Plumbing insurance has become an increasingly tighter market in recent times. With abundant water damage claims across the industry, insurers are putting the screws on plumbing insurance premiums.
Subsequently, our plumber and gas-fitter clients—especially Victorian operators—are having more cash than usual wrenched from their accounts to keep their coverage. Even plumbing subcontractors insurance has taken a hit, with principal contractors no longer bearing the entire brunt if they’re not directly at fault.
Education, quality control, and risk management go a long way towards easing this burden, and hopefully dampening the fire in years to come.
Considering this, it’s a good time for you to review your plumbing insurance or subcontractors insurance. Our specialised trades team have a wealth of knowledge when it comes to plumbers, and can conduct a review of your covers over the phone with you, obligation-free, in just a few minutes.
The Garden State, The Place To Be, On The Move…
Victoria. Now The Education State, we think. As mentioned above, education plays a big role in mitigating insurance claims, too. Ensuring employees are up to speed with policies and procedures, and their work is up to standard.
With plumbing insurance, Victorian operators have received an extra whack in recent times due to the stringent licensing requirements of the VBA.
Requiring an additional consumer protection endorsement on their Public and Products Liability Insurance policy to get their licence, Victorian plumbers already had additional costs compared with interstate operators. They also had limited options: not all insurers offer the required extensions, thereby decreasing competition and driving premiums up further.
Luckily, here at imar we’ve kept a tight rein on our specialised trades insurance package, focusing on client service and education to reduce the ripples of the industry impact we’ve seen plumbers experience.
Call us for a chat about your plumbing insurance or subcontractors insurance today.