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Heating, ventilation, and air conditioning contractors put their business at great risk if they choose not to carry business insurance coverage. Without the proper insurance, your HVAC company could find itself in a bind either legally or financially when things go wrong.
Since business insurance coverage is designed to shield and protect you, going without it means you may find yourself dealing with unexpected events all on your own. If you are sued due to faulty products or perceived wrongdoing, you’ll have to pay for all of your legal counsel while also absorbing the losses of income. If you’re held accountable for something, you’ll also be on your own paying the judgments awarded against you.
Carrying HVAC contractor insurance is a smart business practice, because it is designed to help you in several different ways. Many types of HVAC insurance can be custom configured so that each section meets only the needs you currently have. It can also grow with you automatically so that as your business expands, your protection levels keep pace. The primary types of coverage heating, ventilation and air conditioning contractors need includes the following:
General liability insurance for HVAC contractors is designed to assist you
with things that go wrong, even if you’ve never thought a specific issue could arise. It covers general issues, such as physical injuries that require medical treatment. It covers claims against you as well, even when you’re not at fault for whatever is being claimed. It protects you from the expenses involved with property damages, mistakes in advertising, or claims against products or services you’ve provided in the past. General liability coverage is the base component of smart business insurance protection.
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Above and beyond basic liability and claims of wrongdoing, your HVAC contracting business owns a number of tangible assets. You may carry inventory for example, you have thousands of dollars worth of tools and equipment, and you likely have office and workshop furnishings. Business owners insurance for heating, ventilation and air conditioning contractors is designed to help protect you if something happens to these physical business assets. It does this in conjunction with providing all of the basic general liability benefits, and it can be tailored to ensure you’re not paying for coverage your company doesn’t need.
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Workers comp insurance coverage for HVAC contractors is critical to carry when you have employees. This basic business insurance is there to help you and your staff when someone gets hurt or becomes ill due to their job duties. Workers comp provides a lot of benefits to your employees – such as covering the cost of their medical care and providing temporary disability when necessary – but it also helps you with improving safety performance and investigating potential fraud or abuse cases.
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Heating, ventilation and air conditioner contractors are required to travel extensively as part of their daily work routine. You may even work solely on location and not maintain a base of operations, workshop or public offices. The constant driving from one location to another puts you at great risk of having an auto accident. Whether you’re at fault or not, going without coverage means you may be left to pay for a variety of things when an accident happens. Commercial auto insurance helps tremendously, and in ways consumer auto coverage might not. It can pay for related medical care costs, cover property damages, and protect you from uninsured motorists. It may be able to compensate you for equipment or inventory losses and potentially even protects you from other hazards such as vandalism, depending upon the level of coverage you elect.
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