an HVAC contractor fixing a machine

How to Find the Right Insurance for HVAC Contractors

As a heating, ventilation, and air conditioning (HVAC) contractor, you will be experienced in the maintenance and installation of boilers, heat pumps, furnaces, and central air conditioner units.

It is a job that is vital so that people can stay comfortably warm on cold days, and so they have the chance to cool off on a hot day.

This means that it can be a lucrative trade, as most people will need the assistance of an HVAC contractor at some point. No matter how experienced and great you are at your job, things can go wrong.

That is why it is important to ensure that you have insurance for HVAC contractors that will protect your business if any injuries to you, your employees, or your customers occur, or any accidental property damage happens.

What is HVAC Contractors Insurance & Why is it Important?

Accidents can happen, no matter how well you do your job. Sometimes they are through no fault of your own, and other times it could be because you have made a small mistake.

Something could happen while you are transporting equipment or your company could become a victim of theft. In order to protect you, your employees, and your business, insurance for HVAC contractors is needed.

Insurance is there to protect your business from any costly lawsuits, medical bills, and other unanticipated costs that may come as a result of one of these events happening.

If you don’t have insurance, you risk having to bear the brunt of these costs on your own which could end up wiping out your business.

Regulations for HVAC contractors vary from state to state, so it is essential that you find out what is optional and what is mandatory in your state.

For example, in some states to receive a HVAC license, you may be required to have insurance. Even if some types of coverage are optional, it could still be in your best interests to have it.

Are There Different Types of HVAC Contractors Insurance?

There are different types of HVAC insurance, because not all heating and air companies will need coverage for the same things.

The coverage that you need will depend on the type of work that you do and where you do it. Below are some examples of the types of insurance you may need as a HVAC contractor:

  • General Liability Insurance – Most HVAC contractors will need general liability insurance. It will cover some of the more common risks associated with HVAC installation like property damage to a customer home. It will also help to cover customer injuries or libel and slander lawsuits.
  • Contractor’s Tools & Equipment Ensurance – As an HVAC contractor, you will have a lot of tools that help you do your job. Contractor’s tools and equipment insurance will pay for the replacement or repair of these tools when they are damaged, lost or stolen. The tools protected are psychrometers, multimeters and other tools, including small tools and mobile equipment. Usually, the equipment does have to be less than five years old for you to be able to claim to have the item replaced or repaired.
  • Workers’ Compensation Insurance – If you have employees, workers’ compensation will be required in most states. It will ensure that if there are any injuries at work, an employee will be able to claim money to cover their medical bills, and any wages they may have lost when they can’t work. It will also ensure that the company will be able to cover the legal costs.
  • Commercial Auto Insurance – If you have a vehicle you use for your business, you will need commercial auto insurance. It will ensure you are covered if there are any injuries or property damage caused by a company vehicle. It will also protect you if your vehicle is vandalized, stolen, or damaged by the weather.
  • Property Insurance – Property insurance will be necessary if you rent or own a business premise. It could cover the cost of equipment and other supplies that could be lost if there is a fire, flood, or any other type of catastrophe. It will also protect your property against theft.

There may be other types of insurance that you need as an HVAC contractor, but these are some of the main ones that will ensure your business is protected from any significant financial problems that could damage your business.

How Much Does HVAC Insurance Cost?

Different types of coverage are needed for different heating and air companies, and with this comes varied costs.

The cost will vary depending on the level of coverage that you need (if you need more cover it will cost more,) and it will also depend on your claims history. If you have had to make claims in the past, your insurance will likely cost more.

Other factors that can affect the cost include, how long you have been in business, the location of your business, the number of employees you have, and the amount and type of equipment that you have.

This means that insurance tends to cost different amounts for different businesses.

No matter the cost, however, it is worth having, because it will protect your business and ensure that yours and your employee’s livelihoods are secure.

Ensure You are Fully Covered with Insurance for HVAC Contractors

Now you know the importance of insurance for HVAC contractors. Having HVAC insurance is the best way to protect your business financially when it comes to accidents and mistakes that are out of your control.

It can also have benefits for your company to be fully insured, as people will be more inclined to hire you to do a job knowing that you do everything by the book.

To ensure that you have the right insurance for your business, you can work with an insurance company so that your business is fully covered and protected.

It is the best way to minimize any losses that your business could incur from personal injuries, accidents that damage property, theft, and anything else that could cause financial loss to your business.