Running your own HVAC contracting business requires quite a few things. Of course you need tools and equipment, a vehicle to get you and your stuff to the jobsite, and enough hands to get the work done. Unfortunately, there are also lots of different legal & financial requirements, often leaving you with a stack of paperwork and not a clue of how to move on. Insurance for your HVAC business can seem like a lot to handle, but once you understand the types of coverage that you need, the whole insurance process can become much easier. Here are the types of Insurance that HVAC contractors need for a successful business.
Types Of Insurance That Are Mandatory For HVAC Contractors
In the State of Pennsylvania, there are a few types of insurance coverage that are required for all businesses. These coverages include:
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Workers’ Compensation Insurance: If your business has any employees (including just yourself), worker’s compensation insurance is mandatory. This protects your business from having to pay a large sum when you or an employee gets hurt on the job.
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Commercial Auto Insurance: HVAC businesses with a vehicle are required to have that vehicle covered with commercial auto insurance. With this coverage, you are protected from expenses incurred when hitting another vehicle, or in many policies, even covered for hitting trees or running off the road.
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General Liability Insurance: Business liability insurance covers your HVAC business if you ever get into a lawsuit. This could include things like accidental damage to a client’s home, causing bodily harm to an employee or client, or even defaming a competitor in your advertising.
Recommended Types Of Insurance For HVAC Contractors
While the next types of insurance aren’t mandatory, they can be very helpful for HVAC contractors. They protect against many specific types of damages that your business could face. Here are some of the most effective insurance types for HVAC contractors:
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Employment Practice Liability Insurance: This coverage specifically covers against lawsuits that happen from employment mistakes, like discrimination, wrongful termination, mismanaging employee benefits, and more.
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Business Interruption Insurance: Whenever your business faces an unforeseen interruption, it can end up costing you lots in missed wages, equipment depreciation, and restoration costs. These policies can help keep your business afloat and help you stay alive as you rebuild.
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Commercial Property Insurance: Commercial property insurance covers your workshop or office, whether its a simple pole barn or an entire facility.
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Commercial Umbrella Insurance: If an event costs more than one of your typical policies will cover, umbrella insurance can take care of the rest of the bill
Let Strickler Insurance Take Care Of Any Type Of Insurance Your HVAC Business Needs
Insurance for HVAC businesses can be confusing and exhausting, but it doesn’t have to be. When you work with Strickler Insurance, we can take care of all of your insurance needs so your business can focus on serving your customers best. We will help you find the different types of insurance you need as an HVAC contractor so that you can be sure that your business will stay strong no matter what happens down the road.
To get the HVAC business insurance coverage you need, reach out to Strickler Insurance today.
