A heating, ventilation, and air conditioning contractor is a professional that performs maintenance, repairs, or installation of an HVAC system for commercial and residential clients. An HVAC system can be comprised of many different elements, including furnaces, evaporator coils, condensers and a variety of duct work and runs that connect the whole system. HVAC contractors can work on any of these parts of the system. However, because the system is so complex, most small businesses that service heating, ventilation, and air conditioning systems require some type of insurance, like Bolt Insurance’s HVAC Contractor Insurance, to alleviate the liabilities involved with such maintenance.
For example, in the same way that car insurance can cover your medical expenses in the case of an accident, HVAC contractor insurance can cover you if you are injured on a job for any reason. This type of insurance is called premises liability. It can potentially be dangerous to work on HVAC systems, so it is prudent for your insurance to cover this, along with workers’ compensation if an employee is injured on the job. Workers’ compensation insurance also covers the missed wages of the employee, so your business does not have to.
HVAC contractors also spend a great deal of time in transit to the premises where they will be performing maintenance. That’s why commercial auto insurance should be included in a good HVAC policy. Commercial auto insurance extends either to company vehicles, or personal vehicles operated by employees during company time. Similarly, a small business would also want to protect the equipment used on the job or in transit to the job, so some form of insurance for company equipment is also a good idea. This can even extend to property that is damaged in storage, or property that is rented or leased from a different company.
If you are an HVAC contractor that also sells products to clients, then product liability coverage should also be maintained, simply because your business does not need to be liable for any products sold that clients are unhappy with or do not work. In fact, coverage for various customer interactions should also be included. For example, if a customer believes that a contractor or employee has been negligent in repairing, servicing, or maintaining their HVAC system and damages are incurred because of it, insurance can prevent your business from suffering.
Employee dishonesty coverage is also important in the event that an employee steals product from your business, so you do not have to worry about replacing the equipment. Most HVAC contractor policies will address all of the above in their own insurance packages, and some will even supplement that coverage with even more additional features. Understanding the needs of your heating, ventilation, and air conditioning small business should guide your decision in which insurance policy to purchase – all contractors will have slightly different needs, but in general, liability coverage, auto coverage, equipment coverage, and employee coverage should all be a part of the package for contractor insurance.