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Insurance solutions for plumbers
Every day you walk onto a job site, you work with a large array of tools - all of which are essential to getting the job done. Yet you might be missing one vital tool in your plumbing tool kit - insurance!
I know what you’re thinking, “do I really need that?” With a range of challenges unique to your industry, it’s important to consistently check if your toolbox is complete with insurance solutions that protect you on the job.
Public Liability: Public Liability Insurance is considered a must have for plumbers, providing protection in the event of personal injury or damage to a third party or their property. If a claim was made against you or your company, you could be liable to pay for damages and any legal costs incurred and if you’re a sole-trader, you are legally and financially responsible for all aspects of your business, putting your own personal assets at stake. We arrange public liability insurance to cover you for such claims and also ensure cover satisfies the Victorian Plumbers Ministerial Order.
Errors and Omissions: Did you know product or installation advice you give as a plumber could put you at a financial risk? If the advice you give to customers results in loss or damage, this form of liability insurance provides financial protection to manage legal expenses and monetary damages, helping plumbing companies or contractors avoid a significant financial hit.
Property Insurance: The second most common claim for tradesman according to AAMI’s business claim data, is the loss or damage of portable and valuable items1, including the tools you use daily to get the job done. If your tools, equipment or resources were suddenly lost or damaged from events such as natural disasters or theft, you inevitably will not be able to carry out the work you intended to complete, leaving you out of pocket as you will need to replace the items, which minimises your potential income.
Employment Practices Liability: In 2017, the Australian Fair Work Commission reported that a total of 14,135 unfair dismissal applications were lodged, representing the largest category of applications received each year2. This is only one example. If you own your own plumbing company, it is important to understand that employees and former employees have the ability to sue you for a raft of alleged acts such as claims of unfair dismissal, underpayment, discrimination, bullying and harassment. Employment practices liability insurance for plumbers provides cover for claims relating to such allegations.
At Marsh Advantage Insurance, we have arranged insurance for thousands of plumbers across the country and have come to understand the unique requirements of the industry. For more information on the policies described above or to update your toolkit with appropriate insurance cover, please contact our expert plumbers team at 1300 300 511. Marsh Advantage Insurance Promotion
1 AAMI, (2015) Top 3 Insurance Claims for Tradies
2 Fair Work Commission (2017) 2016-2017 Annual Report: Access to Justice. Page 77
Notice: Master Plumbers Insurance Brokers (Aust) (MPIB) is a trading name of Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369). MPIB arranges the insurance and is not the insurer. This article contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage on request. The Master Plumbers and Mechanical Services Association of Australia (MPMSAA) receives a financial benefit when a policy is arranged by Marsh Advantage, enabling it to continue to provide further services to the plumbing industry. LCPA 19/059.