Plumbing contractors insurance also known as plumbers insurance, plumbing company insurance, and general liability insurance for plumbers is an insurance coverage that protects a plumber in the event he or she causes loses, damages, or bodily injury to clients or third parties. The purpose of this insurance is to provide financial protection to the insured in the event they are found liable to pay for damages or involved in a lawsuit.
Insurance Is Essential For The Canadian Plumber
As a Canadian plumbing contractor your business and employees will be faced with a number of certain risks. Whether you are installing new pipes or repairing a leaky pipe, there is always a chance that you could damage your client’s property or the client. Is it really unreasonable to think that you could drop a pipe wrench on a customer’s head? Maybe you knock over an expensive vase while carrying in a hot water heater. All of these scenarios are totally possible and there is where general liability insurance for plumbers will protect you.
What Does General Liability Insurance Do?
Plumbers insurance will cover you and your employees in both of the above examples. If you cause the customer bodily harm, the policy will pay for any medical expenses that arise. If you damage the customer’s property, the policy will pay the repair costs. However, the really good thing about the policy is that it will also cover you in court. If the customer decides to sue because you cause them bodily harm, the policy will cover any court costs and lawyer fees that you face throughout the whole ordeal. Some policies will even go as far to pay the settlement in the event that you lose the case. This is why it is important to make sure that you acquire the right amount of coverage.
How Is Plumbers Insurance Priced?
Pricing can be a bit dicey when it comes to plumbers insurance. And, this is because there are no two plumbers that will pay the same for coverage. Every plumber has unique needs and requirements. Some plumber are sole proprietors, while others have several employees. Some plumbers take on commercial jobs, while others only stick to smaller residential tasks. All of these factors will be considered when the provider is pricing your insurance. All that being said, most plumbers will probably end up paying anywhere from $530 to $1,170 yearly for general liability plumbers insurance.
What Is The Right Amount Of Coverage?
You learned above that you would always need to make sure that you have the right amount of coverage when it comes to plumbers insurance. The right amount of coverage will insure that you and your employees are protected in all foreseeable situations. For instance if you only get $30,000 worth of coverage and get sued for $60,000, you are going to be left holding a hefty little bill since your policy is only going to cover $30,000. This is why plumbers should acquire at least $2,000,000 policy.
Get a Policy
Our Canadian based insurance company specializes in plumbers insurance. We know just how important your business is to you and we want to make sure that we provide you with the right policies to protect it at all times. Just remember that these are not the only risks that you are exposed to on a daily basis when working in Canada. We have highly trained agents standing by that can offer you plumbers insurance quotes along with other policies that will keep your small or large business safe at all times.
We can also provide a construction bond for plumbers in the event a bid or tender requires a financial guarantee in place
- Construction Bid Bonds – Financial Security for Contract Bidding.
- Maintenance Bonds – Provides protection for a lengthier period of time.
- Performance Bonds – Guarantee of work being completed.
- Payment Bonds – Provides protection for payment workers.
- Subdivision Bonds – A bond used for subdivison development.
- Site Improvement Bonds – Making improvements to an existing project.
- Labour And Material Bonds – Helps cover Labour and Materials Cost.
- Surety’s Consent or Agreement to Bond – Agreement with the Bond Issuer.
- Bad Credit – Bonding for Businesses with poor credit.
- Fiduciary Bonds – Similar to Insurance (Protects your business)
Frequently asked questions
- What Is Covered Under A Contractors Insurance Policy?
- Types Of Contractors That Need Contractors Insurance And The Reasons Why?
- How Much Does Contractors Insurance Cost?
- A Comprehensive Guide For Learning How To Apply For Contractors Insurance?
Other Types of Contractors We Commonly Insure
For more information, please see more information about Plumbing contractor insurance