Whether your HVAC system is aging, or you have just purchased a home with an old, outdated heating and cooling system, it’s crucial to protect it from costly repairs down the road. Fortunately, there are many ways you can do this.
The first step is to get a comprehensive business insurance policy from an HVAC insurance company. This will protect your business from the potential liabilities that can arise due to damage caused by your work or accidents that occur on your job site.
A quality insurance company can also help you find the right mix of coverage for your HVAC business. From general liability to workers’ comp, there are a variety of insurance options that you can choose from.
BOP: If you are a small- to medium-sized business, a standard business owner’s policy can be a great way to get all of the protection you need in one convenient, affordable policy. A BOP typically includes general liability, property insurance, and business interruption coverage.
Errors & Omissions: Even experienced service professionals make mistakes from time to time, and it’s always a good idea to have an errors & omissions policy. This type of coverage protects you from costly civil lawsuits that could be filed by disgruntled clients.
Commercial Auto: It’s important to have auto insurance if you have vehicles that are used to transport your equipment and supplies between jobs. This type of coverage can also protect your employees from auto collisions and vehicle theft.
Property Insurance: You should also consider purchasing property insurance to cover all of your equipment and office space for your HVAC business. This type of coverage can include items like toolboxes, office furniture, and other equipment that your business uses to carry out its daily operations.
Worker’s Compensation: This type of insurance is required by many states, and it can help you recover medical costs and lost wages if an employee is injured on the job. This coverage can also pay for any lawsuits that result from an employee’s injuries or negligence.
Umbrella Liability: If a judgment or liability claim exceeds your business’s HVAC liability insurance limits, an umbrella insurance policy can give you the additional coverage you need.
A high-quality HVAC insurance company can help you understand which types of business insurance will best protect your HVAC business, as well as explain the costs of those policies. It can also help you determine what kind of insurance you need to keep your business on the road to success.
Home Warranty: Most homeowners’ warranties will cover most of the components in your home’s HVAC system, so you can rely on this coverage if you have an older or less-than-efficient unit. However, you should read the warranty carefully to ensure you’re getting what you need.
Regular Maintenance: Manufacturers usually require that your HVAC system be properly maintained at least once a year. If you don’t do this, your warranty may be void.
You should also be sure that you have a warranty provider who is known in the industry and reputable. It’s also a good idea to choose a warranty that offers a workmanship guarantee, which promises to send out another technician at no extra cost to fix any lingering issues that may appear after a repair has been completed.
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