Like any job, plumbers face risks every day they go to work. A strong risk management plan can help you avoid many of these hazards, but accidents happen. You could still find yourself in a bind—and possibly with a large bill—if things ever do take a turn for the worse!
Being aware of potential dangers can help you prepare for them. Buying plumbers insurance is one way you might do this. Here are five common risks you may face as a plumber and the types of insurance that could help shield you against each.
Damaging someone else’s property
Plumbers regularly enter homes, buildings, businesses and construction sites to do their work. It’s part of the job, but one that opens you up to a lot of potential risks. If you damage someone else’s property—even accidentally—you may need to pay to fix the situation.
A compensation claim for property damage could come from people you closely interact with or those you meet in passing while you work. This might be other plumbers or tradies on a worksite, your customers, or a supplier. If your actions cause damage to their belongings, they might expect you to pay to set things right!
There’s insurance for this: A Public Liability policy covers third-party property damage claims, so you don’t have to pay for them from your own pocket.
Injuring someone else
Working in different places doesn’t just increase the chances of damaging someone’s belongings. It also means you could injure another person. Just like property damage, even an accidental injury could be your responsibility.
Injury claims can come from any third party you are working with or around. Your actions could cause injury to other tradies, customers, suppliers, vendors, or any other member of the public. If you are found liable, you might have to pay medical fees or otherwise provide compensation to the person you injured.
There’s insurance for this: Public Liability insurance also covers third-party injury claims.
Damaged, lost or stolen tools
A plumber’s tools are essential to getting the job done. If you don’t have the right wrench or cutter on hand, that could cause expensive job delays and interruptions. In a worst-case scenario, customers might look for another plumber who can get the job done on time.
Repairing or replacing damaged tools can be expensive. Depending on the piece of equipment, you may need to hire a temporary replacement while you sort out your own. And unfortunately, tools go missing from worksites all the time, whether they are accidentally lost or stolen.
There’s insurance for this: Portable Equipment Cover, part of a Business Insurance package, can cover your tools of the trade and stock so you can keep working without delay.
In some ways, your own body may be the most important “tool” you have to work with. Your physical skill and plumbing knowledge are essential to assessing problems, coming up with solutions to fix them, and getting that job done.
A serious injury or illness could impact your ability to work. You may be forced to temporarily pause your work while you recover or, in the case of a permanent disability, close your business for good. It may be difficult to pay your bills until you’re back on your feet or are able to sort out a new way of earning a wage.
There’s insurance for this: Personal Accident & Illness insurancecovers you if you are unable to work as a result of an injury or illness, even if you’re injured or fall ill outside of your job.
Making a mistake
Mistakes are a fact of life, and even the most careful plumber may make one while they work. This might not seem like a big risk, but you’d be surprised! A simple error or innocent omission when planning a project or advising another tradie can spiral into an expensive problem.
Mistakes, errors, and omissions in construction may result in costly rebuilds or project delays. These expenses could fall on your shoulders if it was your mistake that caused an issue. Even a small error in a residential job could result in a bill totally in the thousands of dollars.
There’s insurance for this: A Professional Indemnity policy can help protect you against mistakes in your work or advice, as well as missed deadlines, negligence accusations, and other types of professional wrongdoing.
Unplanned business interruptions
You’ve thought about protecting your tools and body, as well as how to shield yourself against property damage and injury claims from third parties. But what about events that are completely beyond your control? There are many other risks, from having your work vehicle stolen to a fire that destroys your financial records, that you may need to think about.
Extreme weather, fire and flooding, theft, and accidental damage are just a few of the many unplanned events that might interrupt your normal business operations. However, your bills don’t stop just because your business is on pause. You could still be responsible for utilities, employee salaries, and other expenses during this period.
There’s insurance for this: Business Interruption cover, part of a Business Insurance package, helps cover expenses if an unexpected event forces you to temporarily stop working.
Find insurance for plumbers today!
Plumbers face many on-the-job risks that may be addressed by different types of insurance. You might consider the policies mentioned above, along with other types of cover, to help protect your plumbing business.
Finding plumbers insurance is easy with Public Liability Australia! You can compare online quotes in minutes and choose policy options that suit your needs in just minutes. There’s no paperwork to buy, and you’ll be covered instantly.
Compare insurance for plumbers now!
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Public Liability Australia is a business name of BizCover Pty Ltd (ABN’ and ‘501769)