Plumbing Contractor Liability Insurance
The plumbing industry in Canada is vital to the construction, maintenance, and renovation of residential and nonresidential structures. Due to the perennial need for plumbing services in the form of renovation and maintenance work, the plumbing industry always has a stable source of revenue even when the construction market fluctuates. Today, this industry gives jobs to more than 47,200 people in Canada.
Even though plumbing is one of the most secure lines of work, it also comes with its unique set of potential risks and liabilities. In such an industry, the success of your business depends on how prepared you are for unforeseen events. Injury to third party individuals and damage to the property can result in costly liabilities.
Plumbing contractor liability insurance is vital to the success of your plumbing business. This insurance policy will give you peace of mind and protect you from financial loss. KASE Insurance is one of the leading providers of contractor insurance in Toronto and the rest of Canada.
What Is Plumbing Contractor Liability Insurance?
Plumbing contractor liability insurance, also known as commercial general liability (CGL) insurance, is a comprehensive, must-have policy for plumbing professionals. This insurance policy provides coverage against common potential liabilities.
Liabilities can arise from injuries to other people and damage to the property. But how likely are these events going to happen? Well, it’s no secret that plumbing professionals face various potential hazards on the daily. On a regular basis, plumbing professionals work with toxic chemicals, work while on platforms/scaffolding/ladders, operate power tools, and so on. Various plumbing tasks also involve tampering with walls and flooring. This is why potential risks to other people and to the property are always present and this is what plumbing contractor liability insurance is for.
Depending on your policy,plumbing contractor liability insurance in Toronto can also provide protection from claims alleging libel and slander.
At this point, it’s easy to see why obtaining plumbing contractor liability insurance is a good move in securing your business from potential financial losses due to the liabilities mentioned above. Additionally, having this insurance policy will also give peace of mind to business owners and to the plumbing contractors.
Why Is Plumbing Contractor Liability Insurance so Important?
Because plumbers are needed for the construction, maintenance, and renovation of residential and non-residential structures, there will always be a stream of revenue coming into this industry, making it one of the most stable lines of work in Canada. But in spite of this stability, the plumbing industry has one of the highest rates of injuries and illnesses. Some of the risks that plumbing contractors face include the following:
- Exposure to hazardous chemicals
- Injury from as-line explosions
- Falls and slips while on scaffolding/platforms/ladder
But these risks are not isolated to the plumbing contractor alone. There is also the potential risk of causing injuries to third party individuals (e.g. the customer or bystanders.) And given that most plumbing systems and pipes are woven into the walls and floors of a property, the risk of physical damage to the property is also quite high.
Injuries to others and property damage resulting from the job-related activities of a plumbing contractor can result in liabilities. To prevent being blindsided by the cost of medical bills or the repair/replacement of damaged property, you need plumbing contractor liability insurance.
What Does Plumbing Contractor Liability Insurance Cover?
The main objective of plumbing contractor liability insurance is to give businesses, contractors, and subcontractors the coverage that they need against liabilities and damages. Let’s now talk about the main coverages of this insurance policy along with some example scenarios.
1. Damage to the Property
While working on the plumbing project, there is always a possibility that the plumbing contractor will cause physical damage to the property. This can easily result from accessing the pipes that usually run within the walls and floors. It can also result from a burst water pipe that will cause flooding. In scenarios like this, your plumbing contractor liability insurance policy can provide coverage in case you need to pay for the repair or replacement of damaged property.
2. Bodily Injury
While working on a project, the plumbing contractor might also inadvertently cause an injury to a third-party individual which could be a customer, a bystander, or any person near the project that isn’t connected to the business. This could result from falling objects or tools or from gas-line explosions. In such cases, your plumbing contractor liability insurance policy can help cover the medical bills.
3. Completed Operations
Once the plumbing project is already completed, the customer might complain that the completed operations caused or contributed to bodily harm or to property damages. An example scenario of this could be after the installation of a hot water heater and the temperature control fails. This would result in a person getting scalded. Even though the project is done, this can still be covered in your plumbing contractor liability insurance policy.
4. Reputational Harm
Depending on the coverage of your policy, plumbing contractor liability insurance can also help in case of reputational harm resulting from slander, libel, malicious prosecution, and more.
The common coverages of this insurance policy are detailed above. However, we can still discuss additional coverages to suit the needs of your business.
Who Needs Plumbing Contractor Liability Insurance?
Plumbing contractor liability insurance in Toronto can be purchased by individual plumbing contractors or by the company that they work for. This type of insurance is highly recommended for the following:
- Commercial plumbers
- Residential plumbers
- Service and repair plumbers
Why Choose KASE Insurance?
We’ve reiterated here that plenty of risks can arise from the job-related activities of plumbing professionals. It always pays to be prepared for anything in an industry like this. By getting plumbing contractor liability insurance, you are already one step ahead. However, because all businesses are unique and have unique needs, you can customize your insurance for additional coverage that you see as necessary.
KASE Insurance, one of the top insurance providers in Canada, is your partner in putting together the best insurance policy possible for yourself or for your employees. We’ve got a great track record serving different clients from various industries. Through the years, we’ve collected multiple awards and have gained a wealth of industry recognition. You can be sure that you are in good hands here at KASE insurance.
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