It doesn’t matter what type of plumbing business you own, from a sole trader to a more significant plumbing business that employs multiple staff and subcontracts to some of the largest Builders. With so many risks to consider in the plumbing industry and a range of required and recommended insurance types, it can take time to determine which types of insurance to get. This gets even more complicated if you live in a state such as Victoria where you must have a Certificate of Currency, or you may be unable to apply for or renew your Plumbing Licence.
For over 25 years, Atlantic Insurance has been a leading insurance provider for plumbers. With a wealth of experience and knowledge, our team can help you decide on the types of plumbing insurance you need by laying out precisely what is compulsory and what other plumbing insurance should be considered. This guide will help you understand the essential and suggested insurance considerations for plumbers.
Compulsory Plumbing Insurance in Victoria
If you operate a plumbing business in Victoria, by law, you must have the necessary insurance to be a licensed plumber. According to the Victorian Building Authority, there are Ministerial Orders that must be followed if a plumbing licence is to be issued and a Certificate of Currency can be provided.
Atlantic Insurance can arrange Plumber’s Liability Policies and forward your Certificates of Currency to the Victorian Building Authority. These provide coverage up to the policy limits for:
- Any trade practices liability, which includes any liability resulting from practice that is not in compliance with the Trade Practices Act 1974.
- Liability up to prescribed amounts to pay to rectify any plumbing work due to “defects” for up to 6 years beyond completion where these defects include working with improper or unworkmanlike manners, use of unsuitable materials, work that does not comply with legal requirements and a lack of care or skill applied.
- Completed work liability is any liability as a result of injury to a third party as well as loss or damage to their property caused by the plumbing work.
- Public Liability cover is any liability resulting from injury to a third party and loss or damage to their property that you cause. If you run a business that’s not in Victoria, it’s still a good idea to consider public liability insurance.
Other plumbing insurance policies you must consider
1. Income Protection Insurance
This insurance policy can assist you if an injury, accident, or illness has left you unfit for work. Instead of experiencing the financial strain of losing your income for some time, this insurance can allow you to receive up to 70% of your income (before tax).
2. Commercial Motor Insurance
This insurance policy covers any vehicles necessary to carry out your work. Commercial motor insurance covers protect your vehicles and will repair or replace them if they become damaged due to an accident. It also protects against a Third-Party Liability claim if another car is involved in the incident.
3. Contract Works Insurance
Contract Works cover protects contractors against any accidental loss or damage to their project in the event of storms, fire, other natural disasters, malicious damage, or theft. This
may be contractually required to carry. However, it is still a good idea to consider this policy to manage risk associated with accidental damage or loss outside of your control if it is not needed.
4. Plant and Machinery Insurance
As a plumbing business, you will own equipment or machinery like excavators, skid steers or forklifts. This insurance policy will ensure they are covered in the case of theft, damage, or third-party liability.
5. Tools Insurance for Plumbers
Tools Insurance is essential because without your tools, how can you work? This type of insurance will cover you in the event of accidental loss, damage, or theft of your tools and ensures you can get back to working as soon as possible. Without this insurance, you may be unable to repair or replace your tools as quickly, leading to business interruption and financial loss.
Why choose Atlantic Insurance for your Plumbing Insurance?
For over 25 years, Atlantic Insurance has been offering plumbing businesses competitive premiums and access to a wide range of insurers and products. With no paperwork to complete, our Client Manager’s handle every detail of your policies. From finding the best plumbing insurance policy to suit your needs and requirements to help with claims and renewals. We are experienced in arranging comprehensive and competitive Plumbers Liability Insurance for plumbers. With the experienced team at Atlantic Insurance, you’re in good hands. Contact us to arrange a quote for your tailored insurance plan.
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.
