Whether you’re part of a large plumbing company, or one of a growing number of self-employed tradespeople, it is crucial that you think about taking out insurance for your craft. There are several ways in which insurance can protect and galvanise your plumbing career; here are some of those ways, and exactly how you can benefit from insurance for your business.
Protection from Accidents
As talented a plumber you may be, accidents do happen – and insurance should be in place if they do. Public liability insurance is key to protect you from the potential outcomes of injury occurring on a call-out, or as a result of your presence on-site.
Any civil claims against your business could seriously harm your profits without the cushion of an insurance company to cover those costs on your behalf. As unlikely as it is that your actions could result in the injury of a customer, it is essential that you and your business are covered – both for your peace of mind and your customers’.
Protection from Errors
A potentially more costly corner for plumbing-related disputes is in errors made when working. The failure of a single part could cause extensive flooding and damage more than one property – and if you were the one who installed it, you could be liable for the damages across all properties. Public liability insurance once again acts as a crucial barrier between you and significant financial losses, covering the vast majority of any legal fees and compensation incurred from such cases.
Again, it’s easy to think that these situations are unlikely to apply to you, and you may pride yourself on a certain standard of work; insurance is not a concession or an admission, but a safety net for the worst-case scenario – and some errors for which you could be liable may well be completely out of your control – such as parts out of tolerance.
Protection from Losses
Plumber’s tools are often specialist, and in many cases expensive to replace. The same is true, if not more so, for parts and units plumbers are often tasked with installing – such as hot water tanks and radiators. The unexpected loss of these on the job can be devastating for your business’ finances. This is where small business insurance for your plumbing business can really pay dividends: arguably the most common form of small business insurance in the UK, business contents insurance can shield you from the financial shock of unpredictable events such as theft or loss, covering the cost of replacement for tools and materials under coverage.
Another kind of loss your business might suffer from is financial; if something occurs that means your business is unable to operate as normal, and loses significant income streams as a result – such as the COVID-19 pandemic and lockdowns of the previous year making non-essential plumbing work impossible – business income insurance can plug the gap and make sure your business stays afloat until it can begin trading again.
Protecting Your Reputation
Overall, insuring your plumbing business can only be a good thing – not just for ensuring its safety, security and longevity, but also for promoting confidence in your customers. A responsible plumbing business with coverage is good optics, and improves your reputation across the board.
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