It doesn’t matter what size plumbing business you have. From a sole-trader to contractor or a business that has hundreds of employees. If your plumbing business doesn’t manage insurance claims well, the long-term impact can include increased premiums or even becoming uninsurable. Read on to find out our plumbing insurance.
Liability Insurance for Plumbers
As with other trades, plumbers must have Liability Insurance to cover themselves for personal injury or property damage resulting from negligence. Plumber liability insurance is even more relevant if you use equipment like excavators.
Special Considerations for Victorian Plumbing Businesses
If you operate a plumbing business in Victoria, you will need to have Consumer Protection Liability (CPL) attached to your insurance.
This unique 6-year warranty covers the workmanship of the projects you and your team work on. It is essential that you have this insurance because Victorian consumers can potentially claim directly against your insurance policy for faulty workmanship. If your plumbing business has multiple claims under CPL, you may become uninsurable — and without proof of insurance, you won’t be able to renew your plumbing licence.
If there is faulty work, you must proactively rectify any issues with the work. Our Client Managers can help you avoid claims and increased premiums by helping you get Consumer Protection Liability.
Find out more about Plumbers Liability Insurance here.
What Insurance Brokers do
Atlantic Insurance Client Managers are insurance brokers that can help you get the right coverage for your plumbing business. With decades of experience, our insurance brokers can help you negotiate for higher excesses or demonstrate an improved risk management to insurers.
When you use an insurance broker, your “loaded” premiums can also reduce.
What proactive steps to take to avoid claims
Rectify Faulty Work
If a client reports faulty work, you must return to fix any issues with the workmanship in a timely manner. This will reduce the number of claims and the possibility of premium hikes.
Compliance Certificates
Only sign off on your own work or your team’s work if the work is compliant. We recommend you only sign off those plumbing works which you are able to visually inspect and ensure are compliant. Failure to do so could result in future liabilities for your business and also result in the denial of a claim against you.
Awareness of Surroundings
To avoid liability claims, you must take precautions and preventive measures when working in high-risk environments or if you are working alongside other trades.
Subcontractor Insurance
When your plumbing business uses subcontractors, you must ensure they have their own insurance. This will prevent your plumber’s insurance from being triggered in the event of a claim.
Immediately contact your insurance company
Prompt action is critical when dealing with a plumber’s insurance claim and immediately contact your Client Manager. With years of experience, they will recommend immediate steps, help you prepare an initial report that includes your policy details, and keep you updated with the entire process.
How Atlantic Insurance can help you with successful plumber insurance claims
Our Client Managers have decades of experience with trade insurance policies and know what to look for when customising plumbers insurance policies that provide adequate coverage without breaking the bank. Atlantic Insurance has been catering to the Insurance needs of our customers for over 40 years. We are dedicated to ensuring you can protect your business assets in any situation.
For tailored insurance products that offer comprehensive coverage at competitive prices, contact us today and receive a quote.
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. You 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.