As a New York plumbing contractor you have probably had to repair more than your fair share of pipes, sprinklers, toilets and septic tanks (and sometimes things can get a little hairy). Still, you manage to go about your business and fix the problem. We find that admirable but, sometimes problems exist that you may be unable to fix. Problems that could expose you to unnecessary risk, financial loss and injury if you do not have the right insurance. Here’s what you need to know about plumbers liability insurance.
Understanding Plumbers Liability Insurance
Plumbers liability insurance is designed to protect your plumbing business from various forms of financial liability. This financial liability usually comes in the form of an accident that unravels into a lawsuit directed at your company. However, there are a few other ways in which a liability policy can help protect your business.
Plumbers Liability Insurance – One Policy, Six Forms of Liability Protection
1. Advertising Injury
It might be tempting to trash your competitor in an advertisement but, that initial satisfaction can wear off if they decide to sue you. Liability insurance will ensure that you do not have to carry the brunt of the lawsuit.
2. Bodily Injury
If someone experiences physical harm on your premises (or if an action by one of your employee’s causes an injury to a third party at a client site) you could be exposed to litigation.
3. Completed Operations/Products Liability
After you complete a project you would think you would be safe from litigation. Unfortunately, if a client feels as though you did not meet expectations, or failed to complete a certain task, they could sue you. Legal fees are expensive but plumbers liability insurance will make sure you don’t have to carry that financial weight.
4. Independent Contractors Liability
As a General Contractor you will probably have a few independent contractors working for you. While they do perform admirably most of the time, one slip up or accident could lead to a lawsuit that brings down your entire business. Your plumbers liability insurance policy will make sure that doesn’t happen.
5. Medical Payments
If a third party is injured on your premises, plumbers liability insurance will make sure there medical expenses are paid for (even if they were trespassing or were at fault).
6. Personal Injury
Personal injury does not refer to a physical injury. Instead, it refers to damage to the reputation of a person or business due to libel, slander or copyright infringement. Without liability insurance, those damages can turn into especially pricey lawsuits so make sure you are protected.
With your plumbers liability insurance policy in hand you will be able to focus more on the daily operations of your business and less on irksome lawsuits. If you have any further questions about liability insurance please feel free to follow this link, or give us a call at 1-800-649-9094. We look forward to hearing from you!