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Plumbing Insurance

Plumbing Insurance: Protecting Your Business Assets

Working as a plumber, it is extremely important to protect the property and resources that you need in order to continue earning an income, assist yourself or others in the event of an accident and continue providing your valuable services to your clients.

Learn more about the coverage that you should consider so you can continue with business as usual no matter what unexpected events may arise.

Importance of protecting your business assets

As a plumber, protecting business property is essential for a number of reasons. These assets represent a large portion of the time and money you have invested in your business, so the safety of these means financial security. This also guarantees business continuity if any unforeseen catastrophic events were to occur as well as the preservation of your professional image as you continue to deliver on promises and meet your clients’ expectations.

6 insurance policies that assist with protection

1. Property Insurance

Property Insurance for plumbers is a necessary policy to consider in order to preserve any company buildings, equipment, inventory and other valuable assets. This cover is able to protect against loss or damage by fire, storm or weather damage, theft, vandalism and more.

It is important to review the terms, conditions and exclusions of this policy in order to fully understand the coverage that is offered and the circumstances of offer.

2. Liability Insurance

This policy is able to provide cover in the event of property damage, as well as injury to third parties such as clients, suppliers or members of the public. This is especially important for plumbers who work within client homes, or in close proximity to other tradespersons. In certain states such as Victoria maintaining a current Plumbers Liability Policy which complies with the Ministerial order is a license requirement.

3. Personal Accident and Illness Insurance

When injury or illness occurs, it is never a welcome event. Amongst the pain and stress of a broken bone or other physical ailment, you do not want to be worrying about financial concerns such as lost income or being unable to complete a contracted project due to your physical condition.

To ensure you can meet your financial commitments, receive compensation for lost income due to personal injury and potentially hire others to complete works in progress on your behalf, this policy is essential. Consider this to reduce financial strain, so you are able to focus on recovery.

4. Commercial Motor Insurance

This insurance product provides necessary protection for the vehicles that are used to carry out business activities against theft, loss, and own or third party damage.

Commercial vehicles for plumbers are often fitted with a range of accessories specific to the trade that are essential for business operation. Appropriate business insurance should be arranged to ensure you are able to repair and replace the vehicle or any individual elements in the event that these become stolen or damaged.

5. Tools Insurance

As a plumber you are surely quite dependent on hand tools and power tools such as your press fitting systems, laser levels and drills. If something were to happen to them you would be unable to continue working or complete certain jobs until they were repaired or replaced.

Plumbers’ Tools Insurance is able to repair or replace a tool the event that these become damaged, lost or stolen. With this policy you are able to receive fast repayment or replacement that will reduce any business interruption or loss.

6. Plant & Machinery Insurance

Your business equipment as a plumber is extremely important and often represents a significant investment such as bobcats or excavators. This policy will cover you in the event of theft, damage to the item or third party liability so you can repair or replace impacted valuable items as soon as possible minimising the loss.

Additional methods of safeguarding business property

Other than suitable insurance, some reliable ways to protect business property include:

1. Security systems / GPS tracking on Plant and equipment

In order to deter vandalism and theft, 24/7 monitoring should be considered. Alarms, access control systems or security personnel are also recommended to monitor premises.

2. Risk management practices

Essential business assets should be defended with appropriate safety protocols and appropriate training of procedures. This will prevent injuries and avoid accidents that may lead to property being damaged as a result.

Protect your commercial plumbing property with Atlantic Insurance

Atlantic Insurance has been a leading provider of reputable insurance for plumbing businesses for over 25 years. Contact us to learn more about the cost-effective, comprehensive plans on offer to guarantee the safety of your commercial property.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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