65% of new businesses fail within 10 years.

Your business is a huge investment, so you need to do everything possible to protect it.

One of the best ways you can do this is by investing in HVAC business insurance. Keep reading to learn the top 4 reasons your company needs HVAC business insurance and how it can protect you. 

It Protects Your Business and Your Employees from Liability Lawsuits

The number one reason to buy HVAC business insurance is to protect your business and employees. One of the most important types of insurance policies for businesses is a liability policy.

Including a liability policy in your business insurance budget ensures you are protected from customers filing insurance claims against your business and employees. A lawsuit can be expensive, time-consuming, and devastating for small businesses.

Employees and customers will also feel more secure knowing you have a good HVAC business insurance provider. You can purchase specialized liability insurance to cover specific scenarios like cyber liability and auto liability. 

It Protects Your Property

Property damage can cause serious issues for an HVAC business because your property is one of your biggest assets. That’s why you need insurance for natural disasters, vandalism, fire, and theft.

A property insurance policy will provide coverage for these disasters that can help you with repairs and replacements. You should have coverage for real and business personal property.

You can also purchase coverage to help your business cope with some of the other issues that come with losses like these including loss of income. 

It Provides Coverage for Your Workers

Accidents happen in every line of work and HVAC is no exception. But when you have HVAC business insurance that includes workers’ compensation benefits because they cover medical expenses and lost wages for employees injured on the job. Without insurance, your business will be stuck footing the bill. 

Additionally, you can attract and retain top talent by having good HVAC business insurance. Having a good workers’ compensation plan shows your employees that you value them and their well-being. We also recommend offering a competitive benefits package. 

It May Be Required

You may be required to carry HVAC business insurance. This is often the case if you are renting space or borrowing money. Your landlord and/or loan financer may require you to have certain types of insurance policies in place and you won’t be covered under their policies.

Be sure to check local business insurance requirements for HVAC businesses. For example, the state may require you to carry workers’ comp insurance and other industry-specific requirements may apply. 

Do You Need HVAC Business Insurance?

If you own an HVAC business, you need HVAC business insurance.

We offer a wide range of insurance products to protect your HVAC business. Contact us today to request a free quote and learn more about which types of business insurance are right for your company.