A career in plumbing can be hugely rewarding, as Joseph Valente winner of The Apprentice 2015 discovered, but as with any trade it has it’s perils.
Most insurers offer specialised insurances to many key industries and this includes plumbers and heating engineers; but what should you look for in an insurance policy? What policies may be suitable for plumbers as part of their insurance package to offer peace of mind that they could be covered for risks?
Public Liability Insurance
Whilst public liability insurance, or PL insurance as it is sometimes known isn’t a legal requirement it can offer peace of mind.
Public liability insurance could cover you against claims of illness, injury or damage to third-party property as a result of work you or your business have completed or your business operations as a whole. This could be anything from a pipe-leaking and damaging a client’s floor to them suffering an injury because they tripped over equipment or materials you were using.
In the event of a successful claim your public liability insurer could pay out to help defend litigation claims and pay any compensation if required.
If you tender for larger commercial contracts you may contractually be required to have public liability insurance in place – it’s also worth noting that more domestic customers are becoming savvy to its benefits and may ask to see your certificate.
Employers’ Liability Insurance
If you employ someone as part of your plumbing business, including an apprentice or work experience student, you must by law have employers’ liability insurance.
You are legally required to have a minimum cover of £5 million although it’s worth noting that most insurers will provide you with £10 million worth of cover as standard.
One of the only instances in which you can avoid needing insurance cover is if your business is unincorporated and you only work with your close family.
This insurance can provide protection should an employee have a financial liability against your company, due to ill health, an injury or even damage to their property.
Additional Plumbers’ Insurance Options:
There are a range of additional covers that are sometimes provided as part of a plumbers’ insurance policy. They include:
Commercial Vehicle Insurance
It is often the case you will need to insure your commercial vehicle separately from your plumbers’ insurance policy but some insurance companies may offer a whole package, so it is worth looking closely at what is available. If you have multiple vans for work purposes, then you may want to consider a commercial fleet policy.
If you have premises as part of your business, you may want to incorporate your buildings cover into your policy. This may be possible if you opt for an overall business insurance-style policy.
It is possible to obtain specific cover for your tools, which are integral to your work. The policy will usually provide you with cover to replace your tools with equivalents if they are stolen or damaged but you need to abide by the terms of the insurance. This usually includes a clause never to leave your tools on-site or in your vehicle overnight.
Want to know more? Contact us on: 08081686868 one of our insurance executives will be more than happy to discuss any questions you may have and run-through a quotation.