Insurance for B.C. Plumbers
Working as a plumber with pipes and fittings in a wet environment brings a high level of risk either through an accident or a damage claim.
You need to protect your British Columbia plumbing business with the right plumbing insurance package.
Ask your Western business insurance expert about what plumber’s insurance you need for your B.C. plumbing business, whether it’s commercial or residential.
What kind of plumbing insurance do I need?
A plumber’s insurance package will protect you against on-the-job risks that you face, including third-party bodily injury and property damage. Expect to be asked to show proof of insurance with prospective clients.
Go over the types of coverages you need in detail with your Western business insurance expert to make sure your plumbing business has the right plumber’s insurance package.
Commercial General Liability Insurance (CGL): It is also known as plumber’s liability insurance, and it is essential for skilled trades and construction-related businesses.
CGL insurance usually covers damages awarded against you and helps pay your legal defense costs, regardless of the lawsuit’s outcome.
Without commercial liability insurance, you would be responsible for paying any liability costs out of your own pocket.
Tools and Equipment Insurance: You can’t do your job without your tools, which makes equipment and tools insurance necessary. This type of coverage replaces, or repairs damaged or lost equipment and tools, accessories, or other property. Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
Pollution Liability Insurance: It is a specialized type of coverage that will protect you against pollution-related accidents that cause third-party injury or property damage. Pollution liability insurance is essential for plumbers, especially when working on waste disposal lines and water systems. CGL policies usually will have an exclusion for any liabilities caused by pollution. Check with your Western insurance expert to see if you need pollution liability insurance.
Commercial Vehicle Insurance: Your personal car or truck insurance usually won’t cover your plumbing business. If you have a business car, truck, or van that you use as part of your plumbing business, it needs commercial coverage as part of your plumbing insurance package.
Commercial Property Insurance: Commercial property insurance can cover losses due to fire or lightning, including removing property to protect it from further damage. You can also include vandalism and malicious mischief in your commercial property insurance in your plumber’s insurance package.
Surety Bond: When you accept a job, you are obligated to complete it. A surety bond, or contractor bond, will pay your customer if your plumbing business does not complete a job. You can obtain a surety bond for a specified amount from your Western insurance business expert.
If your plumbing business has a surety bond, it gives potential customers confidence that you will finish the job and that they will receive financial compensation if you go out of business, or do not finish the job for other reasons.
Only companies licensed by the Surety Association of Canada may offer you a surety bond.
Professional Liability (also called Errors & Omissions or E&O): This will protect your business against liability claims arising from services provided in the course of doing business.
Business interruption insurance: You may want to consider adding business interruption insurance to your plumber’s insurance package. If there is an insured loss at a job site or other work premises that is severe enough to stop your business operations, the expenses associated with getting your business running again will be covered.
This type of policy usually covers vandalism, fire, wind, flooding, and other risks (make sure to understand what your policy covers). Your policy will help compensate you for lost income and expenses that you will need to continue paying even while you are unable to work.
How much insurance do I need and how much will it cost?
It’s recommended that plumbers should have at least $2 million in coverage to make sure that you and any employees are protected in all foreseeable situations.
Every plumber has unique requirements so it is unlikely that all plumbers would pay the same monthly or annually for their coverage. Ask your Western business insurance expert to help you get the right coverage at the right value for you.
Your Western insurance expert will go over in detail what is needed for your plumbing business.
Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your B.C. plumbing business the right plumber’s insurance package. Our experts are available now to help you navigate the business insurance journey to protect your plumbing business.
