Could your plumbing business survive a lawsuit, or a claim that requires you to pay $100,000+ from your own pocket?
The fact is, no matter how careful you are, or how safely you perform your work, some circumstances are unavoidable.
And many times, the result of these 'circumstances' can be enough to put you out of business.
Whether you install a defective part, you flood a home, or you cause a gas leak, accidents can happen.
Which is why it’s so important for responsible business owners to make sure they have the right protection in place so their business can survive in the event of an accident, claim or lawsuit.
Like any other business, plumbers need a variety of insurance coverages to ensure their operation is protected. Additionally, rules and coverages can vary from state to state, so understanding Ohio plumbers insurance is essential.
Commercial General Liability Insurance
When you operate your own plumbing business, Commercial General Liability (CGL) insurance is a must, as it would protect when lawsuits or financial losses occur.
This policy is the foundation for protecting your business, and every plumbing business in Ohio, regardless of size, needs this policy.
A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises or operations.
For example, you replace the bathroom faucets and drain for your client. All seems fine until you get a call weeks later. You’re being accused of failing to fully tighten the connections and of course, your clients didn’t discover the problem until they returned from a 2-week vacation.
Damages from the leaking pipes are substantial, and you’re being asked to foot the bill or risk a lawsuit.
The right General Liability Insurance policy would protect you and your business when this type of claim occurs.
As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims.
What other types of claims could be covered?
- Damages during new construction – For example, you could be held responsible for leaking water lines that damage the new construction. This could include work delays or damage to building materials. These types of claims can escalate quickly.
- Damages to existing pipes – If your work results in damage to existing plumbing, you would be responsible for the costs to rectify the damage.
- Damages that result in gas explosions – Your field of work causes you to work near gas pipes and there’s a risk of explosions. The damage could be extensive and you could be liable for resulting lawsuits.
Commercial Auto Insurance
Commercial Auto Insurance is another important policy that all Ohio plumbing businesses or independent contractors should consider because you’re relying on vehicles to get you from one client to another.
Many independent contractors make the mistake of assuming that their personal auto policies cover their business use of a personal truck. However, in most cases, Personal Auto Insurance is either inadequate, or doesn’t even cover the use of a commercial truck.
Just imagine, you take your personal truck to a job site because you’re carrying around all of your equipment. When parked on site, your truck is damaged by a piece of construction equipment. You aren’t concerned because you have a personal auto policy.
However, due to the fact that you were using your truck for commercial purposes, the damage is not covered by your personal policy and you have to pay the damages out of pocket.
Who needs plumbing insurance?
- Pipe Fitters
- Plumbing Business Owners
- Plumbing Contractors
- Septic Tank Installers
- Sprinkler Installers
Finding the best insurance policy for plumbing businesses 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 still 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.