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Workers compensation insurance is a critical level of business insurance you should not risk going without. The benefits of this policy far outweigh the potential risks you’ll encounter without it. Heating, ventilation and air conditioner contractors who have a staff – whether it is an office staff only or includes other HVAC technicians – may find themselves out of compliance with the Federal Occupational Safety and Health Administration if this policy is not carried. You’ll also find yourself at much greater risk of experiencing financial and legal hardships if one of your employees gets hurt or becomes ill in relation to their work duties.
Workers comp insurance for HVAC contractors is designed to protect employees and employers alike. This coverage is best known for the care and benefits it provides directly to employees if they get injured on the job, but it also covers work induced illnesses and it affords multiple benefits to the employers as well.
When one of your employees needs to seek medical care due to something that happened to them at work, workers comp insurance will pay for the costs incurred from that care. Injuries might be as simple as getting a strong electric shock while wiring a new air conditioning, or getting a severe burn while testing a gas furnace. Sometimes illness occurs instead of injuries. The employee might be overcome by leaking gas fumes from the furnace for example, and your workers comp for HVAC contractors covers the medical bills that arise from these and similar events.
Minor injuries or illnesses can also spawn workers comp insurance claims from your employees. They may visit the doctor’s office to get antibiotics for a cut that got infected for instance, and if the cut was received while working it may trigger a workers comp claim so that the employee does not have to pay for the visit or the prescription.
When an employee accident, injury or illness is severe enough their medical care team may deem them unable to return to work for a time while they heal. Workers compensation insurance for HVAC contractors can help cover the costs associated with this temporary disability, including losses in wages, follow up medical care and prescription medications.
In the event that the employee injury or illness causes them to not be able to return to their normal work duties at all, your workers compensation coverage may pay permanent disability stipends in addition to covering the associated medical recovery costs.
Temporary or permanent disability often refers to the ability to work in the same field. Some work-related injuries or illnesses can be adapted to if the employee is able to learn a new trade. Workers comp for HVAC contractors may pay for the vocational rehabilitation so that the employee is able to become gainfully employed in a new field at some time in the future.
If work-related injuries or illness result in the loss of life, your workers comp coverage provides death benefits to the employee’s family members. These benefits may range from covering the costs of the funeral to providing a living stipend to the family for a specified period of time.
As the owner of an HVAC contractor company, you the employer receive a variety of benefits from a workers compensation insurance policy as well. Your insurance policy can help you ensure that your work environment meets all OSHA safety guidelines and regulations. It may cover the costs associated with inspections, training and compliance changes. It can also help protect you from potential fraudulent workers comp claims that might cost your company extra money.