WEDNESDAY, JANUARY 3, 2024
Owning an HVAC company means you spend a lot of time on the road. Your company travels to buildings and fixes other people’s problems. Yet, protecting your business is also important. With the right business insurance, you can cut many of the risks your company faces itself. This includes minimizing financial loss from accidental and unavoidable accidents. What are some of the policies you might need?
Protecting Your Assets
The first component of business insurance is asset protection. It is advisable to invest in comprehensive coverage for the structure you operate out of. This should include protection for your office and any location you store equipment. Protecting the building from damage, theft, vandalism, and other risks is critical. Your policy should also include any equipment and inventory you have at your location. This includes any new equipment you plan to install at the property of your customers.
Commercial Auto Insurance
Most HVAC companies need to focus on commercial auto insurance. This is where your team works most of the day. They move from location to location using your company’s trucks. For this reason, auto insurance becomes a large part of your coverage need. Your policy should cover:
- The vehicle itself from damage, theft, and vandalism
- The liability risks your drivers face on the road
- Collision insurance in cases where your drivers strike another building or car
- Underinsured and uninsured motorist coverage
- All of the equipment and inventory on board your trucks, including all the tools you use. In some cases, you will have to insure these materials on your property coverage. Many commercial auto policies do not insure possession
Each vehicle needs protection like this. It should match the value of the items on board.
General Liability Insurance
All HVAC companies will face liability risks. You install a system on a building that is faulty. It causes injury to someone. This is just one simple example of your risk. General liability insurance should match the risks within the industry and area. It can help you pay for the injuries or property damage you cause others.
Workers’ Compensation Coverage
If you employ anyone, workers’ compensation coverage can be essential. Because your team tends to be on roofs and ladders, there is a high risk that they will fall and suffer an injury. You will want to have financial protection in place to cut the costs you face in these situations. Most states require you to carry this coverage.
Work with a business insurance agent. Customize your policy to meet each one of your needs. Focus on selecting a policy capable of meeting each one of your risk areas. Your agent can better help you do this.
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