Insurance Considerations for VA MD DC HVAC Contractors

May 1, 2018      

As the owner of a Heating, Ventilation and Air Conditioning business, your life is busy. Your company may service residential customers, commercial customers, government buildings and more. It is stressful enough to keep track of installation and maintenance schedules for employees and customers. The last thing your business needs is to worry about potential legal issues, accidents, injuries and natural disasters. Commercial HVAC business insurance policies from TriState are tailored to fit your HVAC business’s exact needs. 

GENERAL LIABILITY FOR HVAC CONTRACTORS

General liability insurance protects your company from legal claims that might arise from accidents, as well as damages that can occur to your business assets. For example, if a customer receives a bodily injury while selecting a new heat pump inside your store, your company could be legally obligated to pay the subsequent medical bills and expenses. With general liability coverage, the insurance policy takes care of those claims instead. It can also protect you from financial loss and ruin caused by natural disasters and other calamities such as water damage from a burst pipe or smoke and fire damage.

BUSINESS OWNERS POLICY (BOP)

A business owners insurance policy (BOP) provides you with tangible and intangible property protection as well as general liability. A BOP can be customized to fit the way you operate your specific HVAC business:

• Equipment Breakdown – If your air conditioning repair or installation equipment breaks down it can be expensive to repair or replace. A BOP protects your company from having to absorb those costs.
• Buildings and Contents – Whether you have public shop and retail space or you simply store your supplies in a warehouse and operate a mobile HVAC business, a BOP can protect you from the loss or damage of physical structures. Physical structures include the buildings themselves, offsite equipment, and physical content inside of your business structures as well.
• Business Income and Extra Expense – If a business structure is damaged or destroyed, a BOP can protect you from the loss of income that comes when you have to suspend business operations until the building is replaced or repaired. It can also cover extra expenses that come up when you have to rent temporary work space or equipment.
• Products and Completed Operations (Included In General Liability) – If you sell your customers a heating, ventilation or air conditioning product that is later found to be defective, a business owners policy can protect you from the potential liability and cover damages.
• Electronic Data – Important electronic data that you keep for your business is protected from expensive losses due to power outages, viruses or other damaging effects.
• Employee Dishonesty Coverage – When your company’s employees are entrusted with handling expensive heating and cooling equipment, there is always a risk that they will decide to keep some of the materials for themselves. Or they may conduct fraudulent activities such as providing goods and services to friends or family for a kickback. Your BOP can protect you from these types of losses with employee dishonesty coverage.

COMMERCIAL AUTO INSURANCE FOR HVAC CONTRACTORS

Traveling to your customer’s jobsite to perform repairs and services, or install new heating and air conditioning equipment puts your company at risk of having auto accidents. A commercial auto insurance policy from TriState protects you from losses, damages and medical bills that may arise.

So lots of things for the HVAC business owner to be concerned about. Let us take that worry off your shoulders.  We'll conduct a detailed analysis of your business with you at our side.  Then we'll shop over a dozen A-1 rated insurance carriers to insure you get the very best value for you insurance dollar.  Call us today!

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