When HVAC systems go wrong, HVAC contractors may be at fault in a lawsuit. To protect your business in these situations, it is beneficial to get HVAC insurance. Do you want to learn more about business insurance and HVAC contractor insurance?

Keep reading to learn more about the types of insurance for HVAC contractors and the policies available.

Common Types of HVAC Coverage

When you are selecting HVAC insurance for your business, there are many things you need to consider. By understanding what each type of insurance covers, you can choose the best coverage for your business. Here are a few of the most common types of HVAC insurance coverage options.

1. General Liability

A type of insurance that every HVAC company should have is commercial general liability insurance. This type of insurance will cover any bodily injury or property damage from your business.

This coverage will help you with accidents and will help protect your business.

2. Excess Liability

Another common type of insurance you should consider for your HVAC company is an excess liability policy. This policy will improve your general liability policy.

For example, you can purchase a specific amount of excess liability insurance for additional coverage for your other policies. If you have a larger business or more assets, this will determine how much excess liability you should purchase.

3. Commercial Auto

If your HVAC company has a van, truck, or commercial vehicle, you should have commercial auto insurance. This insurance covers liability from auto accidents.

There are differences between commercial auto insurance and personal auto insurance. The difference concerns the person who owns the vehicle. A commercial auto vehicle is one that is owned by your business and driven by an employee.

4. Equipment Insurance

Equipment insurance is a very important type of insurance policy you should consider getting as an HVAC contractor. As a contractor, you will have many expensive equipment that may be difficult to replace.

If your tools are lost, stolen, or damaged, having a policy for equipment insurance will help you with the cost of purchasing new ones. This type of policy can save you thousands of dollars in damaged equipment and ensure that you can continue working even after you lose or break equipment.

5. Workers’ Compensation

Workers’ compensation insurance is required for any business. The amount of coverage you need will vary by state.

If you or your employee is injured while working, workers’ compensation will help cover your medical bills and expenses. It will also help cover your lost wages while you are too injured to work.

Many common issues and accidents occur to HVAC contractors. They face the threat of electrocution from the wiring and equipment they use, they may be exposed to asbestos, and they can even get burnt from the hot equipment they work with.

While there are many other types of insurance you can look into for your HVAC company, these are the most valuable types of insurance for HVAC contractors. When you talk to an insurance agency, they can help you identify which policies your company needs.

Tips for Selecting Insurance for HVAC Contractors

The first thing you should do when selecting an HVAC insurance agency is get quotes from several agencies. This will help you know what coverage you can expect and how much you can pay for your policy. Knowing what your policy covers will also help you shop around for the best price for your insurance.

It is also vital to find an insurance company with a good reputation and a good company history. This will make sure you are doing business with a trustworthy organization.

It will also help you know whether the company will be easy to work with. When you have to file an insurance claim, the last thing you want is to deal with an insurance headache. Find a good company, and you won’t have to worry about these issues that could have been avoided.

Finally, you may consider asking acquaintances or other businesses for referrals. This will give you confidence that your insurance company will handle your business needs. By following these tips, you can feel safe knowing that you will get the best insurance possible for your HVAC company and that your company will be protected in the case of an accident.

Key Takeaways

Many different kinds of HVAC insurance are available, so it is crucial to research before deciding what coverage you need. Talking to a professional at an insurance agency can help you decide what kind of HVAC insurance your company needs. They can help you find the right policy.

If you are looking for a reliable insurance agency, Central Jersey Insurance Associates can help. Whether you need help with professional liability coverage or commercial general liability insurance, we can help you find a policy that works for your company.