As you begin shopping around for insurance, there are a few things about insurance in Florida that you need to know. First, Florida has some legal requirements that are especially relevant for plumbers and other general contractors. For instance, if you and/or your employees own and/or operate a vehicle for work-related purposes, you must carry commercial vehicle insurance (instead of insuring those vehicles under your personal auto insurance). Also, if you employ just one person other than yourself, even part-time, you must carry worker’s compensation insurance. Second, it’s important to match the size of your insurance policy with the type of work you do; most clients will only hire you if you can demonstrate that you carry enough insurance to protect their property against damage and accidents.
The best way to get the right insurance coverage at a price that doesn’t break the bank is to work with an independent, local insurance agency like Sungate Insurance Agency. Because we are local, we understand the current professional environment for plumbers and other contractors in Florida and the unique risks that operating a business in Florida involves. Moreover, because we work with most of the large insurance companies offering plumbing insurance, we can gather quotes from a variety of different companies, compare them to ensure an “apples-to-apples” comparison, and then help you find the right insurance at the best price.
Cost Factors to Consider for Plumbing Insurance
When you get down to the basics, there’s no such thing as a “standard” insurance policy for plumbers; instead, there are a variety of insurance coverages—such as general liability, property liability, plumbers liability, commercial vehicle, worker’s compensation, inland marine, and so on—some of which are “required” and others of which are “optional”. The key is to identify your business needs and compile an insurance package that meets those needs. In addition to the type of coverages you want, there are some additional factors that will determine the cost of your insurance, such as:
- How many (if any) plumbers you employ
- Your annual revenue
- The type and quantity of equipment, tools, and/or vehicles you own
- Whether you have office, warehouse, and/or parking facilities
- The size of projects you take on
- The scale of projects you take on
- Where you have your office and where you do the majority of your business
- Whether you employee subcontractors
- The level of insurance coverage you want and/or you need
This list may feel daunting, but it doesn’t need to be! At Sungate Insurance Agency, it is our job to ensure that your plumbing business is protected with the right type and the right level of coverage, at a price that won’t undermine your bottom line. And the best part is that we can often bundle different coverages together into a Business Owners Package or umbrella policy to save you even more money!
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