Specialized insurance protection for your plumbing contractor business.
Plumbing contractor insurance secured with McArdle Insurance Agency.
Plumbing contractors work in any number of specialties and your plumbing contractor insurance should focus on the work you do. Whether you’re fixing leaks and unclogging drains, adding heating systems and boilers, or hooking up new water and sewer lines for residential and commercial customers, your insurance needs may vary. Getting the protection that’s right for you can make all the difference.
Plumbing contractor insurance for your unique business.
Many plumbing contractors could benefit by starting out with a business owners insurance policy (BOP). These typically combine different types of insurance. For example, general liability insurance protects you if you cause property damage or bodily harm during the course of your work. In addition, commercial property insurance provides protection for your building and its contents. And lastly, business income insurance may help you if you are unable to run your business due to a covered event, such as a fire.
You’ll need protection beyond the BOP.
For most businesses, the business owners insurance policy is often not enough. For example, a BOP won’t protect you in the event you make a mistake that causes harm or damage. In this case, you’ll need professional liability insurance. Also, if an employee were to make disparaging remarks about a customer, you may be held liable for slander. A professional liability insurance policy could also help in cases of personal injury.
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Commercial General Liability Coverage
Risk Factor
As a contractor, your business may be susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. And, if you hire other contractors to perform work on your behalf, you can be held responsible for any damage they cause on the job.
Solution
Commercial general liability insurance is an absolute necessity for every contractor. This type of protection provides broad coverage for premises, operations, products, and claims to third parties or property when you are deemed responsible and liable. It will also pay to defend any covered lawsuit or action regardless of its merit.
Commercial Property Coverage
Risk Factor
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Solution
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
Contractors' Equipment Coverage
Risk Factor
You’re constantly moving your tools from one job site to another, exposing your contractor business to potential loss due to damage or theft. And without your specialized tools and equipment, your job site may come to a screeching halt.
Solution
As a contractor, you need contractors' equipment insurance - a policy specially designed to protect your tools and equipment on the move. The policy will cover equipment for a variety of losses, including fire, explosion, vandalism, theft, collision with other equipment or objects and overturning. Unlike standard commercial property insurance policies, contractors' equipment insurance often covers losses caused by floods and earthquakes.
Builders Risk and Installation Insurance
Risk Factor
A building under construction is not covered under a standard building insurance policy or a home insurance policy since it is not a complete structure. As a contractor, you may be responsible for unique loss exposures related to buildings under construction such as the theft of building materials and high valued equipment such as generators and compressors.
Solution
Builders risk and installation insurance provides coverage for homes or buildings while undergoing construction, until they are completed. The policy covers the contractors’ interest in materials at the job site before they are installed, construction materials in transit designated for the contractors' equipment insurance–a policy specially and the value of the property being constructed until it is completed.
Workers’ Compensation
Risk Factor
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Solution
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
Business Auto Insurance
Risk Factor
As a contractor, you have many exposures associated with your business vehicles–owned or leased. With a fleet of cars, trucks, vans, or other types of vehicles used in the course of business, a single accident can potentially put your contractor business in financial jeopardy.
Solution
Business auto insurance provides coverage for vehicles owned or leased by a contractor and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
Hold Harmless / Additional Insureds
Risk Factor
If you are performing as a contractor on a construction project where other contractors and vendors are involved, you could be held liable for any damages or injuries caused by the other contractors or vendors, leaving you with costly legal fees and settlement costs. Your business needs to be protected against the risk of some other company, vendor or subcontractor causing damage to people or property of your mutual customer.
Solution
Consider having a contract in place with each entity that includes a hold harmless agreement in your favor. A hold harmless agreement provides that the entity will hold you harmless for any injuries or damage caused by their negligence. In addition, the contract should require that the entity list you as an additional insured on their policy. This may provide you with coverage under their policy for injuries or damage they cause if you are named in a lawsuit.
Commercial Umbrella / Excess Insurance
Risk Factor
Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
Solution
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.
Specialized insurance for a business always on the go.
Because you’re likely moving from site to site over the course of the day, business auto insurance is important. Policies exist for the plumbing contractor who has one vehicle or an entire fleet. If employees use their own vehicles for business or if you ever rent a vehicle for a specific job, you’ll need hired and non-owned auto insurance as well. Inland marine insurance offers coverage for tools and equipment that are lost, stolen, or damaged while in transit.
Preparing for the unexpected with plumbing contractor insurance.
No one wants an accident to happen, but if it does, you’ll need to be prepared. Environmental insurance designed for a plumbing contractor provides protection in case of hazardous spills or leaks, including fuel, oil, or sewage. Cleanup costs add up fast, as do defense costs and damages, should you be faced with a lawsuit.
Insure for occurrences that are beyond your control.
Your employees have access to homes and businesses, and temptation may get the better of them. Employee dishonesty insurance protects you from fraud and theft. If your equipment breaks down, it may be expensive to repair or replace. Consider equipment breakdown insurance for these incidents. In addition, because your operation relies on public utilities to be working, business income for off-premises utility services coverage (OPUS) may help recover lost income if you can’t work because the power is out due to a storm, for example.
Don’t ignore the business side of your operation.
A plumbing contractor business also has a need for coverage that most industries can benefit from. Cyber liability offers protection in case of a computer network hack or data breach. Employment practice liability insurance can help cover the costs of attorneys, court fees, and damages associated with lawsuits alleging discrimination or harassment. Workers’ compensation insurance is mandated in most areas, but given the physical nature of your work, you’ll want to be certain you have adequate coverage in case an employee is injured on the job.
We can help you find plumbing contractor insurance that fits the needs of your business. Reach out to us today to discuss your needs and options.
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