As a plumber in Maine, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down essential insurance coverages Maine plumbers need, including costs based on our analysis of actual quotes from leading carriers.
Get the facts about plumbing company insurance plans in our guide.
General Liability Insurance for Maine Plumbers
General liability insurance protects your plumbing business from third-party claims of property damage and bodily injury. Based on our analysis of over 900 plumber quotes, here are the typical costs for Maine plumbers:
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$150K | $5,900 | 3.9% | $4,500 | 24% |
$500K | $16,200 | 3.2% | $14,100 | 13% |
$1M | $30,900 | 3.1% | $24,600 | 20% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Maine Plumbers
Worker’s compensation insurance is mandatory for Maine plumbers with employees. Based on our analysis:
- Average cost per plumber employee: $9,450 annually
- Cost per $100K of payroll: $4,000
- Higher than national average due to state-specific factors
Key premium factors include:
- Employee classification codes (primarily 5183 for plumbers)
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Additional Business Insurance for Plumbers in Maine
1. Commercial Auto Insurance
- Annual cost: $1,500-$3,050 per vehicle
- Standard limits: $100K per person, $300K per accident
- Higher limits recommended ($500K-$1M)
2. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limits typically $5,000
3. Plumber Bonds
- Bond amounts: $5,000-$25,000
- Premium: 1-3% of bond amount
- Rates vary by credit score:
- Excellent credit: $100-$500
- Good credit: $150-$1,200
- Poor credit: $200-$2,500
4. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Based on:
- Property value
- Location risks
- Building construction type
5. Business Owner’s Policy (BOP)
- Bundles general liability and property coverage
- Often more cost-effective than separate policies
- Includes business interruption coverage
Get Maine Plumber Liability with ContractorNerd
ContractorNerd makes plumber insurance simple, efficient, and data-driven. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Plumbing-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy
Our team of plumber insurance specialists helps you:
- Optimize coverage for your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with Maine regulations
Contact ContractorNerd today for tailored quotes and expert guidance on your plumbing business insurance needs.