Insurance is designed to guarantee that in the event of any unfortunate circumstance, a person insured will be compensated for the injuries he or she has sustained or for any damages to his or her property. This becomes more important for plumbers because their line of work puts them in a position that is considered risky for their health and overall well-being. This article lists down some of the kinds of insurance policies that every plumber needs to consider.
Public Liability Insurance
One of the primary insurance policies that every Australian plumber needs to consider is public liability insurance. This is plumber insurance that covers you and your business in case you are found at fault for any damage to property or injury to a person while you are carrying out your plumbing tasks. This proves to be beneficial, particularly in instances wherein a leaking pipe after your repair persists, causing substantial damage in your client’s home. Another scenario that proves the benefits of public liability insurance is when a person is injured by a piece of equipment that you have installed after completing the job. If you are covered, the expenses you need to address the concerns of your clients will come from your insurance provider rather than out of your pockets.
General Property Coverage
Another insurance policy that every plumber needs to consider is general property coverage. Unlike public liability insurance that is geared towards providing coverage for your clients, general property coverage is intended for the equipment you need to accomplish your tasks. In this case, if your gear is lost, damaged, or stolen, then you will be able to secure appropriate funds to cover your expenses in replacing or repairing them through your insurance.
Worker’s Compensation Coverage
If you are a plumber running your own business, employing a number of people to provide services to your clients, then you should seriously consider getting a worker’s compensation coverage. As an employer, it is your responsibility to ensure their safety and security as they are carrying out their tasks. This means that if they meet an accident while servicing a client, you should shoulder their expenses to aid in their recovery. Fortunately, you don’t have to do this right out of your pocket because this is what a worker’s compensation coverage provides.
Personal Accident and Illness Policy
In case you are a freelance plumber, you are considered a self-employed individual. While this set-up proves to have various advantages, there are also certain drawbacks such as not having benefits of consistently earning even if you are unable to work because you are feeling under the weather or you met an accident. This is where a personal accident and illness policy comes in. In this case, you will be compensated for the expenses that you have incurred to recover.
Finally, plumbers should also consider getting a life insurance policy to protect their loved ones, particularly if they have a number of people dependent on them. A life insurance policy ensures that in case you pass on, the people who depend on you will be granted a certain amount that will help them start until they can stand on their feet. The great part about life insurance is that if you live long to enjoy retirement, you get to enjoy the savings that you have put into it.
The insurance policies listed above are only some of the policies that every plumber needs to consider. These policies guarantee a plumber that any costs necessary to address injuries or damages to properties are covered in the event of unfortunate circumstances such as accidents. As a plumber in Australia, this will give you peace of mind, allowing you to focus more on your work.