Whether you want to expand the services and coverage you provide or start a new company from scratch, running a plumbing business can be tricky.
Like every other business, a plumbing business will face its fair share of challenges and risks the more it is in operation. Most times, these risks and challenges are unpredictable and very costly. Because of this, lack of a plan, compensating for or making repairs will be expensive for a plumbing business owner.
Despite these challenges and risks, the good news is that specialist plumber insurance can back up your business finances and mitigate the risks.
What Does a Plumbers Insurance Policy Cover?
There are several types of cover recommended within the insurance policy. The most common types provided for plumbing businesses are:
Public Liability Insurance
This cover is for any finance-related liabilities resulting from your work. For instance, if a pipe bursts and causes damage to a building following a job you did, the insurance company compensates the damages with the amount of money agreed in the contract.
Employer Liability Insurance
This cover is necessary for any plumbing business with more than one or more employees. If any of your employees get involved in an accident while working, there is a chance that they will seek to sue your company to get compensation.
Employer liability insurance is there to cover you in case of such claims.
Tools
As a plumbing business owner, you can get a cover for your tools of the trade, irrespective of whether they are power or hand tools. This policy allows you to replace your current tools with new equivalents in case of theft or damage.
Buildings Cover
This cover protects your business premises from risks such as fire, floods, lightning, or other natural calamities.
Benefits of a Plumbing Specific Business Insurance
Builds Your Customers’ Trust
To any business, customer feedback and trust have so much value. First, customer feedback gives you insights into the quality of services you provide. For example, if a customer complains about lousy customer service, you will know that your business customer care services need to be improved.
Now, imagine having customers that believe in the services you provide. It means they are most likely to recommend you to their network because your business will appear credible and reliable.
Financial Security
Accidents caused in the line of duty of a plumber can be very costly and financing them from your own pockets would likely result in bankruptcy.
Attracting and Retaining Employees
Everyone loves to be where they feel safest, which applies to your employees. When your employees are aware that they are covered if an unforeseen accident occurs, it gives them a level of comfort and as a company offering the right protection, you can attract the right type of employees.
Conclusion
Getting a reliable insurance company to cover the needs of your plumbing business is crucial. Furthermore, it is important to source the best available to avoid future troubles of non-cooperation.
A construction insurance specialist will analyse various insurance policies with you to get more insights into insuring your plumbing business. Apart from giving you information, getting in touch with a specialist will save you money and time that you would have otherwise used sourcing on your own.