There are a number of different specialities within the plumbing trade, each facing their own risks. But whether you dedicate yourself to roofing, drainage, gas fitting or water supply, there are two things all plumbers have in common – they must be licensed and they must have Public Liability Insurance.
The worksite is riddled with potential risks and hazards, and unfortunately it’s fairly easy for a plumber to find themselves caught in a boggy situation. Whilst Public Liability insurance may seem like just another business expense, there are four essential reasons why plumbers can’t afford to not have it.
Protect against claims of third party injury
If you are found liable for someone else’s injury or illness you could have to cough up some serious cash for legal and compensation costs. It could be a customer or even a member of the public falling into a hole that you’ve dug, or an illness caused from not fitting the correct valves on water lines to prevent contamination.
Protect against claims of property damage
We’ve all heard those stories of when a plumbing job goes wrong – accidentally cutting or limiting gas or water supply; damaged pipes; making a faulty connection which results in flooding and water damage. Best the damage costs come out of your insurer’s pocket and not yours.
Safeguard your personal assets
As a sole trader or subbie, you are personally responsible, legally and financially, for all aspects of the business. In other words, you have unlimited liability, which means your personal assets are at risk of being seized if things go wrong.
Maintain your reputation
When running a business, it’s essential to be able to turn any wrongs into rights as fast as possible. Having Public Liability insurance will ensue you are able to respond to claims of negligence quickly and with confidence, which goes a long way in protecting your reputation.
Public Liability insurance is mandatory for licensed plumbers in most states and territories of Australia. If you work in Victoria you’ll also need to meet the strict requirements set by the VBA (Victorian Building Authority), meaning you must hold a minimum of $5 million for any one claim, as well as the consumer protection extension with $50K cover for domestic plumbing work and $100K for non-domestic work.
Keep your business watertight with plumbers insurance from BizCover. Get multiple competitive quotes from leading insurers online, in minutes. With Public Liability, Tool Cover and Personal Accident Insurance, we’ll cover all your bases.
BizCover™ Pty Ltd (ABN 68 127 707 975; AR 338440) is a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). This is general advice only and does not take into consideration your personal circumstances.