What is HVAC Contractor Insurance?
If you are wondering what HVAC contractor insurance is- it can be simply described as commercial liability protection in case of lawsuits arising from bodily injury or property damage. This contractor insurance policy is a commercial liability insurance product that provides protection in the event damages or losses result from negligence or faulty installation within a residential or commercial premises.
What are the General Liability Insurance Needs of HVAC Contractors?
Many homeowners and business owners throughout Ontario Canada have appliances such as a boiler, furnace, air conditioner or heater that needs repairs. At the same time home and business owners are becoming more savvy when looking for a appliance repair or installation service-person and may request proof of insurance or WSIB coverage before they sign a contract or let you on their premises. We receive numerous calls from contractors who are looking for insurance coverage because their clients are requiring proof of insurance before starting a job.
What is HVAC Contractor General Liability Insurance?
HAVC technicians are similar to painters, plumbers, electricians, masons, flooring contractors, renovation contractors, HVAC technicians, window installers, fence and deck contractors, roofing contractors, and concrete contractors. These are all examples of contractors who enter into a contract with a client. When on the client's premises to repair or install a heating, cooling or air conditioning system, a contractor is has a duty of care to offer reasonable care ensuring that no harm or damage results to persons or property as a result of the contractors actions or inaction. In tort law, if a contractor does not fulfill their duty of care responsibilities while being on a client's premises, the contractor is at risk of being sued for their negligence. If a faulty installation causes a fire, water leak or bodily injury, a contractor is likely to be sued. Contractors insurance is designed to protect HVAC businesses from damaging lawsuits relating to negligence or improper work. General liability could mean the difference between forced liquidation and remaining in business.
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Why Should HVAC Technicians Get Contractors Insurance?
If you are working as a HVAC technician in the province of Ontario, you should get a comprehensive HVAC installation and repair insurance policy that covers your tools, legal expenses, and liability for property damage and bodily injury coverage. I am asked, what is the most appropriate time to get covered as a HVAC technician? I recommend that sooner is better than later. A contractor engages in a level of risk each and every time he or she installs or repairs a heating, ventilation or air conditioning appliance in a client’s home. Something can always go wrong when an appliance is installed or damage can occur as a result of a repair. With that being said, one shouldn't wait to get HVAC contractor insurance. Get it as soon as you can.
How Long Will it Take to Get HVAC Contractors Insurance?
Before you’re able to get general liability insurance for your HVAC business, I will first need to qualify that you fit into our underwriting criteria. After you complete your request for a quote, I will call you to collect all of your experience in the field of heating, ventilation and air conditioning, business insurance history as a contractor, installation floater details, contractor tools, WSIB information for any employees you may have, review liability limits and deductibles, review business interruption coverage needs, commercial locations that you rent/own, locations that you occasionally rent for our tenant's legal liability coverage and the need for liability for non-owned auto coverage. If your commercial coverage needs falls into one of our extensive contractor packages, I could have coverage bound for you in as quickly as 20 minutes.
What are the Potential Costs?
Every HVAC contractor has an obligation to ensure he or she is getting the best price for commercial insurance. For some small-business owners, they avoid being properly covered because of reasons of yet another cost of doing business. Unfortunately, many contractors only choose to get insurance protection when a problem with one of their jobs arises. This is a common mistake that I want to insure I can make sure doesn't happen to you. I hope that I can put you at ease by letting you know that HVAC technician insurance doesn’t have to break the bank and it is my goal to have proof of commercial insurance in your hands within a few hours.
However, the premium for HVAC contractor liability insurance policies can vary from contractor to contractor. Typically, our liability, tool, loss of income, equipment and installation floater package start at $725/year for $2 million in coverage. This packaged rate will assume that you are a contracting business that provides exclusive sub-trade type of contracting work and have gross annual receipts of less that $2,000,000 a year. Please keep in mind that your price will also depend on your history and experience as a contractor, business contracts, company size, ownership of stock, buildings, contents and tools.
For more information about the factors that can affect your cost of insurance as a contractor, check out the: "How much does contractor insurance cost?" page.
The Risks HVAC Technicians Face
As a HVAC technician, you face a wealth of risks. You may feel that you provided ultimate service for your client but that doesn't meant that the client won't accuse you of negligence causing damages. If you unknowingly damage the clients property or the appliance causes a problem at a later date, you may be deemed responsible. HVAC companies are always at risk of being sued by their clients and you’re no different.
The HVAC appliance may eventually cause a house fire and their insurance company is looking to find probable cause elsewhere. Do not be surprised if your business is served in a lawsuit. It is best business practice to close the gaps in risk for your HVAC business. Don't delay. Click "get a quote" and provide some details about your business so I can reach out to you and ensure you are properly covered today!