Article
Trade Contractors Dec 10, 2024
Whether you’re a solo entrepreneur or have a team of plumbers working for you, it’s crucial to have financial protection for your business. Plumbing insurance is coverage that every plumbing contractor should have.
Let’s take a look at the hazards plumbing businesses face and how the right business insurance helps owners manage unexpected expenses and stay focused on their work.
Plumbing businesses have to contend with many risks, including employee injuries, property damage, lawsuits claiming faulty work, and more. That’s a fact familiar to most owners.
Some plumbing companies go months, years, or even decades without an incident. Others experience multiple incidents over the course of a few months. Unfortunately, there’s just no way to predict when problems will occur. That’s why insurance is important for plumbers and must be active before they start doing jobs for clients.
It’s understandable to think your skill and commitment to quality will protect you and your business, but accidents happen to even the most careful plumbing contractors. Plus, there are potential incidents that are outside your control. For instance, there’s no way to prevent a storm from damaging the warehouse where you store equipment and supplies.
The reality is, if you don’t want to expose your business to costly risk, you need the wide-ranging protection of plumbing business insurance.
Business insurance companies provide plumber’s insurance in different ways, including as separate policies for different risks. At THREE, our all-in-one-coverage combines several types of insurance for plumbers into a single, comprehensive policy
In fact, small businesses won’t find more coverage in a single policy from any other provider. We cover claims resulting from a wide range of incidents, including:
Imagine your employee is working in a client’s basement. They slip, fall, and break their wrist. Workers’ Compensation insurance is included in your THREE policy and can pay for employee costs related to injuries, including medical bills, rehabilitation costs, and even a portion of lost wages during recovery. If a worker dies on the job, their family can receive a death benefit. Workers' Compensation coverage is not just good for employees, it also protects owners from unexpected costs and is required in many states for businesses with employees.
Professional Liability insurance—also called Errors & Omissions insurance (or E&O for short)—is included in a THREE policy. E&O insurance can pay costs related to honest mistakes that cause financial harm to a client. Let’s say you install a plumbing system and accidentally misalign one of the pipes, causing a leak that damages the client’s bathroom walls and floor, and the client sues. Your Professional Liability insurance can cover court-awarded damages, settlements, and the cost of your legal defense.
This feature of your THREE policy can provide payment if someone steals company property. For example, if you arrive at your storage warehouse one morning and find someone has broken in and taken all of your tools and equipment. That loss can be covered.
Lightning strikes a tree on your property and the flames spread to your office building. In a scenario like this, the Property insurance in your comprehensive policy can pay to repair the structure and repair or replace the damaged furniture and office equipment.
Despite your best efforts to hire honest people, theft can happen. If one of your employees working at a client’s home steals a valuable piece of jewelry, Employee Theft coverage can pay related costs.
Commercial Auto insurance covers vehicles your company owns or leases. It can pay related costs if someone driving your vehicle is at fault in an accident and the other party sues. It can also pay to repair damage to your vehicles from accidents, vandalism, or other covered incidents.
It seems like the threat of cyberattacks is continually growing. To combat it, business owners have to do what they can to protect their computer networks and devices. Still, you can’t completely eliminate the risk of someone gaining unauthorized access to your systems, stealing sensitive information, and using it to commit fraud. Cyber insurance in a THREE policy can pay specified costs related to a cyberattack.
Our comprehensive plumber’s insurance policy benefits owners in many ways. One is that you save time and effort when researching coverage. It only takes a single quote to get a comprehensive policy.
Second, our all-in-one policy delivers broad protection from risks plumbing businesses face. THREE offers more coverage for plumbers in one policy than any other insurance provider. More coverage means less unexpected risks for owners.
Another benefit is that it’s easy to keep your coverage up to date. If your business grows or changes, a quick call to THREE is all it takes to find out if you need to adjust your policy limits.
Finally, THREE is backed by Berkshire Hathaway. If you ever have to file a claim, you can be confident it will be handled professionally and fairly. And if the claim is approved, we’ll pay you promptly so you can get past the incident and turn your focus back to running your plumbing business.
Business owners researching insurance for plumbers sometimes ask if our policy is right for them. Each company’s needs are unique, but in general, the answer is YES. THREE is right for most plumbing businesses. We have excellent relationships with people whose businesses are at all stages of their growth and development.
Because a significant financial burden due to not having adequate insurance can be particularly devastating to a new business, many risk-conscious owners choose THREE. Additionally, some new plumbing businesses choose us because our team of experts can offer explanations of how our policy addresses the types of risk they’re likely to face.
These owners also tend to appreciate that we can help them find the right balance of insurance cost and coverage. Ultimately, they come to see us as more than a plumbing insurance provider. We’re a friendly guide through the new world of business insurance.
Owners of established plumbing companies also value our expertise. They ask our team for help determining how much coverage they require. They also get our input on specialized needs as their business evolves.
We also provide business insurance for independent plumbers. Operating solo may reduce your business risks in some ways, but it doesn’t eliminate them. Our plumbing insurance experts can guide solo entrepreneurs through insurance decisions that deliver powerful peace of mind.
Plumbers understand the value of having the right tools. When it comes to their financial protection, insurance is an indispensable one. We make it easy for plumbing business owners and independent plumbers to get the all-in-one policy they need to face their business risks with confidence.
If you have questions about insurance for your plumbing business, our friendly and knowledgeable small business advisors are also happy to talk with you about your needs. Contact us at 1-800-507-4495, Mon.–Fri. 8am–9pm ET.