Owning a plumbing business in Michigan can be a rewarding venture due to our thriving trades industry, but in order to protect your livelihood, it’s crucial to have the right insurance coverage.
Most contractors, businesses and homeowners are going to ask for proof of general liability insurance prior to your winning a bid for work. General liability protects you when you are sued as a result of bodily injury or property damage claims.
Perhaps a child injures themselves with tools that are left lying around, or you put a hole in a wall while working. Insurance provides legal defense as well as settlement payments when you are found to be legally liable. This policy can also be endorsed with a rider that covers your tools and equipment for loss due to fire, theft and collision.
If you have employees, it is critical that you understand the mandatory law regarding Michigan workers compensation. Workers compensation protects workers who are injured or become ill due to working conditions, and not having Michigan workers compensation when required by law will result in hefty fines and penalties from the state.
Another type of insurance protection that is often overlooked is professional liability insurance, or what is often referred to as errors and omissions insurance. This type of policy protects you against claims of negligence or inadequate work.
As you can see, there are several insurance implications of owning a plumbing business, and therefore seeking out a knowledgeable insurance agent can help you protect your business and assets.