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As a plumber or plumbing contractor, you already know that one small drip can quickly turn into a flood, which is why it’s vital for plumbers to have good business insurance. Having the right insurance to cover you for a range of eventualities will help you sleep well at night and get on with your work without the worry of possible legal action if things go wrong.
You can compare quotes for a range of different types of business insurance here with Savvy. Just answer a few simple questions about the work you do and the insurance you need and you’ll have multiple quotes from a range of respected Australian insurers to compare instantly. Use our quick and easy comparison service to make sure you get the best value insurance cover to protect your plumbing business today.
There are several types of business insurance you should consider as a plumber, or for your small plumbing business. These include:
Public liability insurance
Public liability insurance is a must-have type of insurance for all plumbers and tradies and is compulsory on most building sites. It will also offer you protection if you undertake work directly for the public or if you offer your services as a contractor. It can cover you against claims that you or your work caused injury to a member of the public or accidentally damaged their property. This insurance is available for amounts between $5 million and $20 million, depending on your personal requirements or the level of coverage required by the site you are working on.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have tools, portable equipment and plumbing spare parts and other stock to protect. Business equipment insurance with portable asset cover is usually offered as part of a business insurance package. This allows you to combine different coverage options into one policy bundle, such as public liability and business theft insurance. Having a package to cover all your business insurance needs can be an easier option than having several different insurance policies, and it can make your life simpler if you do need to make a claim.
Commercial vehicles aren’t included in a business insurance package, so you may need separate commercial vehicle protection for your work ute.
What it covers:
Professional indemnity insurance
Professional indemnity insurance is another form of insurance you may wish to consider as a plumber, depending on the type of work you undertake. It covers you against claims that the advice, recommendations or plumbing service you provided were incorrect or negligent. This type of insurance can offer you protection against many types of claims, including:
Cover starts at $250,000 and goes up to $10 million or more.
What it covers
Personal accident and illness insurance
Since you rely on your physical fitness to be able to do your job, taking care of your health should be a high priority for all people who earn a living working with their hands. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, with a weekly replacement income available if you can’t work as a result of an accident or injury.
What it covers:
Optional extras can include:
What isn’t covered under business insurance for a plumber?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of business insurance for one plumber based on the Gold Coast may be similar to the price offered to a plumber in Brisbane.
You can find out how much business insurance will cost for your plumbing or plumbing contractor work by comparing quotes right here with Savvy. Whether you need insurance for yourself as a qualified plumber or for your business as a tradie or handyman, you’ll be able to find a policy which is perfect for your business needs right here.
You worked hard as an apprentice, and in the years following as you built up your skills as a plumber or gas fitter. You may have started your own business and spent years building up a good reputation as well as a loyal customer base. Naturally, you’ll want to protect your business and your reputation if things go wrong. Business insurance is there to offer you protection and the peace of mind that comes with knowing you’ll be more likely to be able to make a claim and carry on if something unexpected happens which is covered by your policy.
Most small to medium-sized businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. For example, if a water pipe you installed at the top of a block of apartments were to burst and flood the entire building, you could find yourself liable for damage worth millions of dollars. If this happens and you have adequate insurance to protect you, you’ll have a much better chance of recovering and getting back on your feet quickly.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
