As an HVAC contractor, your services are vital in your community. However, risks are inherent in this line of work. Obtaining adequate insurance protection is one of the best ways to manage these exposures and protect your business along the way. Every business is unique and, therefore, must have insurance coverage that meets their individualized requirements.
The primary insurance coverages you may need as an HVAC contractor are as follows.
Commercial General Liability Insurance
This coverage will protect you from the costs associated with accidental injuries to people and property damage resulting from your work as an HVAC contractor.
Workers Compensation Insurance
You are most likely legally required to carry workers comp if you have an HVAC business with employees. This protection will assist with the medical and payroll costs of employees who become injured on the job while working for you.
Commercial Auto Insurance
Commercial auto coverage will protect your business vehicles while conducting the service calls from one business or home to the next. This will also cover the business vehicles from accidents, acts of vandalism, and theft.
Business Owner’s Policy
A business owner’s policy is standard functional coverage for a contractor to obtain along with other types of insurance specific to the HVAC profession. The fundamental components of this policy include the following types of coverage:
- General liability insurance as a basic fundamental coverage for HVAC contractors.
- Business property insurance to cover repairs to the property and equipment damaged.
- Business interruption coverage to help those who are forced to close due to repairs in the aftermath of a covered event.
Business Property and Equipment Insurance
As a professional HVAC contractor, you most likely have invested in specialty tools and equipment. You might want to consider business property and equipment insurance coverage to protect your tools so that in the event it becomes damaged, destroyed, or stolen, you can replace it without paying the full cost out of pocket. This prevents your bottom line from taking a significant financial hit or even having to put a pause on your work.
Professional Liability Insurance
If you or someone on your team was to make a mistake on a project (which is practically inevitable at some point), the costs to your business and your reputation could be devastating. Professional liability insurance offers special protection in these scenarios, which will allow you to recover and move on after an incident occurs. This insurance covers the legal fees, attorney costs, and judgments that have been made against you.
Umbrella Liability Insurance
Oftentimes, legal fees will exceed your general commercial liability or your professional liability insurance limits. In this case, it is crucial that you’re prepared with an umbrella liability. This insurance will offer you an additional sum of protection beyond your standard coverage limits.
HVAC Inland Marine Coverage
This coverage will protect your tools, equipment, heating, and air conditioning units while they are being transported over land from damage associated with accidents, theft, and other covered losses.
You must have the right type of insurance protection for your HVAC business and the right amount of coverage. You can work with an agent to ensure that your insurance needs are met.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.