Insurance for Plumbers
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Why Do Plumbers Need Business Insurance?
As a plumber you face different kinds of risks, making it essential to consider the various types of business insurance options available and how they can protect your plumbing business. These are some examples of when business insurance can help:
- Protection against claims from third parties for accidental personal injury or damage to their property (when not covered by the ACC)
- Protection for your tools of trade in case they are lost, stolen or damaged
- Certain types of business insurances may be required when taking on a contract
- Financial protection in the event you are faced with a claim
Sorting out your business insurance doesn’t need to clog up all your spare time. At BizCover we take the high-pressure out of arranging your insurance by providing competitive online quotes from leading insurers for you to choose from. Take the plunge today!
Did you know?
As a contracted plumber or member of a plumber’s association you may be required to hold a minimum level of Public Liability insurance.
Insurance for Plumbers
Business insurance for plumbers is designed to provide protection against things like accidentally causing damage a third-parties property or getting your tools stolen. These are real life risks plumbers are faced with every day. Business insurance for plumbers is designed to give your business the protection it needs and peace of mind knowing that you have a safeguard in place when things go start to go down the drain.
There may be plenty of business insurances on the market, but to keep things easy and jargon-free we’ve included below some of the typical kind of business insurances you may need to consider for your plumbing business.
Don’t risk letting an expensive claim for property damage flush your business away by not having Public Liability insurance.
As a plumber it is a vital form of cover that protects you and your business against claims which arise from third party property damage and personal injury (not covered by the ACC) as a result of your business activities. It covers your legal and defence costs, as well as compensation awarded to the claimant.
Even for a master plumber, things can turn murky very quickly – even a simple mishap, like accidentally cracking a pipe, can spell trouble if it floods your clients’ home and causes extensive and expensive damage to their property.
What is covered?
- Compensation for accidental damage to third party property
- Compensation for personal injury or death to third parties where the ACC does not provide cover
- Legal and defence costs
What is typically NOT covered?
- Injury to your employees
- Damage to your own property
- Compensation for personal injury whereby cover is provided by the ACC
- Known claims and circumstances
There are many elements that go into creating a successful plumbing business and having the right tools and business assets are vital to helping get the job done right. Things like your business contents and building are essential to running your business. Take a moment to think of the drama if you were left without them. That’s where business insurance can lend a helping hand.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.
Two of the kinds of business insurance you may need to consider for your plumbing business include:
Contents*: Covers your business contents or stock if they are damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy
Building*: Cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).
What it typically covers
- Material damage loss for your physical assets
- Financial loss due to Business Interruption
What is NOT covered?
- Negligence/breach of duty arising from an act, error or omission as a result of your professional services
- Claims arising from damage to third party property or personal injury
- Known claims and circumstances
Protect your business today.
Employment Practices Liability (EPL) Insurance* is designed to help employers minimize the risk and potential cost of claims taken against them by employees. Covered claims may relate to allegations of discrimination, unfair dismissal and sexual or workplace harassment.
Statutory Liability insurance* protects you, your plumbing business and your employees against certain unintentional breaches of some Australian laws. It will also cover the costs of representation related to investigation costs for alleged breaches, as well as defence costs and fines or penalties payable following a conviction.
Tool insurance (Portable Equipment cover) *
Operating as a plumber your tools are your livelihood and the value of these items, like hammers, electric eels, tube cutters, and your toolbox adds up quickly, and are most likely worth a mint.
Being caught without your tools because they were lost or stolen, could throw a real spanner in the works, something you could do without. That’s where portable equipment insurance can save the day.
It provides cover plumbing tools for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.
It also can provide protection to your tools anywhere in New Zealand, so you can rest assured knowing that you always have some kind of cover in place to protect them, no matter where your work may take you.
Get more info
If you’d like to find out more on all things business insurance and some tips to help your plumbing business, these are some articles that are perfect reading material for your smoko break.
How to protect your plumbing business with Public Liability insurance
It’s one of the fundamental types of insurances you need to think about when protecting your plumbing business, and we’ve got everything you need to know in our lingo-free guide.
What every tradie needs to know about insurance
Our quick and easy guide shares all the important stuff you need to know about business insurance and protecting your tradie business.
* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
^ The provision of the claim’s examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.
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You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents.