Alberta Plumber Insurance
Being a plumber can be an incredibly messy profession. It is up to you to repair and install water and drainage lines around and in a variety of buildings. Therefore, it is very important that you are adequately protected with a proper Plumber Insurance policy.
In order to get the coverage that you need to protect your business and your assets, you need assistance from a knowledgeable broker that can help you gauge your business risks. This can include liability claims related to damage that you cause, damage to your company vehicle, damage to your equipment or injuries sustained by you or others.
The Coverage That You Need
You can have a Plumbing Insurance policy structured in a number of different ways. The way that your policy is written will depend on the size of your business and the unique needs of that business that must be addressed. The basic policy is likely to be a bundle of the main three types of necessary coverage, which includes:
- General Liability - For legal claims, injuries or damages that are the result of mistakes or accidents that occur while you are performing your plumbing work, you will need to include general liability coverage in your policy.
- Property Insurance - For damage to your tools or equipment, you will need quality property insurance.
- Loss of Income - If your business is interrupted due to a covered loss, you can be reimbursed for your loss of business income.
As the owner of an Alberta plumbing company, you will need a Plumbers Liability Insurance policy that features more extensive and much broader coverage that a simple business owner policy does. In order to make certain that all of your risks are completely covered, you may want to consider some additional coverage types, such as:
- Commercial Auto Insurance - If you have one or more automobiles that you use to drive back and forth to job sites and to transport employees and equipment, then it is in your best interest to include commercial auto insurance in your Plumber Insurance policy. A number of independent plumbing contractors make the mistake of believing that their personal Auto Insurance policy will provide sufficient coverage for their personal vehicle if they use it to conduct their business. Unfortunately, in most cases, a personal auto insurance policy will either not provide adequate coverage or not apply at all if the vehicle is used for business purposes.
- Additional Endorsements - As a plumber, it is likely that you have made a considerable capital investment in machinery, equipment and tolls. It is possible to include these items in your policy as endorsements to make certain that you are sufficiently protected against loss or damage.
Understanding Plumbers Liability Coverage
Plumbing Insurance will extend your general liability coverage to protect the more specific exposures that are associated with your particular profession. It is important that you take the time to consider your liability risks. Your broker at Del Fisher Insurance, Inc will help you make certain that the liability element of your policy effectively covers your actual risks and that there are not any gaps in your coverage or exclusions.
When you include additional liability coverage, it can effectively help to lessen your exposure to risks of liability. There are a large number of liability risks that you will want to make sure that your policy covers you against, such as:
- Damages that occur on new construction projects - If your specialty is installing plumbing in new projects that are under construction, you may be held accountable for water lines that begin to leak and cause damage to the new construction. Such an incident can lead to damage to building materials and cause work delays as well. This type of liability claims can rise to cost thousands of dollars depending on the type of damage, the scope of the devastation and how long of a disruption it costs. If you do not have adequate Plumbers Liability Insurance in Alberta, you will have to pay for all of it out of your own pocket.
- Damages that are done to existing pipes - In the course of performing your plumbing job, you may cause damage to the existing plumbing. The cost of the expenses to correct this type of damage can be excessive. If you do not have the right policy in place, the financial loss could be detrimental.
- Damages that lead to a gas explosion - Because your profession requires you to work around gas pipes, there is a constant risk of causing an explosion. This can lead to significant damages that are caused by a resulting fire or by the gas explosion itself. Even though the cause of the gas explosion can be difficult to pinpoint, you may still be required to provide a defense for yourself in a court case. However, with the right type of Plumbing Insurance policy effectively in place, you will be protected with financial support that will cover the cost of such legal claims.
When you have the best policy in place and you know that your business is adequately protected against lawsuits and unforeseen damages, you have a valuable peace of mind. In addition, your credibility in the industry can be increased, which will lead to more jobs and referrals. A Plumbers Liability Insurance policy from Del Fisher Insurance, Inc is a wise investment with your hard earned money. Click on the quote request button now in order to protect your bottom line and ensure the ultimate success of your business for many, many years.