Plumbers insurance is designed to provide you with peace of mind that, should you or your company be liable for repairs, replacements, or compensation due to a result of your work, you have the right protection in place to minimise the financial impact.
Plumbers insurance is applicable to sole traders and limited companies working across the plumbing and heating industry in domestic, commercial, and industrial environments.
It’s recommended for anyone working in pipe installation, kitchen and bathroom fitting, building maintenance, or carrying out general work relating to any fluid-based systems.
There are many different kinds of policies that fall under the plumbers insurance umbrella, so it’s always best to check exactly what each policy covers. As standard, most plumbers insurance products will usually include three critical forms of coverage:
Public liability insurance: This covers you against claims made by your clients or by the public, either for personal injury, or for damage to property or loss of property.
Employer’s liability insurance: This covers you against claims made by your employees should they suffer injury, property damage, or property loss at work.
Financial loss: This covers you against claims made by a third party should they lose money as a result of your work. For example, delays that prevent a business reopening.
However, other plumbers insurance products may include additional policies, such as professional indemnity cover should a client be dissatisfied with your work, personal accident cover if you suffer an injury on the job, and coverage for your plumbing tools and business vehicle should you use a van for travelling between jobs and projects.
If you operate as a business and employ one or more people, it is a legal requirement to have employer’s liability coverage. Other types of plumbers insurance are optional, however they will often be required by trade associations, and by some clients, too.
Plumbing comes with a variety of risks that can cause leaks and water damage to properties. In fact, water damage is one of the most common forms of damage that can occur to domestic properties, and the Association of British Insurers reports that £1.8 million is paid out for water damage claims every day across the United Kingdom.
Should leaks or water damage be caused as a result of your work, a client can make a claim and you will be liable for damages. Resolving situations out of pocket is costly.
Unfortunately, the number of claims being made is rising. In Q1 2021, household water leak claims were up by 30% on the previous year, meaning that plumbers urgently need to ensure that they have the financial protection they need should things go wrong.
At BuildSafe, we see our role as an independent advisor, who reviews the merits of each policy to help you make well-informed comparisons. We also save you time in procuring quotes, analysing and comparing quotes, and negotiating the commercials.
The procurement of quotations is a time-consuming process. From form filling, providing documentation, chasing, reviewing and comparing terms, negotiating and finalising; we take the weight out of all of this for our clients allowing you to focus on actually developing your business.
No. Our business is built on retention and referrals. It is essential to state that the insurer will release the same terms to us, as they would to you directly. We are able to use our position within the market to gain leverage with providers. This means we can generally gain more favourable terms than the market price and often help our clients save as much as 30%. We are paid by the insurer for introducing the business to them and this cost is included in the price quoted.