The plumbing industry outlook is cheery. According to the Bureau of Labor and Statistics, the demand for plumbers and pipefitters will increase to over 15 percent 8 years from now, as more properties are built and the government becomes stricter when it comes to water conservation and maximization.
This also means that a plumbing business can look forward to massive growth as long as it knows how to play its cards right, including the purchase of the right types of commercial insurance.
The Benefits of Having an Insurance Policy
The main goal of getting an insurance policy is to protect everything that you’ve spent for and invested in the company. It also offers the same protection to your credibility and future income.
Take, for example, the following scenarios:
- An employee, a plumber, fixed the wrong pipe, which eventually led to house flooding. The homeowner then asked for compensation from your company; otherwise, he’s going to sue.
- While working on the main line, a person suddenly ended up falling into the hole because your plumber forgot to put up the necessary signs. His lawyer sent a notice to your firm.
- An employee fell into the ditch while doing his work, breaking his arm. Thus, he cannot report to work for a month. He filed a disability claim.
Now imagine if you don’t have any insurance. Where will you get the money that you need to cover for lawyer’s fees, pay for compensation, and give as a benefit? Of course, from your business! But these are not small expenses. These are extremely costly they can actually compel you to declare bankruptcy.
Getting a Contractor’s Bond
If you’re a contractor, you may also be required to apply for a bond. The company you’re trying to bid for may need a bid bond. A potential client may ask for a surety as a guarantee that you’re going to complete the work. In fact, your state may request a license bond before you can operate.
Find the Right Insurance
Though it’s essential that you run your business with insurance, it’s also equally important you get the right one. This is where, unfortunately, a lot of businesses make a huge mistake, and now they’re trapped on policies they can hardly afford and don’t match their needs at all.
We at Contractors1stInsurance.com correct this problem by working closely with the country’s biggest insurance firms, such as Progressive, Zurich, The Hartford, and AmTrust North America. This way, we can provide you with several options, depending on the insurance that you need. We can even personalize your insurance policy. Just give us a call and our helpful staff can give you information as to the best types of information to obtain.
Apart from insurance, we also offer a contractor’s bond, as well as payroll and leasing.
We know that you have a lot of things on your plate. We’re making things easier for you by protecting the fruits of your labor. Save up to more than 40 percent by calling us at 800-369-3703.