Insurance for HVAC Contractors
The society of today is a litigious one. Regardless of the sector that you are in, a single small mishap can lead to an enormous lawsuit. In an industry as high risk as HVAC contracting, the chance of accident or legal action is great. That is why it is crucial that you have the right HVAC insurance to protect your business.
Essential HVAC Insurance coverage
The most essential types of coverage for HVAC contractors are general liability, property coverage and workers’ compensation. The most important of all these coverage types is general liability insurance. Liability insurance is necessary to protect your business assets if your company is ever sued as the result of property damage or bodily injury while on a job.
Your Lloyd Sadd Insurance broker will be happy to discuss with you whether your best option is to purchase a separate liability policy or include it as part of a business owner policy. With a business owner policy, you can combine your liability insurance and property insurance into a single policy. However, with this option the limits that are put on your liability coverage are quite low. An HVAC business generally requires additional coverage. Therefore, most HVAC contractors choose to purchase their liability insurance separately.
The amount of coverage that you need to include on your HVAC contractors insurance policy actually depends on two main factors. First of all, you need to take into consideration your perceived risk. This is the level of risk that is related to your business.
Some businesses are at a higher risk for injury or lawsuit than others, which means they will require more liability coverage. The brokers at Lloyd Sadd Insurance are experts in the field and are able to guide you through the process of identifying the risks that are directly related to your business to make sure you choose the best coverage options for your HVAC insurance policy.
The location of your operations is also a key factor in the type of HVAC contractor insurance that you need to purchase. Some areas are known for providing plaintiffs with a high amount for damages. For HVAC contractors doing business in these areas, you may need higher coverage limits for your liability insurance. Your Lloyd Sadd Insurance broker can offer you valuable guidance in this particular area to make certain that you have the right amount of coverage for your business.
Additional Coverage Options
Having a good general liability policy in place is an excellent starting point with HVAC contractors insurance. Another necessary component of your HVAC insurance package is property insurance. It makes no difference if you own or lease the space out of which you operate your business; you need to invest in property insurance.
You will also want to talk to your Lloyd Sadd Insurance broker regarding coverage for your equipment and tools. This will cover the cost of replacement or repair in the event of theft or damage. Even if you lease or rent your property and the landowner has insurance, it is not likely that your equipment or furnishings are protected under that policy. You will need to invest in property insurance as part of your HVAC contractors insurance policy to make sure that those things are protected.
How HVAC Insurance works
The general liability element of your HVAC insurance, you will be compensated for the legal costs that are associated with lawsuit or liability claim that is covered by your policy. These claims generally include property damage, bodily injury, personal injury and advertising injury, such as damage from false advertising or slander.
A maximum amount that you will be paid is set in your liability policy. Ask your Lloyd Sadd Insurance representative about the maximum amount that you will be paid per occurrence. You should also enquire about the necessity of an umbrella policy to pay for any incidents where the expenses may exceed the limits outlined in your Alberta HVAC contractor insurance policy.
It is important that you report any accidents that may result in a liability claim as soon as possible. It is also a good idea to document such situations and be prepared to forward any legal notices or summonses that may be required to process such claims. Your Lloyd Sadd Insurance broker will be happy to explain the process of filing claims to you and answer any questions that you may have regarding your HVAC contractors insurance policy.
Experience you can trust!
Lloyd Sadd Insurance will work closely with you to provide valuable advice on the level and type of coverage that you need to include in your HVAC contractor insurance policy. The information that you need is always available from a friendly and knowledgeable expert that is on hand to assist you with your insurance needs. At Lloyd Sadd Insurance, we know that coverage that a HVAC contractor requires must be affordable and comprehensive.