Running your heating and ventilation company is no easy task. Tackling your everyday tasks all while aiming to grow your business, maintain a qualified workforce, and keep up with the latest tech trends, and the rising cost of materials and their supply chain. Most likely the last thing on your mind is how to protect your business from an unexpected loss, let alone the time it takes to research what is needed in your protection portfolio.
The following article will prove to be a valuable time-saving resource on what policies an HVAC contractor should hold in their portfolio and why. Saving you time and money so you can continue building your successful business.
HVAC contractors face a good bit of loss exposure from job to job with each worksite presenting different risks. Even your commute to each site presents its risk so let’s get started on protecting your business.
1. General Liability Insurance
General Liability or CGL for short will protect you and your business from financial harm in the event that you are held accountable for property damage or bodily injury from your operations as an HVAC contractor.
2. Business Property Insurance
The tools needed to operate effectively and efficiently are NOT cheap, and only getting pricier by the day. Business property insurance will help protect your equipment and tools from loss. This includes covering your property against the common loss of theft.
3. Worker’s Compensation Insurance
Worker’s Compensation insurance by design, will help protect your employees and your business. should a staff member be injured or fall ill while on the job. The coverages of a worker’s compensation policy include medical treatments, ongoing care/ therapies, Lost wages, funeral costs, and disability benefits.
4. Commercial Auto Insurance
Commercial auto insurance is a type of business insurance that covers vehicles you and/ or your business own and use for your business. This policy will help protect you and your company from financial loss when found at fault/ liable for an auto related accident.
5. Excess Liability Insurance
Excess liability is your safety net against large losses. This policy is designed to work in unison with your General liability should you exhaust those coverages. Excess liability will step in and provide additional protection. Large claims hopefully don’t happen often for you, but if something large happens and you don’t have an excess liability policy. That will pretty much be all she wrote for your business.
6. Cyber Liability Insurance
The new kid on the block. Data breaches and cyber incidents are so common in the present day that it is quickly becoming the most frequent claim for business’. A cyber liability policy will help cover anything from an employee downloading a virus, your credit card payment system being hacked, to ransomware on your website. Technology isn’t going anywhere and presents a unique set of risks for all businesses alike, which is why a cyber liability policy is now a must have.
A complete portfolio as we have listed above will ensure that you have safeguarded your business optimally against the unexpected. With that being said, every business operates differently with a variety of operational goals. So keep in mind that your protection needs may vary a little.
This is where working with an experienced independent agency will work to your advantage. An independent agency will have access to numerous markets and have the ability to find you a package that will match what it is you are looking for, provide exceptional coverage, and save you time and money.
When you are ready to have a more in-depth discussion with an HVAC insurance specialist, reach out to the Staples Agency. We have a team of specialists in the HVAC insurance field and we would be delighted to discuss your options.