Home Business Insights & Advice Plumbers and tradesmen in London: Business and insurance guide

Plumbers and tradesmen in London: Business and insurance guide

29th May 18 11:08 am

This is how you can start a plumbing business in the right way

Plumbers in London are in high demand because frequent water problems are common in the city. A lot of people are choosing plumbing as a career because the pay rate is well and there’s lots of work available. According to reports, an average plumber earns £29,136 per year, which is quite good when compared to the average.

If you are thinking on starting a career as a plumber, then you have landed on the right page. We have covered all things related to plumbing here, most importantly the aspect of insurance.

What do you need to do to start as a plumber

Here’s what you need to start your own plumbing business:

If you are already working for a company for a few years now then you do not need much help on how to do the job but if you don’t then you need to follow these steps:

Build Skills And Get Qualification: You can learn the basics by opting for an NVQ course in plumbing. By level 2, you get the basics which involves both theoretical and practical experience. However, a level 2 qualification isn’t much if you want to start your own business.

You need to go beyond and get to level 3 to run a plumbing business.

Once you learn the basics, it’s time to test them. What better way to work on contract basis or get a short time apprenticeship to see how much you understand it. It’s important before you start your own plumbing business.

Investment: You will require money to buy equipment, insurance, a shop, vehicle, staff and on marketing your business. Without money, you can’t run a business.

Sign With HMRC And Pay Taxes: As a business, you need to pay taxes and get registered with HMRC. Failing to do so can cause you jail and heavy fines.

Why insurance is necessary for plumbers and tradesmen?

Whether you’re a self employed plumber or running a plumbing business in London, it is vital to secure your business and yourself from risks and mishaps by getting business protection. Just like we have insurance coverages for our lives, there is insurance coverage for our businesses as well.

Public Liability: Since you’d be starting off, mistakes are bound to happen. You may accidentally cause damage and the situation can get worse. Here’s where public liability insurance can come to your rescue and pay for the damages you’ve done. You can find relatively cheap PLI by shopping around to safeguard your interest.

Professional Liability: You can’t run a large plumbing business alone. You need staff. Just like you can make mistake, so can your employees. It’s better to get professional liability insurance for employees as they might damage someone’s property or even worse, sustain injuries during work. Professional liability insurance can cover for these damages.

Product Liability Insurance: Plumbing business requires to use many tools. Now these tools may not work all the time. This type of insurance can safeguard you against issues related to products and their use.

The verdict

This is how you can start a plumbing business in the right way and start earning.

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