NYC Insurance Blog

What Kind of Insurance do Plumbers Need?

It is essential to invest in the right insurance to protect your business, hard work, and talent. Usually, the nature of work can make you work in tight places, work at heights, or even encounter several risks.
Therefore, it is crucial to have the right insurance policy if a problem arises. With insurance, you can protect yourself as a plumber if someone is injured in your property due to your work or the property is damaged by either you or your staff. It is essential to have business insurance as a plumber. 

Here are the Different Types of Insurance Coverage you Need as a Plumber:

1. Commercial general liability insurance (GL) – this insurance policy helps protect your plumbing business from third party claims that involve property damage, bodily harm, etc. for example, if a customer is injured in your business office or you damage a customer's property while working on the site, this insurance policy protects you. Give Our Agency a Call we can Help with Getting These Policies!
2. Blanket Waiver of subrogation – here, a merchant agrees not to seek recovery from a third party if they have written a contract that requires them to.
3. Primary and non-contributory – if required by a written contract, the coverage provided to an additional insured is on a primary basis. Ergo, merchants cannot seek contribution from the additional insured own policy.
4. Employment practices liability – this insurance policy is vital because it protects a plumber from claims against sexual harassment, wrongful termination, and discrimination.
5. Inland marine insurance protects materials, equipment, and products when transported overland or if a third party temporarily stores them.
6. Contractors' equipment coverage – the policy protects valuable tools and equipment. The coverage also includes employee tools, clothing, and rented equipment, although to certain limits.
7. Installation coverage protects the plumber's property, for example, the materials, fixtures, and supplies that are supposed to be installed in transit, temporary storage, or at the job site.
8. Additional insured options, i.e., blanket or scheduled – the policy provides liability protection as per the insurer's name.
9. Contractors' errors and omissions coverage (E & O) – the insurance policy is effective when the work is claimed to be faulty/defective, installed into other products, or if a property is causing loss associated with reworking or replacement of the faulty or defective work.
10. Cyber liability coverage – to protect the data and privacy of your customers, it is prudent to have cyber liability coverage. The policy helps protect you against lawsuits and financial loss in case of a data breach or cyberattack.
11. Commercial property insurance – the policy will cover your property and its contents if the damage is caused by a covered cause, for example, fire. Building and business personal property coverage cover the following:

• Business income and extra expense – here, you will get reimbursed the net loss in business income and continued normal operating cost, including the payroll if your business is suspended due to a covered loss.
• Equipment breakdown coverage covers the cost of repairing or replacing electrical, mechanical, or pressure system equipment in case of a breakdown. Computers, boilers, pumps, and compressors can be included too.
• Communication equipment – is the equipment used in your business is lost, the communication equipment insurance policy covers the loss. The covered kit includes personal digital assistants, mobile phones, and pagers. Unsure which coverages you may need, let our Agents help you today!
  

With such vast insurance policies, the plumber should research and seek professional advice to determine the type of insurance coverages to invest in. Remember, an insurance policy can save you a considerable amount of money if you encounter a problem. Call Today to Get a Quote.

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