Get plumbing contractor insurance at an affordable cost
Plumbing professionals know how to prepare for almost anything. However, running a plumbing company, and even being a one-person business, features particular dangers and liabilities. That is why plumbing insurance, and workers compensation for plumbers, is important for keeping your company afloat and successful for years to come.
Residential and industrial clients alike benefit from plumbing contractors' services. Plumbing, however, comes with multiple risks to consider. In reality, any incident involving the installation and repair of pipes or fixtures could prove hazardous and result in significant residential or commercial property damage, in addition to prospective legal action.
These obstacles are magnified when you consider that dangers connected to device breakdowns, organization disturbances, and crime that also need to be addressed.
What Does Plumbing Insurance Coverage Cost?
The cost of plumbing insurance can differ significantly based on the size and scope of the plumbing operation.
Here are some of the options.
- Basic Liability Policy:
A basic liability policy can cost between $750 and $2,500 for a domestic plumbing operation whose tools and equipment are not covered.
- Bigger Plumbing Organizations:
Having a fleet of vehicles and/or dealing with industrial businesses can cause premiums to cost over $100,000 a year and even well beyond that.
For larger plumbing organizations, plumbing insurance coverage should be built with care and knowledge into a well-rounded bundle that includes:
- Safety Controls
- Return to Work Programs
- Business Car Schedules
Workers' Compensation Class Codes Related to Plumbing
Employees are organized into classification codes based upon what they provide for their job. The National Council on Compensation Insurance (NCCI) presently uses nearly 800 class codes to help insurers classify workers. Insurers develop a manual rate for each class code in order to price a policy.
Plumbing - All Workers - Class Code 5183
These organizations are primarily engaged in the connection and disconnection of pipelines connected to water, gas, or steam. It’s possible that they will perform work in a residential or commercial setting. Providers usually install and repair faucets, toilets, piping inside and outside buildings, sinks and equipment such as water heating systems, refrigerator water lines, and more. Pipeline fitting is also under this class code and may include the setup of tubing for refrigeration systems and other related components and devices.
The installation of underground sprinkler system systems is also covered under the basic plumbing class code. All sizes of pipe fitting and related components are included in this. However, automatic fire sprinkler setup generally falls under class code 5188 - Automatic Sprinkler Setup, in the majority of states.
Lower Plumber Insurance Coverage Costs
The expense of company insurance coverage has been increasing for plumbing professionals. General liability and workers' compensation insurance coverage have actually been the significant cause of the increase in the expense of protection.
Workers' Compensation and Employers Liability
- Plumbers Liability Insurance Coverage
- Industrial and Personal Home
- Umbrella Liability and more