Marsh Advantage reveals how business insurance can keep your innovative ideas flowing.

Innovation is necessary for business owners and managers, but its associated risks are often a major hindrance to implementation. This has the potential to obstruct growth and business objectives.

However, with numerous business insurance policies on the market aimed at risk mitigation in the plumbing industry, growth and innovation is less risky for organisations that are prepared.

Insurance drives innovation

Regardless of the industry, insurance provides businesses with the peace of mind needed to undertake activities that allow for growth. For example, cyber insurance allows businesses to operate in today’s digital society while minimising business disruptions of such harm.

Through various insurance policies that satisfy the risks associated with the operation of a plumbing organisation, industry professionals can be confident that their business will be adequately protected should those harmful circumstances arise.

Meanwhile, owners can continue forward planning for continued business growth without the fear of the unexpected happening.

Insurance policies to consider

There are many tailored solutions to minimise business harm and aid a business to maximise innovation, specific to the plumbing industry.

Compulsory Plumbers Liability Insurance, which covers organisations should damage occur to a person or property on a job site, is fundamental for minimising business risk which promotes sustainable growth and innovation.

Business property insurance

Plumbing organisations may not have considered the role that business property, management liability and tools/vehicle insurance can play in maximising their business evolution and innovation.

Business property insurance provides cover against any damages or losses occasioned by natural disasters or malicious intent. Damages to such property can greatly impact business operation and therefore impede further growth.

Adequate protection ensures businesses can resume operation with minimal disruption.

Management liability Insurance

Growing a successful business comes with all kinds of risk but Management Liability Insurance can cover the insured against legal actions including breaches in employment practices, unfair or wrongful dismissal, harassment or discrimination, fraud or theft by an employee, investors who feel they’ve been misled and breach of contract.

In some instances, particular individuals can also be held personally liable for breaches made by the company. In order to protect employees who are vital stakeholders in any organisation, Management Liability Insurance should be considered.

Management Liability cover can minimise financial and reputational harm to the business while also assisting to create an environment where employees feel safe and empowered to innovate.

Tools and vehicle insurance

Without the necessary tools or vehicles, business operation is seriously impacted. To minimise unforeseen circumstances, insurance policies covering tools, equipment and vehicles should be considered.

Damages to such equipment not only impacts operation, but can have a detrimental impact on financial revenue and perception by clients.

For more information, or a quotation, please contact Master Plumbers Insurance Brokers on 1300 300 511.