Two Areas of Additional Coverage All Plumbing Contractors Should Have
Water damage is a homeowner’s worst nightmare. And if your plumbing client accidentally bursts a pipe or is faced with any sort of claim, it can quickly become their worst nightmare, too. Just like with other artisan contractors such as roofing experts, home builders, and insulation repair companies, plumbers face unusual liabilities with very high financial damages attached to them. Not all general commercial insurance plans are right for plumbers, so here’s how you can adapt your coverage options to be a better fit for plumbing contractors and professionals:
- Add workers’ compensation for plumbing businesses that work on active construction sites. Even if your client is careful and keeps their employees’ safety in mind, construction sites can be dangerous. This is especially true at work sites that are shared with other contractors who are focusing on everything from electricity to ductwork. Show how your insurance plan can help your client’s company out by providing compensation in the event that your client’s employees are injured on the job,
- Keep unique property and equipment covered. Plumbing tools can be expensive, and if your clients are going from site to site there’s an even greater risk of damage, loss, or theft. Talk to your client about the importance of adding coverage to keep their tools and trucks covered, because every contractor knows someone who couldn’t afford to replace an uninsured tool.
If your client is just starting out as an independent plumbing contractor or is expanding their business, make sure you walk through their current plan with them to make sure their specific business needs are addressed.
If you want to know more about the different elements of excess coverage Prime Insurance Company provides, click here.
Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.