General Liability Insurance
HVAC Contractor General Liability Insurance
HVAC contractors face many risks on the job. Some of the most common hazards are fires, gas leaks, and issues with electrical installation. However, even if you follow all the right safety measures, accidents can still happen. Therefore, having HVAC contractor liability insurance is smart.
For contractors with a successful HVAC business, having liability insurance is important. It protects you and your business from third-party claims of bodily injury, property damage, and advertising injury. In addition, it can also help pay for your lawyer costs and a court settlement if you get sued.
General liability insurance for HVAC contractors can help you pay for unexpected lawsuits that might cost your business a lot of money. Similarly, having general liability insurance lets future customers know that you’re a reliable contractor. In fact, some customers will refuse to hire an HVAC contractor that does not carry this type of insurance.
What HVAC Contractor General Liability Insurance Covers
A general liability insurance policy for HVAC contractors comes with many different kinds of coverage. Below, you can learn more about the types of insurance you will get when you purchase general liability insurance for HVAC contractors.
Bodily Injury. Imagine that a worker falls off a ladder at a job site, or a customer trips over a loose cord in your main office. If you are sued, bodily injury liability insurance will help pay for your legal fees. In addition, this policy will also cover the injured person’s medical bills. This includes costs such as an ambulance ride, surgery, rehab costs, and more.
Property Damage. If you damage someone else’s property during an HVAC project, the property damage portion of your general liability insurance policy can cover it. Specifically, it will pay to repair damage at a customer’s home or at a job site. Here is an example: Imagine you install an air conditioning unit that leaks and causes water damage. In this case, your insurance policy would pay for the clean-up and repairs.
Products and Completed Operations. After completing an HVAC installation, things can still go wrong. This is even true when you are extra careful to do the job right. For instance, if a fire starts in a customer’s home and it gets traced back to your work, you could find yourself in a lawsuit. Fortunately, general liability insurance covers completed jobs and products.
Medical Payments. If a person gets injured at a job site or your place of business, medical payments coverage will help pay for their medical bills. With this policy, you get coverage for a variety of medical services, including hospital stays, prescription medication, stitches, physical therapy, and even lost wages if the person is unable to work temporarily.
Personal and Advertising Injury. Most business owners don’t think about how their actions can potentially harm a competitor’s reputation. For example, a third party might sue you if your advertising slanders or libels another HVAC company in your area. In this case, general liability insurance for HVAC contractors can cover your legal defense.
Damage to Premises Rented to You. HVAC contractors are often concerned about the accidents that can happen on a job site, where heavy machinery and equipment are present. But what about the space you rent for your business? General liability insurance can also cover damage to rented spaces. Imagine that an employee backs up a work truck into the side of the building. General liability insurance would help cover the repairs.
What General Liability Insurance Doesn’t Cover
HVAC contractor insurance offers comprehensive coverage for many of the biggest risks that you face on a job site, or at your place of business. However, it does not cover everything. Below, you can see some of the things that general liability insurance typically does not cover:
- Intentional injuries or property damage
- Employees injury or illness
- Tools and equipment
Keep in mind that every HVAC contractor’s general liability insurance policy is slightly different. To determine what your policy covers, make sure to check your specific policy details.
How Much Does Insurance Cost For HVAC Contractors?
The cost of HVAC contractor general liability insurance varies based on a number of factors, including the size of your business, your state, the amount of coverage you choose, and your deductible. For HVAC contractors, the cost of general liability insurance starts at $26 per month or about $500 per year.
HVAC Contractor General Liability Costs
GENERAL LIABILITYPopular
$ 26
month- Unlimited Certificates
- $100,000 to $5,000,000 Limits
- $250 Deductible Available
WORKERS COMP
$ 53
month- Unlimited Certificates
- $100,000 to $1,000,000 Limits
- Medical Care Coverage
- Disability Coverage
TOOLS & EQUIPEMENT
COMMERCIAL AUTO
How To Get HVAC Contractor General Liability Insurance
As you shop for liability insurance, here are a few things to think about:
- Understand your risks. Firstly, consider the risks your company and your employees face when determining how much coverage you need. To get started, you can use our HVAC liability insurance checklist.
- Consider the policy deductible. The higher your deductible is, the lower your insurance premium will be. Therefore, you should choose a deductible that you can afford to pay out-of-pocket in the event of a claim.
- Choose an appropriate amount of coverage. Most insurance experts will advise you to overestimate how much coverage you need. It’s always better to have more coverage than less. However, if your policy doesn’t offer enough protection, you might end up paying out-of-pocket to cover a portion of the claim.
- Read the fine print of your policy. Every general liability insurance policy is different. As a result, make sure you read the details of your policy carefully to find out what’s covered and what’s not covered. It will help you avoid unexpected surprises if you have a claim.
- Ask questions before you sign. When you get any type of business insurance, it’s important to understand what you’re buying. Don’t be afraid to ask questions about anything you don’t understand. If you are unfamiliar with insurance terminology or certain coverage exclusions, ask an agent.
Other Insurance For HVAC Contractors
Insuring your business is an important part of protecting your livelihood. Here are some other types of HVAC contractor insurance that you may want to consider:
- Business Personal Property
- Commercial Auto Insurance
- Workers Compensation
- Tools Coverage
- Surety Bond
- Excess Liability Insurance
FAQ HVAC Contractor General Liability Insurance
Why Do HVAC Contractors Need Insurance?
HVAC contractors should have general liability insurance for a few reasons. First, it protects your company and your employees against the financial impact of third-party lawsuits. It can also protect your business property, completed jobs, and rented business premises.
Lastly, general liability insurance for HVAC contractors is very affordable, so having this type of coverage won’t break your budget.
What Are the Risks Facing HVAC Contractors?
HVAC contractors face lots of different risks on the job. They deal with electricity, natural gas, heavy machinery, and other potentially dangerous equipment. Workers can fall from ladders, get electrocuted, sustain severe burns, and may inhale harmful chemicals.
In addition, workers can accidentally damage property while installing HVAC systems at a residential home or business. Fortunately, general liability insurance provides protection for many of these scenarios.
Is General Liability Insurance Required for HVAC Workers?
General liability insurance may be required for HVAC contractors depending on your location. Check with your state and local municipality to see if you need liability insurance to get your HVAC contractor license and provide services to customers.
You should also keep in mind that some landlords require general liability insurance in order to lease commercial office space. Plus, many customers require HVAC contractors to have general liability insurance before they’ll award a contract to you.
Are Monthly Payments Available For HVAC Contractor Liability Insurance ?
Most general liability policies come with monthly payment plans. Usually a down payment is required to start a policy. Please ask your agent about low down payment option.
What Are The Penalties To Cancel My Policy ?
We don’t penalize our customer. When you cancel your General Liability Insurance, you are not required to pay additional fees or penalties. You are however required to pay your premium dues up to the cancellation date. The remaining payments will be cancelled after a cancellation is processed.
