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General Liability protects against many known and unknown risks. It is the most important insurance to have for your business as it protects your business from claims involving third-party property damage, personal or bodily injury and advertising mistakes up to the policy limits. It covers your business from litigation, out-of-court settlements, and judgments awarded by the court.
Surety Bond is a contract between three parties: the principal, the surety and the obligee. The obligee gets a financial guarantee that the principal will act according to the terms established by the bond. If not, the obligee can make a claim to recover the financial losses they suffered when the principal failed to perform the task.
Workers' Compensation covers medical bills, hospital bills and lost wages of an employee who has been proven to become sick or injured because of their work. It also provides disability payment when the employee is unable to work, and benefits if an employee dies on the job. This insurance then relinquishes the employees' right to sue your business for negligence.
When one of your contractors fails to complete the contract or provides professional advice that caused a client more harm than good, you'll need Professional Liability (E&O) insurance. This insurance makes sure that when a covered risk happens the insurance policy will pay for the attorney, legal fees, and the judgments awarded by the court.
As HVAC contractor, your business deals with your client's heating and air conditioning need - some immediate needs and others simply maintenance. Keeping your customers' homes free of certain dangers are a risk of a liability upon your HVAC business. Your insurance will make sure that these risks are mitigated. It makes sure that when a covered risk happens, the insurance will pay for these first instead of coughing the payments out of your business and personal assets.
Below are some of the common risks HVAC Contractors can face:
The cost of insurance for HVAC contractors depends on the size of your business, the number of employees you have, the coverage required and other possible factors. Without taking these into account, below are the average cost of insurance policies for your business:
Get a free, no-obligation quote and know your concrete insurance costs.
As an HVAC contractor, you have a lot of things that you need to protect. Depending on the size of your business, some insurance policies are going to be more necessary than others. For example, the starting point will always be General Liability insurance. General Liability will cover claims made against your business alleging bodily injury and property damage that arises out of your work. For instance, if you have to climb into a homeowner’s attic to service a heat pump and the ladder falls and breaks an antique heirloom vase, your client would likely sue you for property damage and that sentimental heirloom vase could cost a pretty penny.
In addition to General Liability insurance, another important insurance policy an HVAC contractor should have is an Equipment Floater. You certainly have tools and equipment that are of utmost importance to do your job, so what happens if your tools and equipment are lost, stolen, or damaged? Due to their value, it is a great idea to insure them because it is much more affordable than having to buy all new items. Plus, if you ever need to rent, lease, or borrow any equipment, then that can be covered here too.
If you have employees, then it is a simple fact that you will likely need to obtain Workers Compensation insurance to pay for lost wages and medical expenses if they are injured on the job. If you have a website and take payments electronically, which you probably do in this day and age, Cyber Liability is something to consider as well. Cyber Liability insurance takes into consideration the amount of data breaches that happen on a daily basis and protects you against coordinated attacks that can severely cripple your business. While this list of policies is a good starting point, it is not all-inclusive and it is always a good idea to check what other coverages are available for HVAC contractors.
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