Plumbing Zone - Professional Plumbers Forum banner
1 - 11 of 11 Posts

·
Registered
Joined
·
20 Posts
Discussion Starter · #1 ·
I am in the process of starting my business and it will be just myself running the business and performing the last work. What insurance coverage is recommended for a sole owner operator? Thank you in advance
 

·
Registered
Joined
·
6,841 Posts
I am in the process of starting my business and it will be just myself running the business and performing the last work. What insurance coverage is recommended for a sole owner operator? Thank you in advance
I would ask a lawyer in your area who deals with these sorts of claims. They can give you an idea of the amounts to expect should something go awry. Then you get multiple quotes for that sort of coverage and bring the documents to the same lawyer so he can tell you how the insurance companies will try to weasel out of paying.
 

·
Plumbing since 1974
Plumbing and light HVAC
Joined
·
157 Posts
If you have no assets, then you could skip liability insurance.
But, you open yourself to being sued out of business in the event of a problem.
I've known a few colleagues with alimony and child support and never saved or had more than a truck and a tv and rented their whole life, so who's gonna sue them?
 

·
philosopher and statesmen
Joined
·
7,891 Posts
If you are serious about being in business I would suggest an Umbrella policy
because some day some skumbag might attempt to sue you over something even if you
had nothing to do with the job....it even covers a traffic accident in your plumbing truck

If you ignore a frivilous lawsuit they could get a judgement
against you for ignoring it and then you got troubles defending yourself and it will cost a lot
of legal fees ....

I know of a few small companies that went under because of the cost of defending themselves
in court over both legit and frivilous lawsuits...

Its the cost of doing business and protecting yourself with legal body armor

the umbrella policy will make you sleep better at night

Happy Cloud Adaptation Font Snow
 

·
4th year apprentice
Joined
·
740 Posts
I realize that this is like asking the fox how to guard the hen house, but just like we tell homeowners all the time, you really need to ask an insurance professional. Yeah, they might sell you more than you need, but to start out you need to CYA as much as possible. You can pick and choose what you get for coverage in the future, as you learn more about the buisness aspect of plumbing, insurance, the type of jobs you do, etc.
 

·
philosopher and statesmen
Joined
·
7,891 Posts
If you need it and you dont have it,
then when the crap hits the fan you will be singing another tune....
just ask what its worth to protect yourself... it dont cost a dime to ask...
and you dont look foolish just asking....

We installed a gang sink in a factory back in 1993, we even installed a floor drain under the
unit just in case it flooded out some day.... In 2000 a maintaince man was going to install
new parts in the worn out assembly, he has done this once or twice already since we installed it 7
years ago... So water was spraying all over the tile floor and he took a back flip
and cracked his skull on the concrete.... Well, we got named in a frivilous lawsuit over this
dumbass hurting himself...... I almost ignored it but was told to call our insurance company
and report this lawsuit... I had the umbrella policy and they just had to handle it without it
costing me a single dime in lawyer fees ---whatever they would have been....

Also we have had a few trucks get into accidents costing the insurance companies well over a 200k
that did not touch us financially in any way---- nice
 

·
philosopher and statesmen
Joined
·
7,891 Posts
If you can afford your insurance you don't have enough. Period.

At one time I had doubled down on the umbrella policy for our business.. I had 2 mil extra coverage.
My 88 year old father was driving around in a plumbing truck and I felt like
we were playing russian roulette just waiting for him to trash another truck
and get our company sued for everything..... Eventually he did trash out 2 nice trucks
and that was the end of his driving --at least I am grateful he did not kill anyone
.We had to let an a apprentice drive him
around for another year until he finally had a bad fall and that was the end of his plumbing days.

a family business can get complicated when they dont know when to hang up the spurs
we now only have one umbrella on us......
 

·
Registered
Joined
·
20 Posts
Discussion Starter · #9 ·
If you can afford your insurance you don't have enough. Period.
Not sure what makes you think i don’t have money for it. That wasn’t the question.
At one time I had doubled down on the umbrella policy for our business.. I had 2 mil extra coverage.
My 88 year old father was driving around in a plumbing truck and I felt like
we were playing russian roulette just waiting for him to trash another truck
and get our company sued for everything..... Eventually he did trash out 2 nice trucks
and that was the end of his driving --at least I am grateful he did not kill anyone
.We had to let an a apprentice drive him
around for another year until he finally had a bad fall and that was the end of his plumbing days.

a family business can get complicated when they dont know when to hang up the spurs
we now only have one umbrella on us......
good for him work till that age. They don’t make them like they use to.
 

·
philosopher and statesmen
Joined
·
7,891 Posts
Not sure what makes you think i don’t have money for it. That wasn’t the question.

good for him work till that age. They don’t make them like they use to.
My dad and another WW2 Plumber were the last men standing.... my father
passed away at 95 and this plumber was at his funeral and then he died about a year later at 94.
Mr Allen had a license plate on his work van that said the name and number of his navy ship
LST 798. (or something like that) They were both sailors on LST landing ships....
I think being in the navy must have made them tougher...
They basically both worked way beyond what guys half their age did....

Wrecking the trucks did make things a little difficult towards the end....
 

·
Registered
Joined
·
3,724 Posts
Not sure what makes you think i don’t have money for it. That wasn’t the question.

good for him work till that age. They don’t make them like they use to.

It just means get lots of insurance. Liability, w/c, umbrella. Your van insurance should have massive increases in un insured and under insured drivers. Disability is expensive, I can't afford it. If I didn't have employees and I hurt myself I would be screwed. But a great idea for a 1 man shop.
 
1 - 11 of 11 Posts
Top