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Keeping the workflow constant is a challenge. Don’t let managing claims take focus away from growing your business.
Many businesses have faced interruption this year due to the COVID19 pandemic. Some have suffered financial loss. During these difficult times, managing claims can take you away from your focus - whether that be returning to work, accident risk, cyber threats, workers’ health and safety, and public-liability concerns.
What cover options are available for plumbers?
As new risks and situations arise it becomes more valuable to consider insurance solutions that are valuable for plumbers including:
• Public Liability
• Personal Accident
• Tools and Equipment
• Commercial Motor Vehicle
Marsh can arrange insurance policies that help cover plumbers and their business in a variety of situations.
The insurance needs of a plumbing business may depend on the type of work, the business structure and specific activities completed. Our Trades team work with clients from a variety of trade background to gain a strong understanding of the risk exposures faced by the industry.
With this in mind is it time to review your insurance policies?
The answer to this question is largely dependent on the changes to your business since your policy was placed. If your business has undergone a recent change, whether it is structurally, staffing or the complexity of work, it should trigger an insurance review. As a rule of thumb, we recommend reviewing your policy every year to ensure your business is covered appropriately for its risk exposures.
Before comparing a new insurance solution, it’s important to gain a strong understanding of your business risks. These risks can vary from ones that may cause major disruptions to those that will only have a minor impact on business operations.
As well as reviewing your business risks, it’s equally important to know the insurance requirements set by the state or territory in which you operate. In Victoria for example, plumbers must have compliant public liability insurance to receive or renew their licence. While liability insurance may not be compulsory in other states, if you were to cause accidental damage to a person or their property as a self-employed plumber, you could be liable to pay a substantial amount in compensation.
Tip: Not all public liability insurance policies will cover tradies for work completed on buildings over two-storeys high. Be sure to include this in your risk assessment if you or a licensed trades’ employee and/or your business performs this type of work. Talk to the team at Marsh to see how we can help with your plumbing business insurance enquiries on 1300 300 511 or [email protected]
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (Marsh) arrange this insurance and are not an insurer. This brochure contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. 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 on request. The Master Plumbers and Mechanical Services Association of Australia receives a financial benefit when an insurance policy is arranged by Marsh for one of its members. LCPA No. 21/428.