The answer to that question might be more than you think. If you own a plumbing and gasfitting business, you need financial protection against many different risks - including some you may never have considered.
What could possibly go wrong?
All it takes is one accident causing injury or property damage, one theft of equipment or one cybercrime attack and you can be facing losses in the tens or hundreds of thousands of dollars.
For example, you might successfully defend your company against a workplace injury claim, but still be liable for paying a six-figure sum in legal costs.
Here is another costly scenario to think about. It's one that comes out of the blue and catches many business owners unawares. It's when the Australian Tax Office decides to review your income tax and superannuation payments records for previous years. Even if the ATO finds nothing wrong, you'll be up for the cost of your auditor's and accountant's fees.
Then there's social engineering fraud, which is just one type of scam enabled by electronic communication. An example of this is when you are tricked into transferring funds to a criminal's bank account when you think are paying a genuined supplier's invoice.
All forms of cybercrime are increasing. As a case in point, about a month ago (September 2024) the Total Tools hardware chain was the victim of an incident in which names, email addresses, credit card details and other details of 38,000 were stolen. Previously there have been widely publicised attacks on corporations such as Optus and Medibank. There have been many others. If it can happen to them, it can happen to you.
Don't wait until something happens, talk to MPA Insurance now
Our MPA Insurance service is a dedicated insurance broking service for members of The Master Plumbers and Gasfitters Association of WA.
They understand the requirements of plumbing and gasfitting businesses, provide sound advice and work hard to find highly competitive quotes. They talk to multiple insurance companies and can arrange all types of insurance, including
- Workers' Compensation
- Public Liability
- Professional Indemnity
- Management Liability
- Motor Vehicle
- Corporate Travel
- Plant & Equipment
- Income Protection
- Tools
- Cyber Insurance
Contact MPA Insurance on (08) 6141 3189 or info@mpaib.com.au for an obligation-free consultation about all your insurance needs.
If you're not a member and want to use our MPA Insurance service, sign up now.
