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A small plumbing business, or any business for that matter, will benefit greatly from having insurance. You will probably agree with me that that statement is quite true. The right coverage can safeguard businesses from losses that could force them to go under without such protection in place.

Perhaps, you are running a small plumbing business and have no clear idea of the sort of coverage you need. Here some popular types of insurance that people in the same business do buy.

General Liability Insurance

This coverage is arguably the first that plumbing business owners and other types of contractors usually go for. The reason for this is that general liability insurance protects you against most of the common claims you are likely to encounter. This coverage safeguards your small plumbing business against all claims of property damage that occurred while carrying out your work. It also protects you against third party claims of bodily injury or illnesses in connection with your operations.


Workers’ Compensation Insurance

This is the next-most popular coverage for small plumbing businesses. Plumbing employees are usually exposed to all sorts of situations that could put their wellbeing in doubt. For example, sewage-related projects could make your workers susceptible to contracting one illness or another. Your business could be sued in these events. But workers’ compensation coverage can help deflect such possibility by taking care of associated medical expenses, while also taking care of lost wages. This insurance could also take care of legal costs, if an employee decides to sue you.


Commercial Vehicle Insurance

If you have vehicles you use to run your business, you will do well to also carry commercial vehicle insurance. The use of vehicles gives rise to possibility of accidents occurring, even though you may not want to think about such possibility. Having this coverage can keep you take care of accident-related cost such as expenses on repairs, treatment and litigation.

License Bonds

These are not insurance in the usual sense. License bonds are legal agreements in which an insurance company or any other third party agrees to pay for any financial loss suffered by your client should you fail to complete a project as required. The amount of the claim would have to be reimbursed by you to the insurance company. These bonds serve as an assurance to clients that their projects will be completed as required, thereby helping you get more business.

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