When working in any field, it is important to have adequate insurance coverage to protect your business and its bottom line. Having insurance can protect you from financial repercussions if something were to happen and you are found responsible.
With that in mind, every HVAC contractor should possess a solid general liability policy. You should think about getting general liability insurance as soon as possible for the five reasons mentioned below.
What is general liability insurance?
General liability insurance is a form of commercial property insurance that protects business owners from a wide range of claims. Commercial General Liability (CGL for short) policies safeguard your business from financial harm in the event that you are held accountable for property damage, bodily injury, or advertising injury (Libel, Slander) brought on by your products, activities, or personnel. You can find more information on General Liability as a whole from our Business 101: General Liability article.
Why do you need general liability insurance as an HVAC contractor?
Contractors often face situations that can result in a lawsuit. As an HVAC contractor, you are responsible for your workers as well as your customers. You could be put in a situation where you are sued by any of these parties if they feel they have been wronged by your actions. With HVAC contractors working on other people’s property, there is always the chance of damaging another party’s property. There is also a risk of bodily injury to someone on the job site. With General liability being designed to protect against this type of loss, it really makes this a must-have.
Protection against third-party property damage.
If you accidentally damage someone else’s property, your general liability insurance is intended to cover the cost of repairs. Without this coverage, you would end up putting your business in a difficult financial position. However, if you have general liability insurance, your policy will step in to cover the cost of repairs to the property. Another added benefit is that it may also cover any legal costs associated with the claim.
Protection against third-party bodily injury or loss of life.
If you injure someone on the job, General Liability insurance should cover medical bills and other costs. Your contractor general liability insurance may also cover legal expenses if a third party sues you because they were injured while on the job site. It is important to note that employee injuries are not covered by your general liability. That would fall under your worker’s compensation policy coverages.
How do I find the right HVAC contractor general liability insurance for my business?
Seeking out a strong general liability policy for your business could be a daunting task if you attempt to handle it all yourself. That is why it’s highly advised to work with an independent agency that specializes in the HVAC insurance field. An experienced independent agent will be able to work with a number of carriers and find the perfect fit for your business. The professionals at the Staples agency will not only provide risk management advice, but also look to help your bottom line by finding an optimally priced policy as well.
When you are ready to have an in-depth discussion on protecting your business. Contact us at Staples & Associates and we would be delighted to talk with you and seek out solutions.