What is the Best Insurance for Your HVAC Business?

HVAC technicians conduct various tasks in both commercial and residential projects. As an HVAC contractor, you will be a well-trained expert who can handle anything from new construction projects to small repairs.

Most homes and business buildings need well-maintained HVAC units. So starting an HVAC business is very lucrative. All you need is a tech solution, such as HVAC scheduling software and other tools, to schedule appointments.

However, like other businesses, the HVAC business is risky. Your technicians will work with electrical appliances and moving heaving items in people’s buildings. This is why it is important to invest in the right HVAC business insurance:

What It Covers

Although your insurance coverage may depend on specific policies, a typical insurance package will cover the following:

  • Bodily or personal injuries
  • Property damage
  • Missed wages and medical costs for injured workers

Depending on your HVAC business, you might need less or more coverage. In order to ascertain you’re well-covered, ensure you review your insurance coverage and evaluate your needs. This will help you know what is covered and what isn’t.

Why Consider HVAC Insurance

As an HVAC technician, most of the work will involve working in clients’ homes and installing, maintaining, or moving HVAC systems.

So HVAC insurance can help to protect your company against the many liabilities and risks you normally face. That may include property damage, theft of materials/ tools, and job-site injuries.

How Much Will It Cost?

Annually, HVAC insurance will cost you from $350 to $10,000, depending on your company or business size.

The average insurance costs for small businesses will depend on several factors. Some of these factors include the following:

  • Company revenue
  • Size of a size area and location
  • Specific kind of HVAC insurance coverage
  • Number of workers

When to Get an HVAC Insurance

The earlier you consider insurance for your company, the better for you. Insurance is all about protecting your HVAC business. If you plan to start a business, have a checklist to cover all bases of your business needs.

Requirement for HVAC Insurance

Like other HVAC certifications, insurance is among the necessities you need before you work in the HVAC sector. As you already know, 25% of small businesses fail in the first year. This number hits 50% after another four years. So if you don’t want to be among such business owners, be sure to be on top of the legal obligations annually.

Types of HVAC Insurance

It is simple to get general liability insurance coverage as well as other policies when you have your business information on hand.

Based on the state, workers’ comp and general liability are the most required HVAC insurance policy. But there are still other insurance coverage policies that can help your HVAC business. Some of these may include:

  • Commercial vehicle insurance
  • Umbrella insurance
  • BOP

The Bottom Line!

Insurance for HVAC businesses must include different coverage policies. But experts suggest you speak to a reliable insurance agent about what you need for the project you want to work on. You might also want to tell your agent the magnitude of your business’s risks so that they can guide you accordingly.