Now more than ever HVAC business owners and contractors are facing rising costs, negatively affecting their bottom line. With new technology consistently surfacing, new overhead expenses of updating tools and inventories quickly follow. The cost of doing business is on the rise in the industry. We won’t even go into rising fuel costs and what chaos that has done to Profit & Loss statements.  

With that being said, in times of rising costs it gives business owners the opportunity to take a look inward and find inefficiencies with processes and excessive expenses. Doing this allows you to evaluate and improve your operation so when everything levels off you will be a lean profit machine! 

When looking at your expenses as an HVAC contractor there are many line items that you can audit and look to improve. This article specifically will tackle the subject of insurance. While re-evaluating your insurance portfolio won’t be the silver bullet, improving your position with insurance along with a couple of other operating expenses can make a monster difference in your profitability.   

What Can HVAC Contractors Do to Improve Their Insurance Expenses?  

Insurance as a whole is a financial safety net for you personally and your business. With a properly put-together insurance portfolio, it will protect you from financial loss that could potentially be catastrophic, thus making it a vital operating expense for your business.  

Heating and Ventilation companies face various risks of loss from job site to job site so appropriately protecting yourself is important to the financial health of your company. Looking to cut your insurance expense by decreasing your coverage could end up costing you a lot more in the long run. However, there are a few actions you can take as an HVAC business owner to optimize your portfolio that will not only strongly protect your business, but also save you money.  

One of, if not, the best step you can take is to work with an independent insurance agency. An independent agent that specializes in your industry will have access to numerous carriers that are optimally set up coverage-wise, and provide the best rates for HVAC contractors.   

Having an insurance specialist who understands the heating and ventilation industry with access to insurance companies designed to protect HVAC companies will prove invaluable when aiming to obtain a strong insurance portfolio.   

Another added benefit of working with an independent agent who specializes in the HVAC industry is the risk mitigation and loss prevention advice that can be provided. Insurance companies will provide countless tools to agents who specialize in a specific industry to help prevent claims from happening. Everything from safety checklists, business security, emerging trends, etc. Your insurance agent is a treasure trove of information to help operate your business safely, securely, and efficiently. This will not only end up saving you money on the front end but also help by preventing any unforeseen loss within the business.  

Finding an independent agency that specializes in the HVAC business can prove to be a tough task. Luckily you have landed in the right place. The Staples Agency is known for dedicating its time and focus to training to understand and has deep knowledge within the heating and ventilation industry. We have set up carrier relationships that not only offer comprehensive protection packages but also have proven to offer optimal rates through all market conditions. This allows you to confidentially work on and build your business while we provide the protection.   

When you are ready to have a more in-depth conversation about improving expenses and profitability by optimizing your insurance portfolio, contact us. Our team would be more than delighted to work with and for you.