury to another
Whatever the situation, having plumbers liability insurance can help your business
stay above water should the unfortunate happen. It’s a risk management solution
that every plumbing contractor or plumbing business owner should have.
In combination with plumbers liability insurance, every plumbing contractor should
discuss their need for the following additional coverages with their BOLT insurance
Business property insurance.Small business
property insurance is insurance that protects the assets used in your plumbing business
(both tangible and intangible) as well as your inventory and materials used in your
business. This includes your office, computers, plumbing tools and plumbing supplies.
Also known as commercial property insurance, business property insurance provides
protection against damage or loss from a theft or accident
Commercial vehicle insurance.More likely than
not, you use a commercial vehicle to operate your plumbing business. The main purpose
of commercial vehicle insurance is to provide protection from car, truck, or van
vehicle damage from a traffic collision or liability from such collision.
Inland marine insurance.Small plumbing businesses
whose employees repair, clean, or service residential or commercial plumbing need
inland marine insurance. This insurance with a unique name protects plumbing tools
and inventory while in transit or in storage. Inland marine insurance also provides
protection against theft of tools stolen from a truck or van, at the work site,
or in storage.
Workers compensation insurance is a type of business insurance that is
required in most states for employers who have employees. For a plumbing business,
this type of insurance provides medical benefits payments and wage replacement to
employees harmed in the course of their duties. In return for relinquishing their
right to file a lawsuit against the plumbing business owner they receive the benefits
All in all, plumbers liability insurance keeps your business assets safe, protects you against a financial windfall, and in some cases is mandated by law.