Plumbing is a good business to be in. It's possible to earn good money by working hard; but it's also possible to lose a fortune, too, if things go wrong. Water in the wrong place can do a lot of damage!
Forget to sweat a joint up when it's late in the evening, and the customer is impatient, and you can bring down a ceiling, warp the floor joists and ruin decorations, furniture and carpets. Leave a blowlamp unattended for just a moment or two and the damage could make your eyes water. Drill into a wall to mount a radiator, and hit a power cable that a cowboy electrician put in the wrong place, and without conduit, and you have a major replastering and re-decoration job on your hands. There goes the cruise in the Med you promised the wife and kids!
Excellent. And perhaps none of these things will ever happen. If they do, though, you'll be really glad that you were properly insured.
You may not have a choice but to get covered anyway. Put a tender in to a main contractor, a local authority or a savvy developer and you'll be expected to be properly insured. And in any case, mentioning on your billhead that you are insured through a top insurance company could make all the difference between getting the job and not.
So get a quote and you may be pleasantly surprised by how little it costs, compared to the benefits it can bring you.
If you employ anyone, full or part time (except for a close relative, but check the rules before assuming this) you'll need Employers Liability insurance. Fail to have this cover and the fines you would face could be up to £2,5000 a DAY. However if one of your employees was injured at work and you had to pay compensation even this could appear like chicken feed in comparison. This cover is there to compensate anyone who you employ who is injured whilst working for you and unless you are a one man band you must have it, full stop.
Another kind of cover you will probably have to consider is Public Liability insurance. This is there to cover any of the scenarios at the top of this page, and many more besides, and it covers the cost of compensating anyone who is not an employee who is injured or loses money in an accident that you, or an employee, is held responsible for. Policies usually include legal cover too; defending a claim in court can be ridiculously expensive and some of them drag on for ages with legal fees mounting, so this can be very good protection to have.
You may need other types of cover as well, such as tool, van, or professional indemnity cover; which brings us to my next point:
There are some companies that sell insurance packages online. However every business is different and so there is no one size that fits everyone perfectly. By discussing your own business with an impartial broker who is fully qualified and authorised to help you find the most economical policy, whilst at the same time getting you the right cover (no more, than you need, and no less), you may end up with a better deal all round.
This can be particularly advantageous if you need several different kinds of cover, because often these can be bought as a package, so saving you money against buying them individually.
We have a whole panel of them. Each of them has access to different packages than the rest. Some specialise in helping large companies, some with small businesses, and some with sole traders.
So; when you fill in the enquiry form you'll be matched with at least one broking company which is fully authorised by the Financial Conduct Authority, and they will look for the most suitable policies and quotations for you. Get quotes now.