Are you sure that your heating, ventilation and air conditioning contracting business is adequately insured? Because you work on other peoples’ property, and/or if you hire employees, your business can be vulnerable to lawsuits. Although you strive to minimize risk and maximize safety on the job, accidents do happen. Make sure that your insurance coverage will be there for you, your employees, and your clients when it’s needed. If you aren’t confident that your insurance will protect you, you should consult with an insurance broker to help you access customized liability insurance for HVAC businesses.

A Lot to Lose

There are many areas to consider when you’re thinking about insurance. These can include:

·       Equipment failure. When key equipment goes down, your work schedule can suffer a setback. Replacing or repairing equipment can be costly, too.

·       Theft. Tools, vehicles, or office property may be targeted for theft. You’ll want to insure for replacement value, and make sure that tools are protected while on your own property, in transit, and at the job site.

·       Client property damage. When you work on HVAC projects, there are risks for the client. Water leakage may damage walls, floors, or furniture. Improper installation may result in hot water heater damage or burst boilers. Sometimes contractors inadvertently start electrical fires. Your clients will want to know that your company is fully insured should an error that damages their property occur.

·       Injury. You’ll want to make sure that both you and any employees are fully insured in case of injury.

·       Environmental impairment. This type of insurance helps to pay for cleanup should your company’s actions cause pollution or other damage. This type of coverage might cover seepage or a sudden spill of fuel oil, explosion, or fire damage.

Bear in mind that not all costs of an accident are financial. If you or an employee is badly injured, an accident can cause devastation. Whenever any type of accident occurs, your company’s reputation also suffers, as does your income and possibly your livelihood. Preventing accidents whenever possible is critical. But if an accident does happen, you should know that your insurance will help to repair the damage.

Accessing Customized Coverage

Your first step in ensuring that you have the right insurance coverage is to partner with an insurance broker. Look for an insurance brokerage that has plenty of experience with the construction sector, and that has a good reputation. There are family-owned insurance brokers in the GTA who have been working with customized insurance for commercial clients for decades.

Your broker will work to familiarize him/herself with every aspect of your business. By understanding and appreciating your work, your broker can better recommend the type of insurance you need, and the companies that can best provide it. Next, a safety specialist will visit a job site and provide you with a comprehensive risk analysis. By identifying areas where your company can avoid and/or reduce risk exposure, this analysis can help you to implement policies that will maximize safety. This, in turn, will result in lower insurance premiums for you.

Finally, the broker will find the best coverage for you and present you with some options from insurance companies. Your policy will be tailored specifically for your business, taking into account the risks that affect it.

Contact a broker today and find out more about customized liability insurance for HVAC businesses and its many advantages.