Your HVAC contractor insurance needs won’t be the same as another HVAC business’ insurance needs. Each and every HVAC business needs insurance coverage customized to meet that business’ exact needs. This coverage can be made up of several different components, including:
Commercial General Liability: A commercial general liability policy safeguards you from third-party injuries, third-party property damage, installation and repair problems, moisture damage, and more. If an employee damages a client’s home or business while installing a ventilation system, your business will be held financially responsible for the damages. With a commercial general liability policy, the cost of these damages is covered, freeing you from paying them out of your own pocket.
Commercial Property: A commercial property insurance policy covers both the physical structure of your business and the contents inside. If a natural disaster destroys or damages your business property or equipment, a commercial property insurance policy covers the cost of repairs to your building. Additionally, it assists in covering the replacement cost for any damaged equipment.
Errors and Omissions: Errors and omissions (E&O) insurance protects you and your employees against negligent claims made by clients. E&O, sometimes called professional liability insurance, covers legal fees (including attorney and court fees) in the event a client files a lawsuit against you claiming negligence. An E&O policy also pays for any settlement that may be awarded from such a lawsuit.
Workers Comp: If you employ a staff, you definitely want to have workers compensation coverage. Workers compensation provides your HVAC business coverage when it comes to liability related injuries or illnesses your employees may sustain while they’re working. For example, if an employee were to be injured while installing a ventilation system, workers comp would cover the cost of that employee’s medical care. Additionally, while an employee is recovering from a work related injury, workers’ comp assists that employee with missed wages.
Commercial Auto: Business auto insurance covers automobiles used for businesses purposes. This includes business-only vehicles, but in some cases, your (or an employee’s) vehicle may be covered while in use for business. Commercial auto insurance policies have high limits, ensuring you can cover your costs if one of your business’ vehicles gets into an accident.