If you are a plumber you most likely know that accidents happen at the most unexpected times. Therefore it is essential to prepare yourself in advance and obtain a comprehensive insurance package that will secure your business and protect your assets.
Types of Insurance you need to consider as a Plumber
- Personal Accident and Illness Insurance covers you when you are unable to work due to injury or illness. As a plumber there can be instances where you cannot work because you have suffered an injury or have an illness. In such cases absence from work could place a considerable financial strain on you as a contractor. Usually, Personal Accident and Illness Insurance will provide you with up to 85% of your income for a period that is included in your policy.
- Professional Indemnity Insurance covers you if you charge for professional advice or service as part of your business. The nature of work for plumbers includes providing regular advice for many situations – if this advice or service leads to an incident you may face a claim against you for professional negligence. Professional Indemnity Insurance will cover you financially for the legal costs or if you need to pay for damages. The level of cover and cost will depend on the type of business you operate and your other needs.
- Public Liability Insurance can protect you and your plumbing business against costs related to damages to third-party’s property or injury to third-party as a result of your work on a job. As a plumber you may already be aware that plumbing work can often lead to accidental damage during a job. This means Public Liability Insurance is essential for your business if you find yourself in a situation where you are liable for damages or injuries to a third-party due to your professional activities.
- Tax Audit Insurance can reimburse your business for the cost of the professional help you receive during a tax audit with the Australian Taxation Office (ATO). Every year the ATO performs reviews and audits on selected businesses and individuals. If you want to avoid significant financial loss and stress during a tax audit it is important to consider getting covered by Tax Audit Insurance.
- General Property Insurance protects your plumbing and other tools you use for work if they are lost, stolen or damaged. If you find yourself without your tools you may have to replace expensive equipment and also face losing clients. By obtaining General Property Insurance you will ensure that you are financially protected and prepared for the unexpected ahead.
At Contractor Cover we can help you find the cover best suited for your plumbing business. We offer a “Contractor Pack” that includes the coverage you need combined into one policy. We understand that as a plumber you can be extremely busy which is why we have an easy and fast quoting system that can start you with your cover within minutes. If you have any further questions, you can contact Contractor Cover on 1300 GETCOVER to speak with one of our highly experienced professionals.