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From bodily injuries caused by physical labor to causing accidental damage to a client’s home water system, these are some of the risks that plumbers are exposed to on a daily basis.
Having the right insurance for plumbers in place can protect you, your employees, and your plumbing business from lawsuits arising from accidents or injuries while working on client projects.
Why Do Plumbers Need Insurance?
Plumbers fix, install and renovate water systems for both commercial and residential buildings, which puts them - and the people around them - at risk of sustaining injuries or causing further damage to water systems by mistake.
For instance, a commercial or residential property can get damaged due to a faulty water system. In such a case, having a plumbers insurance cover in place can help cover the cost of repairs or even protect the business from further claims or a lawsuit that may arise from the damage done.
In other cases, employees can get into a car accident while driving to and from the plumbing job site. An insurance policy can provide a level of protection for your business, such as helping pay for the legal fees or medical expenses that may arise from any road accidents - even if they aren’t yours or your company’s fault.
Plumbers are subjected to difficult physical labor while fixing pipes or drainage systems. Having an insurance policy ready can help mitigate the financial burden associated with workplace injuries, and cover some of the wages lost for the employee that has sustained the injuries.
What Types of Insurance Do Plumbers Need?
When it comes to the available insurance policies for plumbers, there are multiple options to choose from.
The coverage you need for your business will depend on the types of plumbing services your business offers, the number of employees and company cars the plumbing business has, and more.
To get a detailed overview of the most recommended insurance policies for plumbers, please take a look below.
How Much Does Plumbers Insurance Cost?
The total costs that you should expect to pay for plumbing insurance are dependent on various factors.
On average, plumbing liability insurance costs around $125 per month, totaling $1,480 per year. This insurance policy protects your business against property damage claims, third-party bodily injuries, and more.
If your plumbing business has employees, you can expect to pay a premium of $180 per month, or a total of $2,130 per year, for workers’ compensation insurance. This policy will provide protection for your employees in the event of a workplace accident. It can help pay for hospital bills, including physical rehabilitation, and cover lost wages while an employee is recovering from sustained injuries.
If you have company cars, you can expect to pay around $150 per month on commercial auto insurance, totaling $1,795 annually. Having this policy in place can help ease any financial liability arising from car accidents, vehicular damage, or third-party injuries.
Lastly, plumbing contractors can expect to pay less than $15 a month for contractor’s tools and equipment insurance, or a total of $170 per year. This policy protects a contractor’s tools and equipment in the event that they get lost, stolen, or damaged.
Typical Plumbing Insurance Claims
Just like any profession, plumbing contractors also encounter various risks while at work.
In general, plumbing contractors commonly make insurance claims related to third-party property damage, compensation for work-related injuries, vehicular accidents, and repairs for damaged or stolen tools and equipment.
In any situation, having the right plumbing insurance policy in place can protect your business from claims or lawsuits, and cover financial losses arising from risks and hazards at work.