As an HVAC contractor, your services are highly demanded when a heater or air conditioner stops working on uncomfortably chilly or hot days. Although you’re used to dealing with other people’s emergencies, customers can throw some sudden emergencies your way too. If you’re not covered by a top-notch insurance plan some unexpected property damages or bodily injuries can occur.
We at Insurox, are aware of the risks of being an HVAC contractor and we offer HVAC insurance comparison for your business. There can be a good amount of liability exposure in keeping your customers’ homes, cool, warm and free of excess water and lethal gas.
Not only can this job cause injury to HVAC employees, but residential and business customers can be harmed and also the property can get damaged, potentially resulting in expensive lawsuits.
Protects businesses like an HVAC contracting business, from lawsuits alleging injuries or property damage that occurred as the result of your business operations – example if a client is injured at your HVAC contracting company or an employee of yours does damages to a customer’s property while doing work at their home. It even helps cover some claims of slander and libel against your company. Business Liability does not cover liabilities directly arising out of the HVAC contracting services you may provide.
Protects the establishment of your business and the things you use for doing business, like equipment, hand and power tools, ladders, voltage meters and more, whether you own or lease them.
Surety Bonds / License & Permit Bonds
As an HVAC contractor, you’re possibly well experienced in the world of surety bonds, particularly License and Permit Bonds. License and Permit Bonds are normally required by a township or state to assure the services expected of you are completed according to the regulation.
Errors & Omissions Insurance
Also known as “Professional Liability Insurance”. Sometimes no matter how careful you are, or how many times your employees double check everything, an error might slide through the cracks and spark a lawsuit. That’s why it’s so important to secure your HVAC contracting business with Errors and Omissions Insurance, which protects companies like yours from those oh-so-human mistakes. Keep your HVAC contracting business from falling down the rabbit hole of legal defense costs!
Inland Marine Insurance
Inland Marine Insurance manages to confuse people since its name is so contradictory. Inland Marine was created to cover businesses in the event of lost or damaged business assets on the move. But, if you are an HVAC contractor, this type of Property Insurance policy is crucial to your overall business protection plan because it covers your tools, equipment, and unfinished construction projects from loss or damage.
Builder’s Risk Insurance
Normally contractors often work at a client’s location, and they are prone to many risks. Therefore, what happens if your equipment, tools, and materials are lost or damaged while on someone else’s property? Does your insurance cover these losses?
Sadly, the standard Property Insurance policy only protects your equipment, materials, and supplies while they’re at your company primary location. It will not cover the damages to projects in progress, either.
Luckily, there’s a particular insurance policy, Builder’s Risk Insurance that covers these unique vulnerabilities.
Workers’ Compensation Insurance
Also known as “workman’s comp” or “workers’ liability insurance. This insurance makes sure your employees’ lost wages and medical bills are paid for in the event of an injury on the job or get a work-related illness. As a small-business owner costs like these might be higher than what you can afford. Workers’ Compensation Insurance will help secure your business to stay running, even in tragic events. In addition, you can pick a policy that will protect you, the owner, if you are injured on the job.
Covers the loss of income when you can’t operate your restaurant or bar business because of property damage or any other reason that incapacitates your business.
As a business you might need to travel for work, getting supplies or going to a business event. Are the vehicles you use for work covered by a Commercial Auto or Hired & Non-Owned Auto Insurance policy? If not, your business is at a risk for the super high costs of accidents like medical expenses, lawsuits, vehicle damage and many more.
What if you want to secure your business with extra protection in the event of a surprisingly expensive lawsuit? For just a few hundred dollars a year, you can add millions of dollars in coverage to your General Liability Insurance, as well as some other kinds of policies you may carry, like Non-Owned Auto Insurance and Employer’s Liability Insurance. This type of coverage is called Umbrella or Excess Liability Insurance, and it’s active when a claim exceeds the limits of your existing insurance policies.