HVAC Insurance for Washington & Oregon Contractors
During certain times of the year, heating and cooling services are very popular in Oregon & Washington. No one wants to swelter in the summer heat or freeze in cold weather and HVAC companies make sure everyone is comfortable and safe. No matter what kind of business you run, HVAC insurance is just as important for the company with one van as it is for the large commercial operation with an entire fleet of vehicles and an impressive list of clients. Finding the right insurance can be a lot of work and it's hard to know if you have everything covered. That is why you should consider an insurance professional. In fact, a good agent can make the difference between staying in business and going under. Here is an example.
Herman L has been in the HVAC business for many years and he took over the company when his father retired a few years ago. As soon as Herman was the "big cheese" he made sure his business had the right kind of HVAC contractors insurance. Herman had a good friend that worked as an independent agent and he went over all of Herman's business risk matters and made certain everything was covered. This was one less thing Herman had to be concerned with so he focused his attention on earning new business.
One day Herman's crew was getting ready to install a large commercial cooling system in a nearby grocery store. This was a very large retailer and the unit had to be hauled in and lifted up to the roof with a crane. It took quite a bit of time to get all the right people together and everyone was waiting for the cooling unit.
Herman's employee Jim, was driving the company truck with the HVAC unit and was overdue. When Herman finally contacted Jim, he discovered Jim had been in a major traffic accident a few miles away. Jim was in a hurry and trying to make a traffic light before it changed, but he was a few seconds late and the truck struck the front end of a limousine, causing Jim to lose control and the truck flipped over on its side. This pretty much demolished the new cooling unit.
Fortunately, Herman had taken out special HVAC contractor insurance for this project, called an installation floater. This insurance covered the costs of the cooling unit while it was in transit, stored, and up until it was properly installed. If not for this insurance, Herman's company could have been out more than $10,000.
What is HVAC Insurance?
HVAC coverage is similar to typical contractor insurance except it is focused on heating and cooling contractors. Should an HVAC contractor suffer a loss due to a covered event, the insurance is there to reimburse the business owner. This is what insurance is all about.
Who Needs HVAC Contractors Insurance?
Businesses that install and repair heating, ventilating, and cooling systems, need this kind of specialized coverage. This may also include the following businesses:
- Plumbers - some plumbing contractors also provide HVAC services
- Building contractors
- Home improvement services
- Handymen who install and work on HVAC units
- Contractors who hire HVAC subcontractors
What is Basic HVAC Contractor Insurance?
Basic insurance is similar to most business insurance packages and will usually include:
- Business property insurance
- Property contents insurance - also needed for contractors who rent their business buildings or offices.
- General liability insurance - covers certain actions of workers and injuries that happen on your business premises.
- Business vehicle insurance - for vans, trucks, and cars you use in your business and for business purposes.
- Workman's compensation insurance for your crew
HVAC Insurance Options
Your business may need more than one insurance option, depending on your needs. Here are some important options to consider:
- Installation floater
- Course of construction insurance - not normally needed but if you have a major project, it could be a good idea.
- Inland marine insurance - this covers your tools, equipment, and materials while they are in transit.
- Loss of income coverage
- Performance bonds - these are sometimes necessary to prove to the customer you will be there to start and finish the project.
- Errors and omissions - suppose one of your crew members made a mistake while wiring up a residential central cooling system and the entire house caught fire and burned down. E&O protects you from these kinds of disasters.
Is Your HVAC Contractors Insurance Fully Protecting Your Business?
Running an HVAC business can be a full-time job, especially during the summer and winter months. The last thing you need to worry about is having the proper insurance. That's why it's a good idea to turn to insurance professionals like the people you'll find at Columbia Insurance Group.
We have been helping people and their businesses in the Pacific Northwest since 1952. That's more than 60 years in the business and your independent insurance agent at Columbia Insurance Group works for you. Our agents are not employed by an insurance company. They are independent and this means you receive the best of the best coverage and affordable premiums.
Your business is your life and you cannot afford to have any aspect of the business uninsured. It only takes a few seconds to use the short form for a free quote on your HVAC contractor insurance.