HVAC Contractor BOP Insurance Risks

The risks of not carrying a business owners insurance as an HVAC contractor can affect your physical business assets. Without the protection of a BOP, your HVAC contractor company can suffer financially when business equipment, tools, furnishings and structures are damaged or destroyed. A hurricane, tornado or other common weather event can take the roof off of your company’s office building and cause the computer equipment inside to be damaged beyond repair. Without BOP coverage, you’ll be left to take care of replacements and repairs from company funds. You’ll also risk losing customer contracts and pay while you’re waiting for repairs, because you won’t be able to perform your standard work operations.

HVAC Contractor Business Owners Insurance

BOP Insurance Protection HVAC

A business owners policy (BOP) for HVAC contractors provides your company with an ideal mix of commercial insurance coverage. It includes all of the protections provided with a general liability insurance policy and adds multiple layers of protection for your physical company assets. It protects you from the problems and expenses that can occur when your buildings are damaged for example, or when your company’s tools, equipment and furnishings are damaged or destroyed. It helps you recuperate from the disaster of losing critical company papers and computer data, as well as protecting you from potential dishonest actions your employees take.

Business Liability

Business owners insurance for heating, ventilation and air conditioner contractors includes all of the base protections included in a standard general liability policy. A summary of these includes:

  • Bodily injuries – Claims against your company for physical injuries or illnesses.
  • Property damages – Claims against your company for damage or destruction of property.
  • Medical payments – Payment of small medical claims to prevent further legal actions.
  • Advertising and personal injuries – Libel, slander, copyright or other personal harm claims.
  • Products and completed operations coverage – Claims against services you’ve completed in the past.
  • Premises liability and fire damages – Claims of property damages to buildings and structures your company uses.

Business Personal Property

Business personal property is protected in a business owners insurance policy for HVAC contractors. This means that if something happens that is covered in your policy, and that event damages or destroys your office furniture, tools and equipment, or even your company’s cleaning supplies and inventory, this area of your BOP absorbs the costs for you. It can pay for full replacements if needed, or for repairs when applicable.

Building and Structures

HVAC contractors who maintain a base of operations have one or more buildings or structures that is essential to the operation of the company. You may have an office area that is open to walk in traffic from the public, or you may have storage structures and workshops to house your tools, equipment and inventory. When these buildings or structures are damaged from something like a hail storm, the costs of getting repairs made can quickly spiral way beyond your means. This section of your HVAC business owners insurance policy covers those costs for you so that you can get back to normal business operations quickly.

Business Income and Expense Coverage

When extensive damage happens to your company buildings and structures, you may find yourself struggling with a combination of lower income and added expenses. If you must stop or slow down work until repairs are made, this lowers your income. A the same time you may find it necessary to rent temporary space until yours is ready again, thus incurring extra expenses. Your business owners insurance for HVAC can be configured to cover these shortfalls if the need arises.

Valuable Papers, Documents and Receivables Coverage

Some of the most important documents and papers for your company can be lost or destroyed in an instant, and the costs to replace them in addition to the time it might take, could be enough to close your doors. Valuable papers might simply be your accounts receivable and unpaid invoice records, or they could be special HVAC designs, inventions and patent applications.

Other Important Coverages

There are many additional ways a BOP insurance provides important coverage for your HVAC company. These include equipment breakdown, employee dishonesty, outdoor signs, property improvements you’ve made, and losses related to important electronic data. Contact us today for a full list of everything we can help you with.

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