Orlando, Fla.—As a plumber, your specialized services can be essential to customers in the midst of an emergency situation. Sometimes you can even save them from disaster at home, school, office, restaurant, or any other business. In the other hand, you may bring with you a big part of what becomes the happiness of a home renovation, or a commercial installation.
While we know everybody works responsibly and professionally, some unfortunate situations can occur when you least expect it.
While installing a new sink, you got distracted and failed to properly tighten a connection and water leaks into your customer’s home overnight damaging their cabinets and new wood floors. A plumbing insurance policy could cover the costs associated with the property damage, thereby protecting your business. This is when a property damage policy comes in handy.
Among the types of insurance you will need as a plumbing business owner are listed below. These are the pillars of a standard business owner’s policy. It is important to note this is a starting point for insurance protection and should never be considered as all you need to be properly covered. Our agents at Garzor Insurance, will review your business’ needs and help you evaluate which type of plumbing insurance makes the most sense. They'll also compare policies and quotes from multiple insurance carriers to make sure you have the best protection in place.
Property Insurance —Covers damage to your building or equipment on your property.
General Liability Insurance —Lawsuits are expensive. Regardless of the outcome, it takes expensive time to sort out in court, plus the cost of hiring a lawyer. If a judgment is awarded against you, without appropriate general liability coverage, the burden of paying these costs will ultimately affect your business, and, ultimately you, personally.
Business Interruption Insurance —Plumbers are known to operate more outside their business so this type of protection might not be as critical, but when widespread events happen that displace communities and businesses, it can be vital.
For example, a plumbing contractor bond is a type of insurance that a plumber must purchase before doing business. It guarantees the plumber's financial stability and legal/ethical work. If a client is a victim of fraud, the surety bond will reimburse him or her.
A more comprehensive coverage for plumbers would look like this:
- Builder’s risk, or course of construction insurance
- Business owner policies
- Commercial auto insurance
- General liability insurance
- Inland marine insurance
- License bonds
- Permit bonds
- Property Insurance
- Professional liability insurance
- Umbrella, or excess liability coverage
- Worker’s compensation
You may be wondering “How much will I need to spend?”
The cost of plumbing insurance will depend on the amount of coverage and a number of other factors like size, location, number of vehicles, and state regulations. However, there are some ranges to consider.
Garzor Insurance, as an independent insurance agency will simplify the process for you. Our attentive commercial insurance specialists will make sure you get the right coverage and will break down all the jargon so you understand exactly what you're getting.
Yaralyn Diaz, CSR
Commercial Lines CSR
