You’ll need coverage beyond the BOP.
For most businesses, the business owners insurance policy (BOP) is often not enough. For example, a BOP won’t help protect you in the event you make a mistake that causes harm or damage. In this case, you’ll need professional liability insurance. Also, if an employee were to make disparaging remarks about a customer, you may be held liable for slander. A professional liability insurance policy may also help in cases of personal injury.
Insurance for a business that’s always on the go.
Because you’re likely moving from site to site over the course of the day, business auto insurance is important. Policies exist for the plumbing contractor who has one vehicle or an entire fleet. If employees use their own vehicles for business or if you ever rent a vehicle for a specific job, you’ll need hired and non-owned auto insurance as well. Inland marine insurance offers coverage for tools and equipment that are lost, stolen, or damaged while in transit.
Prepare for the unexpected with insurance.
No one wants an accident to happen, but if it does, you’ll need to be prepared. Environmental insurance designed for a plumbing contractor provides coverage in case of hazardous spills or leaks, including fuel, oil, or sewage. Cleanup costs add up fast, as do defense costs and damages, should you be faced with a lawsuit.
Insurance for occurrences that are beyond your control.
Your employees have access to homes and businesses, and temptation may get the better of them. Employee dishonesty insurance helps protect you from fraud and theft. If your equipment breaks down, it may be expensive to repair or replace. Consider equipment breakdown insurance for these incidents. In addition, because your operation relies on public utilities to be working, business income for off-premises utility services coverage (OPUS) may help recover lost income if you can’t work because the power is out due to a storm, for example.
Don’t ignore the business side of your operation.
A plumbing contractor business also has a need for coverage that most industries can benefit from. Cyber liability offers coverage in case of a computer network hack or data breach. Employment practice liability insurance may help cover the costs of attorneys, court fees, and damages associated with lawsuits alleging discrimination or harassment. Workers’ compensation insurance is mandated in most areas, but given the physical nature of your work, you’ll want to be certain you have adequate coverage in case an employee is injured on the job.
Looking for plumbing contractor insurance? Contact us to discuss your needs and options.