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Whether you’re working as an independent contractor or own an HVAC business, it is risky to work with ventilation models every day. If you cause unwanted damage to your customer’s property, you’ll be held liable for the damages caused. HVAC contractor insurance can help cover liabilities, damages, and lawsuits. We’ve evaluated the best HVAC contractor insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
HVAC contractor insurance has a bundle of policies. This coverage helps you save money for events where you or your business can be held responsible for injuring a third party or causing damage to their property.
Contractors, involved in installing, maintaining, and repairing HVAC models, may purchase an HVAC insurance policy and save themselves from unwanted financial burdens. You receive coverage for handling a lawsuit, safeguarding your employees, and maintaining tools and equipment used in your projects.
The services covered by HVAC insurance include, but are not limited to, cleaning air ducts, water heating, installation of gas lines, repair or installation of a furnace, and installation of a boiler.
Here are the common insurance policies HVAC contractors take out and you should consider, depending on the nature and size of your business:
Many contractors invest in this type of policy as it protects them from property damages and injuries. For example, your client accidentally tripped over the equipment and sues you for injuries. Another example is while you’re fixing a client’s air conditioner unit, an electrical issue causes a fire which causes property damages. In both cases, general liability insurance will cover you.
You can consider buying worker’s compensation insurance to offer a sense of protection to your employees. If they get injured onsite, it will cover their medical and payroll expenses. In most states, if you have employees, it’s required by law to have workers’ compensation insurance.
HVAC contractors spend massive amounts in buying and maintaining tools and equipment. And if they get stolen or stop working all of a sudden, your business may lose many potential customers. To avoid this situation, you may prefer to get your expensive equipment and tools insured.
This policy also referred to as errors and omissions insurance offers protection to your business against legal cases. This means if a client sues you for unsatisfactory work, you’ll be covered for your attorney expenses and any other monetary losses in case the final decision of the court is not in your favor.
Surety bond involves three parts in the contract: the principal (the contractor), the obligee (the customer), and the surety. If you’re unable to complete a big project for a client, your surety provider will work on your behalf and ensure that your customer recovers the losses. In this case, your customer’s financial interests stay protected, and you don’t have to worry about paying them from your own pocket.
You need to ensure that you are covered against risks and unpleasant incidents every time.
For small and mid-sized businesses, the coverage limit of $1 million should be sufficient, while for large companies, it may vary between $2 million to $3 million.
The cost of an HVAC insurance coverage is based on these factors (but not limited to):
A typical commercial general liability insurance begins at $400 to $550 annually for a coverage limit of $2 million.
You can select the best HVAC contractor based on the following factors:
