Heating and A/C contractors, also called HVAC contractors, provide services, as the name implies, relating to heating and air conditioning. HVAC contractors are responsible for installing, repairing, or maintaining air conditioning units, heating units, and ventilation in homes and businesses. As a heating and A/C contractor, you are well qualified and trained for your position and should protect your risks. With this profession, your liability risks range from making a mistake while rendering repairs to harming yourself or your employees while performing HVAC services. Heating and A/C contractors insurance will help protect these and other risks.
Types of HVAC Contractors Insurance
The following types of heating and A/C contractors insurance policies will provide you with more in-depth information of the policies and how they can benefit you and your business.
A variety of risks are associated with running a heating and A/C contractors’ insurance policy, many of which can be protected with general liability insurance. Included in your general liability policy is coverage for completed operations, products liability, and premises liability. For instance, if you client incurs damage caused by the repairs you completed, the costs associated are covered by completed operations. Products liability is coverage against any products you sell your clients, such as a cleaning agent that caused an allergic reaction. With premises liability, you’re protected against bodily injury that might occur in your office.
The majority of your work as a heating and A/C contractor is done at client’s homes or businesses. This means you use a company vehicle all day long and it should be covered by business auto insurance. A business auto insurance policy provides ample coverage for your company vehicle in the event of an accident. It will provide coverage against bodily or property injury, as well as vandalism or theft.
Inland marine insurance is a special type of insurance policy that protects property while it is in transit. This means that while you are driving to a client’s residence or place of business, your property and theirs is protected. Any type of accident or theft can occur between the time you drive to the client’s home or business, as well as when you’re making repairs. If something was to be damaged or stolen, the losses are covered by inland marine coverage.
Employee dishonesty insurance will offer your heating and A/C contractor company against crimes committed by employees. This may include theft of money or tools and equipment you use, along with theft or vandalism committed at a client’s home or business. It is an unfortunate thing but as a business owner you will have to deal with so it is better that you protect yourself from it from the start.
If you have at least one employee working for your heating and A/C company, you need worker’s compensation insurance. Not only is it legally required in most states, but it is important protection for your employees and your company. Worker’s comp protects against work-related injuries or illness. For example, if a worker is installing a new A/C unit in a client’s home, and due to a water leak, deals with an electrical shock, their injuries and other medical costs are covered. Your company also won’t have to deal with a lawsuit or medical costs.
HVAC Contractor Umbrella Insurance
The liability policies for your Heating and A/C Contractors business (General Liability, Commercial Auto, and Employers Liability) all have coverage limits. Umbrella liability insurance therefore is used to increase your liability limits for all of these risks under one policy to protect your business for claims that exceed your primary policy limits.
You may not be able to prevent many of these events, but you can protect yourself from them. Protecting your business assets and employees should be first priority, which is why heating and A/C contractors insurance is so important.