Plumbing Inspector Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, plumbing inspector insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by general insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your plumbing inspector enterprise, you must consider how much financial risk you are taking on.

If your plumbing inspector business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a total wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions. 

In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your plumbing inspector business?

What this means, for any plumbing inspector business owner, is that if some customer claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your plumbing inspector business is not harbored by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.

When you are running your plumbing inspector operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does plumbing inspector insurance protect you from?

For your plumbing inspector business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any plumbing inspector business owner should consider when negotiating the insurance needed.

The main categories of insurance for your plumbing inspector businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any plumbing inspector business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.

In such a case, they can sue you for compensation.

General liability insurance policy for your plumbing inspector business protects you against claims coming from injury to visitors or damage to their property.

It protects your plumbing inspector business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.

In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The average level of general liability insurance for your plumbing inspector business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your plumbing inspector insurance operations.

Professional liability insurance for your plumbing inspector business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your plumbing inspector business for them, you can quickly have to fight a court case.

Even if the matter against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Every small plumbing inspector business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of plumbing inspector insurance section below for average prices of professional liability insurance for your plumbing inspector operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your advice was basically incorrect.

You need to be aware of the explicit laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held culpable for damages caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for plumbing inspector

Only you can determine exactly how much insurance you must have.

Best advice is to talk to experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your plumbing inspector business

Take care! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the van is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your truck is involved in a collision.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The required value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your plumbing inspector business needs specialized and costly equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.

The gear may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your plumbing inspector business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your plumbing inspector business’ equipment.

Commercial Property insurance

Any plumbing inspector business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your plumbing inspector business deals in areas of high risk, like California or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of plumbing inspector business premises, there is a need for more extra cover than in warmer climes.

Because the level of cover depends completely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of plumbing inspector insurance section below to give some idea of the average prices per million dollars of property insurance for your plumbing inspector business.

Temporary insurance by month, week or day for your plumbing inspector business

Is your plumbing inspector business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for plumbing inspector – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having the same risk cover.

The key feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of better business activity, get the existing cover increased.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your plumbing inspector business

You have the chance to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will protect you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized plumbing inspector businesses, such as yours.

There are a few limits that will dictate whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle risks.

Also, the size of your business will rule whether you are eligible to take out BOP cover.

The normal business that can take out a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual sales.

Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your plumbing inspector business employees

In almost all states, it is mandatory to have workers compensation insurance when your plumbing inspector business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you may not get your workers compensation obligations from private insurance companies.

Workers compensation premiums are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must see the relevant authorities in your state.

Average costs of these types of insurance

Although every plumbing inspector insurance need is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with a broker what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your plumbing inspector businesses needs.

Cost of insurance for your plumbing inspector operations depends on many different factors.

We have reckoned these figures for small self-employed plumbing inspector businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they usually are about 20%-30% lower.

The location and size and type of your plumbing inspector business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for plumbing inspector operations?

This is a wide term used to describe common insurance policies designed to protect plumbing inspector business owners from risks like bodily injury, property damage, claims of negligence.

Does my plumbing inspector business have to have insurance?

Some of the forms of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small plumbing inspector business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for plumbing inspector insurance.

How much will plumbing inspector business insurance cost?

In addition to the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for plumbing inspector, in the search box below, and follow the relevant links.

Related Industries:

Plumbing insurance – cost and types of policies Plumbing Engineer insurance – what kind and at what cost Plumbing and Fire Suppression Engineer Insurance – What Kind and at What Cost Insurance Inspector insurance – cost and types of policies Building Inspector insurance – cost and types of policies Safety Inspector Insurance – Cost and Types Of Policies Certified Welding Inspector Insurance – Cost and Types Of Policies Welding Inspector Insurance – Cost and Types Of Policies Electrical Inspector insurance – cost and types of policies Qa Inspector insurance – cost and types of policies Quality Assurance Inspector insurance – cost and types of policies Quality Control Inspector insurance – cost and coverage