If you are a plumber (either a sole trader or you run a plumbing company) there are a bunch of risks you will come across when you’re working. Whether that’s an employee injuring themselves whilst on a job or your tools get stolen and you can’t carry out your work; events like these can not only pause your business operations but can also cause you to lose money. Nobody wants that; especially as a business owner when every job counts. Missing out on a contract because of an unforeseen event can negatively impact your income, and could even cause you having to shut down your business as the aftermath of something bad happening is too expensive.
But fear not, we’re here to tell you that with the right plumber insurance, your finances are covered thus so is your business. So what plumbing insurance coverage do you need? Read this blog from East Yorkshire Insurance Brokers and we’ll break everything down for you, so you can go into every plumbing job with confidence that you have a safety net if something goes wrong.
What Is Plumbers Insurance?
So, exactly what is plumbers insurance? Plumbing company insurance protects you financially in cases where something goes wrong, such as if the work you carry out causes injury to a third party or damage to their property. Accidents can happen to anyone and are often unexpected, and if you overlook something simple when fitting a pipe and this leads to a huge water leak, you could be met with a compensation claim for the damage you’ve caused to the property. Don’t let the risk of making a mistake put you on edge when you’re working; having plumbing and heating insurance in place gives you peace of mind that if you do something wrong or cause an accident then you won’t suffer financially if you’re held liable.
What Insurance Covers Plumbing?
When you take out plumbing and heating insurance you will need cover for the risks that you are faced with day to day. If you want to know what insurance covers plumbing then here are some of the insurance coverage that may be included in your policy:
- Public Liability Insurance Plumbers
If you’re looking at covering yourself, public liability insurance for plumbers is something that you may find is necessary for insuring yourself from the risks you are prone to in this trade. If you are working at someone’s house for example and while you’re working you leave your tools and equipment lying around while you’re using them; someone could trip over them and sustain a serious injury. In this scenario you may be held liable and be sued for personal injury and compensation. But if you have public liability insurance for plumbers, then this will cover the cost of the legal expenses, ensuring that if you are found at fault for an accident, then you’re financially protected when you’re faced with repercussions.
- Employers’ Liability Insurance
Not only are members of the public prone to accidents, but your employees are too! If your business has plumbers working for you then you are responsible for their health and safety. Not only is this a good cover to have to protect your business if one of your employees hurt themselves, but it’s also the law. Having anyone working for you requires employers liability insurance. If one of your employees slips on the job that leads to them being injured and having to have time off work; this plumbing insurance coverage will cover the cost of their medical bills and any legal expenses that come from claims against you.
- Tools and Equipment Cover
Tools and equipment cover does exactly what it says. This plumbing business insurance covers the cost of replacing your tools if they become lost, stolen or damaged. When you’re a plumber you rely on the tools you carry like saws or wrenches to do your job, they are also often expensive. If something happens to them like you’re targeted by thieves or you misplace them, this can not only disrupt your work but they will also be costly to replace. Having tools and equipment cover means that you don’t have to worry about your bank account taking a huge hit if something happens to the tools that you heavily rely on.
- Contract Works Insurance
Certain risks are just unpredictable. If you’re a commercial plumber for example and you’re working on a large project, unforeseen events can strike at any moment. No business is immune to fires, floods or even vandalism, and if your site is a victim of any of these disasters, the cost of redoing the work you’ve already done will be devastating. Contract works insurance will cover this cost so you’re not out of pocket when something that’s out of your control occurs.
Why You Need Plumber Insurance
You may already be thinking about getting insurance but you’re questioning if you really need it. But we’re here to tell you that the consequences you will face if something happens that’s beyond your control could be the downfall of your business if you don’t have the appropriate cover in place. You can’t always predict something going wrong, and if you’re found responsible you could be met with costly repercussions. Here are some of the risks you could face as a plumber that plumbing and heating insurance can financially protect you from:
- Accidental property damage
No matter how much of an experienced plumber you are; anyone can make a mistake. If you’re working at someone’s house and do something like incorrectly install a pipe and it leaks, this could cause significant water damage to their property. You may be found liable and the client may sue you for the money to cover the damages you caused, and if you didn’t take out public liability insurance for plumbers, you would have to pay out of your own pocket.
- Injury to third parties
Plumbing often involves using lots of tools to carry out your work, a client could trip over them whilst you’re doing your job and break their leg. If this happens and you are at fault, the client may seek compensation. Without public liability insurance for plumbers the cost of legal expenses could possibly be high and detrimental to your business.
- Equipment theft or damage
Your tools and equipment are essential to your trade. If they are stolen from your van or damaged while on the job, replacing them can be costly and delay your work. If you have the right plumbing company insurance that includes tools, this will cover the cost of replacements so you can get back to work without significant financial loss.
- Fires or floods
If you’re working on a larger commercial or construction project, unexpected disasters like fires or floods can damage the site, including any ongoing plumbing work you’ve completed. Without insurance, you might have to cover the costs of redoing the work or replacing materials. Contract works insurance ensures you’re protected if your project is affected by unforeseen disasters.
- Injuries to employees
As trades based businesses typically are more prone to accidents, so are the one’s working for your plumbing company. Since you’re their employer, you’re responsible for their health and safety so you may be found liable if one of the plumbers working for you becomes injured on the job. Having employers’ liability included in your plumbing insurance coverage is not only required by the law if you have employees, but is also essential to protect yourself from costly legal fees.
What Happens If You Don’t Have Plumbing Insurance?
If you don’t have plumber insurance and one of the risks above happens to you then you could face serious consequences. These repercussions can be anything from massively setting you back financially to losing your business all together. You don’t want to take the risk; having plumbing business insurance in place will give you peace of mind that you and your business are protected against the financial loss that can come with the risks of being a plumber. Here are some of the scenarios that could happen to you if you don’t take out plumbing company insurance:
Financial losses:
One of the more obvious consequences you can face if you don’t have insurance for plumbers is your finances taking a huge hit. If for example it’s found that the work you’ve carried out has caused injury to a third party or damage to their property, you may have to pay out thousands in compensation or legal fees. This can be costly most of the time but especially if you’re a sole trader or a small plumbing business; you may not have the funds to pay out and this could result in you losing your company all together. Don’t put your business at risk; with the right insurance you can ensure that you and your company stays afloat during these unexpected events.
Legal consequences:
Being found liable for causing injury or damage to a third party/their property can result in legal expenses that you have to pay if you end up getting sued. However, that’s not the only legal consequence that you have to worry about when it comes to not having the right insurance in place. As we’ve mentioned previously, employers’ liability is a legal requirement if you have employees working for you; if you don’t have legally required cover like employers’ liability insurance, you could face serious fines. These fines could be up to £2,500 for every day you are not properly insured. Make sure you get employers’ liability insurance as soon as you become an employer to avoid these legal repercussions.
Loss of business opportunities:
Many commercial contracts and large projects require proof of insurance before hiring a plumber. If you don’t have the correct cover, you could lose out on these contracts and therefore miss out on the opportunity. This could limit your business growth since you won’t have this additional money coming in that would benefit your company. Additionally, some landlords and homeowners may also request insurance confirmation before allowing work to proceed so it’s good to have in place to ensure your client is happy that you’re covered if something goes wrong.
For Plumber Insurance, Contact EYIB
Now that you know what insurance covers plumbing and why you need it; you’re probably wanting to get it sorted right away to make sure your finances are protected. East Yorkshire Insurance Brokers are here to help! We have the expertise in sorting insurance for plumbers whether that’s sole traders or small to medium sized businesses, and with us on your side, you can rest assured that you always have the appropriate cover in place. We will always talk you through the cover you need so you are in the loop, and with our knowledge of the industry means that you will get the appropriate protection every time.
Plumbers are exposed to certain risks daily, and accidents can happen to anyone and often be unexpected. A simple mistake could cause catastrophic consequences without the right cover in place. Plumber insurance acts as a safety net, so you can carry out your work with the security that if you are liable for an injury to a third party of your work caused damage to a property; you won’t suffer from the costly repercussions. Put your business in safe hands with EYIB today and secure the future of your business.
