There’s more to plumbing than swapping out leaky pipes. When fixtures are corroded or worn, and the shower, the sink, or the toilet needs replacing, a plumber is expected to know the best quality products to use for a replacement.
And they need to be protected if something goes wrong: A Montana woman
received more than $1.5 million in a lawsuit against a plumber and home builder after a drainage system meant to pull water away from her house instead led the foundation to sink. It was a mistake, one that cost the plumber (and the plumber’s insurance company, assuming there was one) much more than the job earned.
If you’re a homeowner, you probably know where to find a reliable plumber. If you’re a plumber, you know your business, but you might not realize what’s needed to protect it.
If you’re not a plumber, but you are a contractor, don’t click that back button! The coverage Hastings Mutual offers is for many different types of contractors — what’s good for a plumber can be good for you, too. Talk with your independent insurance agent
. He or she can help you design coverage that’s just right for your business.
The best protection is a strong insurance policy — a Hastings Mutual Commercial Package policy with the Contractors Plus endorsement. A plumber or any other contractor with the policy and endorsement is covered in dozens of situations. Some of the most significant for a plumber are:
When you’re on the job, you’ve got your supplies and the material you brought to the site with you. Everything else, from the building to the pipes themselves, are owned by your customer. Broadened coverage applies to property you or your team use that gets damaged.
Builders Risk and Installation Floater
Here’s the insurance coverage for the supplies and material you bring to the work site. It also covers any damage to items you’re using during your plumbing installation or repair, like scaffolding.
The tools you use every day are just as important as the work site where you use them. This is for any tool you bring to the job — not just wrenches and knives, but power tools also.
There are two sizes of selected contractor businesses:
• Select Contractor I for a small company (five or fewer full-time employees).
• Select Contractor II for larger businesses, with 6 to 50 full-time employees.
Note that number of full-time employees isn’t the only requirement to be a Select Contractor I or II (there’s also gross receipts and a limit on the number of sub-contractors), but it’s a quick way to tell how a company will be classified for its contractors coverage.
So that’s (some of) what you’re looking for when shopping for insurance. You know you need coverage for your business — you probably don’t have $1.5 million in your wallet to pay out if a lawsuit doesn’t go your way — and you also want to make sure that, in an industry that relies so much on reliable equipment and employees, you’re able to keep them working.
Protect your plumbing business from unexpected costs. Spend more time on your company and less time on the paperwork. Find exactly the coverage you need. Contact your local independent insurance agent and ask about our selected contractors coverage.