Because of the many components of an HVAC project, HVAC Contractors deal with many exposures at every jobsite. Whether the job requires commercial or residential systems, the HVAC contractor typically has to deal with the HVAC unit, electrical systems, and duct installation. When things go wrong at the jobsite, your business needs to be able to depend on a reputable and highly-rated insurance carrier to provide the financial resources to make your customer whole again. Fairbanks Insurance Brokers will prepare an insurance package to cover your business for liability exposure, employee injuries, inadvertent property damage, and other risk exposures your business faces every day. The need for HVAC Insurance is driven by the risk of financial setbacks that can result from accidents at the workplace.
A General Liability policy offers protection to HVAC contractors in the event a third-party files a liability claim for injuries or property damage. This coverage is the cornerstone for your HVAC Contractors insurance package. HVAC system installation and maintenance can present significant risk to the contractor and customer so your state’s licensing office will require this policy with specific mandatory limits.
Workers’ Comp will protect your employees in the event they are injured or become ill from a job related incident. Your policy will help pay for medical expenses, lost wages, and some funeral expenses. The state you work in will define the minimum required coverage limits for your HVAC contracting business in order for your business to become licensed.
Most states require that HVAC contractors be bonded before they can begin operating their business.
Your bond provides a financial guarantee to your customers that you will complete the job according to your bid and that any subcontractors or venders will be paid when the job is completed.
HVAC contractors that use vehicles for business, including transporting tools and equipment, need to consider purchasing auto and truck insurance in order to have the appropriate protection if a vehicle is damaged in an accident, stolen or vandalized Your commercial auto policy will have no limits on the number of vehicles or drivers that need to be covered.
Also known as Inland Marine Insurance, the HVAC contractor’s tool and equipment coverage will reimburse you and your business if your tools or equipment are damaged or stolen at the job site or while in storage.