In most states, Plumbing Contractors must be licensed, and as such, they are typically required to have Commercial General Liability insurance. Unfortunately, having liability alone will not offer the financial protection for your business if an employee is injured on the job. Knowing that employment related accidents are unavoidable, the plumbing contractor needs to have a package of coverages to place a hedge of liability around your business. Tools and equipment may be lost or stolen, and trucks and vans are at risk of damage going to and from the job site. The professional plumbing contractor can rely on Fairbanks Insurance Brokers to provide the coverages needed at affordable prices, and keep you and your business financially protected from your everyday risks in the workplace. We recommend a package of coverages that consists of General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bonds.
A plumbing contractor’s General Liability policy provides financial coverage for plumbing contractors. It covers you and your business if a third party is injured at the job site or if property is damaged by you or any of your workers and your company is found liable. It also provides coverage for defense costs that result from an action brought against your business.
The state you work in will require you plumbing business to carry workers’ compensation insurance and define the minimum required coverage limits for your employees. The policy will financially protect your employees in the event they are injured or become ill from a job related incident. Your policy will help pay for medical expenses, lost wages, and some funeral expenses.
Many state licensing boards and customers require plumbing contractors to offer a license or surety bond that is a financial guarantee that your business will complete each job according to your accepted bid. It also provides financial protection that you will pay vendors and subcontractors accordingly.
Plumbing contractors typically use light vans, pickups, and trailers at the job site that are ordinarily excluded under the personal auto policy. The plumber’s commercial auto policy will protect your business vehicles while on the job or traveling to and from the job site. The policy will provide financial protection if any or your insured vehicles or trailers are damaged or stolen.
Also known as Inland Marine Insurance, this policy will reimburse you and your business if your tools or equipment are damaged or stolen at the job site or while in storage or being transported to or from a job site. Plumbing contractors typically use various tools at the job site, the inland marine policy will reduce the reduce or eliminate paying out-of-pocket to replace your valuable tools.