Insurance For Plumbers
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- Public Liability and Tool cover
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Like many trades, being a plumber comes with its fair share of risks. Plumbing is one of the best paid trades in Australia and for a good reason. Not only is plumbing a highly skilled occupation, but plumbers also face an unusually high level of risk on the job, which is reflected in the high average wage. These risks can include working at a height or in a confined space, carrying our repetitive movements, exposure to asbestos or mould, and exposure to hazardous waste and hazardous chemicals.
No matter how careful you and your employees are, accidents can and do happen. Fortunately, you can protect your plumbing business with the appropriate forms of cover for things like Public Liability* and Portable Equipment Insurance*. This can save you from financial strife or damage to your business’s reputation later down the track.
As a plumber, you should be aware that many contracts and association groups require you to hold Public Liability insurance. And any old Public Liability insurance may not be enough. Some clients and association groups may require you to hold a minimum level of coverage.
One of the basic types of insurance you could consider as a plumber is Public Liability insurance.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
If you’re working as a contractor or are a member of a trade association, check to see if there’s a minimum level of cover required. There may well be. If you are working as a contractor to a larger company, they might also require you to hold a minimum level of cover.
In some Australian States, holding a minimum level of public liability requirement is compulsory.
Insuring your assets and your business can be a godsend when unwanted challenges crop up and cause havoc. This can happen more frequently than you imagine. Even if you are a meticulous small business owner and take every precaution you can, some circumstances simply can’t be prevented. Fortunately, Business Insurance can keep your business running, even when the tools are down.
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 package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
You need your tools to get the job done, so it makes sense to protect them. If you take the time to add up the replacement cost of your toolbox you might be surprised at their value. Could you afford to fork out your hard-earned savings to replace them all in the event that they were stolen, misplaced or damaged? Your tools help you get the job done every day and that’s why protecting your most valuable business assets is something to consider as part of your insurance plan.
Consider this: if you don’t have your tools on you for even a day, you would probably be unable to work on your contracted jobs, costing yourself and your reputation dearly.
Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
As a plumber, you perform a very specific trade performing highly specialized and often dangerous tasks. You will often make calls of judgement that can have a significant impact on the people and structures around you. Your ability to make the right decision in tricky situations is one of the reasons that you are hired for certain jobs. That is why Professional indemnity insurance can be a great way to protect yourself.
Even the most experienced plumbers can occasionally misjudge a situation. Errors or omissions in the provision of your professional service or advice could occur despite your best efforts.
Professional Indemnity (PI) insurance offers protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
When working for under a contract or on a worksite, are you required to have a certain level of Public Liability cover?
Do you know how much your tools of trade are worth? Have you got cover for them if they were stolen or damaged?
A jack-of-all-trades, Mr ‘fix it’, as a handyman you have many names and wear many…