Got clients that are plumbers? Here’s what you may need to know
While the demand for the Australian plumbing industry has gone down the drain in recent years due to declining installation demand, there are still more than 29,000 plumbing businesses across Australia.
The robust and resilient plumbing industry still presents an opportunity for BizCover Partners whose plumbing clients may require certain types of business insurance.
Knowing how to approach the conversation of business insurance with your plumbing clients could help you add value and create an additional passive income stream.
This article will explain some of the key insurance products mandated and recommended for plumbers so you can equip yourself with the knowledge you need to advocate for their small businesses.
What insurance do plumbers need?
Public Liability insurance is an important insurance policy for plumbers to protect against third party injury or property damage while on the job.
It is there to provide protection if someone claims against your client, their business or its employees.
While not mandatory in any state in Australia,Professional Indemnity insurance* is another important form of protection for businesses that provide specialist services or professional advice. Some plumbers may fall into this category when they advise clients about their plumbing needs.
Professional Indemnity cover is designed to respond to claims against your client’s business for losses as a result of actual or alleged negligent acts or omissions in the provision of their professional service or advice. It will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Where is it mandatory?
While it is recommended by most state governments, only Victoria requires plumbers to hold a minimum level at least $5 million worth of Public Liability insurance. to operate at the time of writing this article.
As stated on the Victoria Building Authority website, at minimum, the Victorian Government requires licensed plumbers in the state to hold:
- Licensed Plumbers General Insurance Order, which prescribes the minimum insurance required by all licensed persons (except those licensed in Type B Gasfitting).
- Licensed Plumbers (Type B Gasfitting work) Insurance Order, which prescribes the minimum insurance required by all persons who are licensed in Type B Gasfitting.
To obtain a Victorian plumbing licence, they will need to provide an insurance Certificate of Currency as evidence that they’ll meet the insurance requirements.
This is something BizCover provides instantly after purchasing any type of insurance online or with one of our dedicated agents over the phone.
Refer your SME clients
Many clients need mandatory insurance and some other insurance cover options to minimise their risk.
These requirements make it easy to refer your clients through the BizCover Referral Portal and create an additional revenue stream for your business.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769