HVAC Contractors Need Insurance Against Legal Action and Financial Jeopardy
Owning and operating any small business can be particularly satisfying and rewarding for those so employed. Establishing a reputation as a knowledgeable, capable, and reliable service provider, then broadening that status and respect over time are true measures of success that rise above the actual size of the business.
But these business owners are not immune to stress and concern, often on a daily basis. In addition to ensuring that their operations thrive in their respective marketplaces, they can also have worries related to personal safety for themselves and their staff, especially if the provision of their services includes any level of risk; one such business is HVAC (or heating, ventilation, and air conditioning) contracting.
On the whole, individuals who provide/perform HVAC-related services will be required to:
- Work in confined/restricted spaces
- Complete physically-demanding jobs
- Use specialized equipment in a safe manner
- Cope with a variety of environmental conditions
- Take precautions against health and safety hazards
This means that, inherently, the nature of HVAC work exposes contractors, technicians, and subcontractors to potential risks on a daily if not job-by-job basis. Consequently, it also means that HVAC contractors, technicians, and subcontractors should be protected by adequate insurance coverage; for HVAC contractors who also own their business, this insurance should be extended to include such physical assets as:
- Service vehicles
- Shop/office space
- Tools and equipment
- Parts/supplies inventory
Looking more closely at the various elements of insurance coverage for residential and commercial HVAC contractors and their technicians or subcontractors, key considerations will include:
- General Liability Insurance
- Guards against problems that can occur while providing any services
- Water, fire, or electrical damage; gas leaks; HVAC equipment damage
- Commercial Vehicle Insurance
- Covers costs if staff have an accident while driving a company vehicle
- Can apply to rental/leasing costs of vehicles used for business purposes
- Commercial Property Insurance
- Pays for the replacement of damaged, lost, or stolen tools and equipment
- Also covers the physical building/contents in the event of fire/other damage
Due to the essence of their work and the environments in which it is implemented, HVAC contractors, technicians, and subcontractors are vulnerable to extensive risk and liability. Having the right HVAC insurance can protect these professionals and/or their businesses from costly legal action and financial jeopardy.
Our Experienced Brokers Understand the Insurance Needs of HVAC Contractors
It is easy to say that HVAC contractors should have the right insurance for their business but how, exactly, do they know that their coverage is in fact appropriate for their needs? The answer can be found by trusting the expert advice of the professionals from Petley-Hare Limited.
The experienced insurance brokers at Petley-Hare Limited understand the HVAC industry and can help obtain the coverage that contractors, technicians, and subcontractors need based on the various characteristics of their business. These factors can include but are not limited to:
- Customer base – residential, commercial, or both?
- HVAC services offered – installations, repairs, or both?
- Levels of risk – to contractors, to customers, to property
- Liability potential for damage due to environmental hazards
- Asset protection – tools, equipment, vehicles, office/shop space
Based on this type of information, a Petley-Hare representative can propose the HVAC insurance option that offers the best coverage for the particular business. To learn more about the range of services offered by the knowledgeable insurance brokers from Petley-Hare Limited for Durham Region HVAC contractors, technicians and subcontractors, please check our HVAC business insurance page.
Want to make sure that you have the right insurance coverage for your HVAC business? Call Petley-Hare Limited today at 1-800-216-5324 and speak with one of our business insurance experts or contact us to schedule your no-obligation consultation.