Plumbing is an essential part of any business facility. Without adequate plumbing, it’s impossible to maintain proper hygiene and access clean water due to cross-contamination. Because of this, plumbing services are a necessity. As of 2022, there were over ten thousand plumbing companies in California alone. It is a constantly growing and evolving market, and the competition is higher than ever. So if you are the owner of a plumbing services business and want to set yourself apart from your competitors consider getting insurance because it shows your public you’re a reliable professional they can trust.
Many unpredictable events can occur, and in the absence of insurance, you are putting yourself and your employees at risk for claims of damage, deterioration, and accusations that your work was inattentive, subpar or riddled with errors. If you’re already convinced or would like more information before taking the step, take a look at the following information.
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What it covers
As with health or car insurance, plumbing insurance coverage depends on your plan. You should look into the different types of insurance and decide which one works best for you. General liability insurance keeps you protected against lawsuits and financial troubles, and professional liability insurance protects you against professional negligence claims. For example, if a client is unsatisfied with your work and decides to sue, this insurance will cover your expenses. Worker’s compensation insurance works in the event of employees becoming ill or otherwise injured due to their work. There is also insurance covering repair work for tools and equipment and for the vehicles used in case of accident-related liability.
Why you need it
Plumbing insurance isn’t just something that protects you. In many cases, it is needed in order to obtain or renew your license so you can perform your work. It’s also important to have it so as to be reliable in the eyes of the people working for you. Whether full-time employees or contractors, they rely on the success of the business in order to support their families and livelihood. And thirdly, customers can require you to have insurance as well. While plumbers doing residential work probably won’t have to consider this, those working for commercial entities must show proof of their insurance before commencing any project.
How you can get it
It’s not complicated to obtain this type of business coverage. Many plumbing companies are small, independently-owned businesses. Buy plumbing insurance from a reputable agency so your business and employees are protected, and you don’t have to deal with any fines and unexpected costs. You must have a license or permit board to fit the requirements of getting insurance. This acts as a guarantee your business conducts perfectly legal and legitimate activity. So make sure your paperwork is in order before discussing it with an insurance agent.
What are the costs
The costs of insurance are variable and depend on many factors such as your experience, sales figures, business size and payroll. The expenditure also depends on the type of insurance you choose. While general liability insurance is in the $27 to $49 per month range, workers’ compensation can raise to roughly $180 monthly. The median for tools and equipment is $170 annually, or $15 each month.
It’s imperative that you get insurance. The benefits outweigh the costs, and insurance can make or break your business. It can truly make the difference between going out of business or recovering with minimal impairment to the working schedule and the smallest financial troubles possible. So don’t let your company go down the drain. Invest in insurance and safeguard your business.