Specialized Business Insurance That Plumbers Often Ignore

While plumbers opt for a variety of insurance policies that cover a range of risks such as workers’ compensation, general liability and more, some are often overlooked. Insurance for plumbing businesses isn’t as simple as you think. Making the right choices with respect to the policies you decide to work with can mean the difference between an accident and a legal case. Spending money on resolving such disputes will only give your firm a bad name while chipping away at resources that can be used for better tasks like reaching targets and expanding your firm. Here are some forms of insurance that deal with very specific problems and risks. Choose wisely to keep costs low while mitigating risks.

Business Interruption Insurance

This policy compensates your plumbers if your organization has to vacate the premises due to damage caused by a disaster which is covered under the said policy, like fire. Business interruption events such as these can easily be resolved with the help of a sound business interruption insurance policy.

Commercial Flood Insurance

As it says on the title, it protects your business property and equipment from floods. Some policies only cater to specific flooding events, and may not cover hurricane-generated storm surges, etc. Read the terms carefully before opting for one.

Contractor’s Insurance

This insurance protects your plumbing business from terrible financial debts that may arise from work-related accidents. Most agencies offer insurance policies that are tailored to your workforce and the kind of risks that a plumber may face.

Cyber Liability

This covers the cost for your business to handle a data breach or a cyber attack resulting from a virus or other sources. If you store the information of your clients or information pertaining to the field on the cloud or a device, this insurance is always a good decision.

Employment Practices Liability

This form of coverage covers claims against your business like wrongful termination, discrimination, retaliation, and even sexual harassment. This can protect you from financial losses due to harsh management decisions and is often recommended by most states.

Environment or Pollution Liability

This covers property loss and liability that comes from pollution or environment-related damages in sites caused by plumbers or faulty equipment. In hazardous environments that consist of natural gas pipelines or toxic fumes, this can protect your firm from legal disputes.

Management Liability

This policy is used to protect a corporation and its upper management from circumstances that are not normally covered by a simple general liability policy. This can arise from poor decisions, governance, etc.

Sexual Misconduct Liability

This effectively pays for legal charges and expenses that arise when your firm needs to defend a claim by an employee with respect to sexual misconduct.

With the help of these policies, protect your business from legal claims of all kinds. While it is common knowledge that these insurance options are available, only a few plumbing companies understand the value they bring to their organizations. Protect yourself from legal disputes from untoward incidents with a sound policy that targets insurance for plumbing businesses!