Plumbing contractors provide much-needed services for both residential and commercial customers alike. However, plumbers have a number of unique risks to consider. In fact, any incident involving installing and repairing pipes or fixtures can lead to major property damage, as well as potential legal action.
These challenges are magnified when you consider that risks related to equipment breakdowns, business interruptions and crime must also be addressed. The list below provides an overview of these risks and more—helping you identify potential blind spots in your risk management and insurance programs.
- Because plumbing businesses usually own a fleet of vehicles and employees travel to and from job sites on a frequent basis, automobile exposures can be significant. Specifically, any time a plumber transports tools or visits a client, the risk for accidents increases. And, just one accident can be extremely costly, as expenses related to vehicle repairs and bodily injuries can add up quickly. What’s more, if employees use their own vehicle for work, standard commercial auto policies are often not enough.
- Property—including your tools, equipment, supplies, signage and similar items—plays a key role for your business. And, in the event of a loss caused by fires, theft or vandalism, your business can suffer major financial damages. For instance, should a fire break out in your storage area, your firm could lose thousands of dollars’ worth of equipment in an instant. What’s more, a single incident can affect multiple aspects of your property, compounding costs and downtime for your business.
- Once a job has been completed, plumbing contractors can be held liable if their work product causes bodily injury or property damage. While claims of smaller problems can often be resolved with a repair, larger issues may result in legal action. For instance, if a particular job involves welding piping, a leak could lead to flooding, causing significant property damage for the client. Completed operations coverage can help protect a contractor should these kinds of claims arise.
- Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small or midsized businesses. A single brief business interruption can be costly for an organization and may even lead to serious reputation damage or long-term closures. Common interruptions for plumbing contractors can include natural disasters, fires and vandalism.
- Plumbing contractors regularly transport equipment, tools and supplies to and from worksites. As such, any property that’s unique or valuable, in transit, in your temporary care, stored at fixed (but movable) locations or used to transfer information represents inland marine exposures. Materials and tools can be damaged in transit from shifting loads or traffic collisions; at the worksite from collision, being dropped or poor weather conditions; or lost from theft, potentially creating costly losses.
- Plumbing contractors face several crime exposures, which may attract thieves or vandals. Thieves (including your employees) can rob an office or worksite at any time, targeting cash or valuable supplies. What’s more, with worksite locations changing on a regular basis, the level of risk a plumbing contractor faces is in constant flux.
- Any time one of your employees is injured on the job, your organization could be subjected to a workers’ compensation claim. Common sources of on-the-job accidents for plumbers include cuts, scrapes, blows to the head when working in tight spaces and musculoskeletal injuries caused by repetitive tasks, twisting, lifting, sprains and strains. Normal, everyday tasks related to working under sinks or carrying equipment can lead to accidents and, in turn, increased costs for your business.
Finding the best insurance policy for your plumbing business in Ohio, and figuring out the types of coverage needed to protect your business, can be confusing, time consuming and difficult.
However, the right insurance protection is critical to the success of your business. Without it, you're one claim away from being out of business.
And remember, not all policies are created equal.
You probably wouldn’t go to your eye doctor instead of your dentist if you were having a toothache, right? Just because they’re both doctors doesn’t mean they have the same skillset.
Just the same, you need an Insurance Advisor that understands your industry, your risks of loss, and how best to protect you and your business.
We can help.
We know the industry, we understand your needs, and we work with multiple insurance companies so we can deliver the insurance solution that’s perfect for your business, and your budget.
When you have confidence in your business insurance, you have greater peace of mind knowing that you can keep working to generate revenue, even when disaster strikes.
To get started on your customized solution, contact one of our Licensed Advisors, or Request a Proposal and we’ll get to work right away.