HVAC Contractor Insurance
As an HVAC contractor, having insurance is a necessary part of protecting your business. When you repair or replace systems, you may be working with gas, water, electrical components, and more. You need to know older systems and newer ones. When replacing or repairing an HVAC unit, you may even have to make modifications to the physical structure of a customer’s home. Mistakes can cost you tens of thousands of dollars in damages. By protecting your business with HVAC contractor insurance, you know that you are safe from many common concerns. General liability insurance, for example, can protect your business from mistakes you might make and keep any damages from coming out of your pocket.
What Type Of Insurance HVAC Contractors Need?
When HVAC contractors choose to purchase an insurance package, there are several insurance types that are typically recommended. These help you make sure that your business is fully protected against major problems. You might see:
- General Liability
- Tools Coverage
- Auto Insurance
Depending on the size and scope of your business, insurance agents will recommend other insurance as well. For example, businesses with employees may need workers comp insurance, or to offer health insurance coverage.
How Much Is HVAC Contractor Insurance
HVAC contractor insurance policies cost different amounts depending on a number of factors: where you live, what coverage you need, and the history of any claims or customer complaints your business has had in the past. While there’s no way to offer the exact cost without a complete quote, But when you’re planning out the expecting income and expenses of your business, it’s helpful to have a rough idea of the cost of coverage. You might expect to pay:
- General Liability Insurance for a HVAC Contractor could start from around $495 per year.
- Tools coverage for a HVAC Contractor starts at $200 per year to cover $10,000 of tools.
- Auto Liability Insurance for a HVAC Contractor could start from about $870 per year for a pickup truck.
Since the actual cost of insurance for handyman businesses varies so much, the best way to determine your cost is to call us and get a direct quote.
How To Get HVAC Contractor Insurance
We help you find the right policies for your company, since contractor insurance packages vary so much from business to business. Contact us and get the help you need to find the right HVAC contractor insurance package.
HVAC Contractor Liability Insurance Explained
HVAC Contractors should absolutely have general liability insurance. Without it, your business might need to pay for mistakes you make on the job, and any damage caused by those mistakes. Repairs or medical bills due to your work, for example, might have to come out of your own pocket.
General liability insurance also offers protection against lawsuits. Many companies believe that they’ll never be sued because of the quality of their work; anyone can file a lawsuit, however, and a company will need to defend itself. Legal fees can mount up quickly, and come to tens of thousands of dollars in some situations.
HVAC Contractor Tools Coverage
For HVAC contractors, tools are a crucial part of your job – and some of them are expensive to repair or replace. When tools are stolen, or lost, you may be unable to work until you can repair your tools or get replacements. This can interrupt your ability to do your work and earn income, which seriously affects small businesses.
With tools insurance coverage, you can get help repairing or replacing them, which helps you return to work more quickly. This helps keeps your business open and solvent. (HVAC Liability Insurance Checklist)
HVAC Contractor Auto Insurance
For most HVAC contractors, tools and equipment can’t be hauled around in a personal vehicle. Many contractors own a van or truck that is dedicated to work. But your personal auto insurance won’t cover a vehicle that is being driven for a business purpose. Having specific business auto insurance can help protect you in case of a vehicle collision.
HVAC Contractor Bond
You aren’t required to have a surety bond as an HVAC contractor, but without one, you may be missing out on the very best jobs. Surety bonds are becoming more common in contractor industries, however. Commercial customers have required them for a while; home owners are starting to ask for bonded companies. The reason for this is that bonds will help pay if a contractor does not finish the work they are supposed to do. As a client, it’s reassuring that you won’t be out all your money if a company doesn’t complete their work.
When you get a comprehensive HVAC contractor bond, you can get several different surety bonds, including:
- HVAC Contractor License Bond
- Contract Bond
- Performance Bond
- Janitorial Bond
- Dishonesty Bond
- ERISA Bond (For Directors and Officers)
- Bid Bond