We are now well into spring and summer is just around the corner. This is the beginning of the ramp-up period for HVAC business owners. That’s the good news for HVAC business owners. It is also a time of increasing liability risk to the HVAC owner as new (and unproven) hires are made, overtime hours rack up, and mistakes are made. Some of those mistakes can be VERY costly if the business is not properly protected by HVAC business insurance (in VA, MD, and DC). Let’s take a moment to consider the “why’s” and “what for’s” of HVAC business insurance. By the way, many of the following points universally apply to virtually any small business insurance needs in VA, MD, and DC.
General liability insurance for heating, air conditioning and ventilation companies helps protect you legally and financially when accidents happen. If a customer has an accident at your store for example, and sustains physical injuries that must be tended to at a hospital or doctor’s office, the bodily injury portion of your insurance coverage will pay for the related care expenses.
Property Damage Coverage
When an accident damages your customer’s personal property, they expect you to pay for the repairs or replacement. General liability insurance for HVAC includes property damage coverage. Whether the customer’s property is damaged on your business premises or your employee damages something while performing maintenance or installing equipment, this coverage pays for the repair costs.
Products and Completed Operations Coverage
When you sell products you assume the risk of things going wrong. If your supplier delivers defective products, and unknowingly to you you install those defective products, failure or physical harm to your client may ensue. You can be held liable for damages and injuries caused by defective product delivery. General liability insurance for heating, air conditioning and ventilation businesses includes products and completed operations coverage to protect you from these specific risks.
Personal and Advertising Injury
Law suits arise from well-intended but libelous public statements. If you or an employee speaks ill of a competitor, they can and will file lawsuits. If someone believes your advertising materials are misleading they may sue your company for that as well. General liability insurance for HVAC includes personal and advertising injury coverage to help protect you from these claims when they arise. It can pay for your legal expenses and it pays settlements or judgments as needed.
Damage To Premises Rented To You
When your HVAC company rents property to conduct business operations, the property that is rented or leased must be protected from potential loss or harm. Whether you rent retail space inside of a larger building or you rent warehouse or work shop space, rental premises damage protection is needed. Commercial general liability insurance for heating, air conditioning and ventilation companies can include rental premises damage protection for this purpose. If you cause damages to the property, this portion of your insurance will pay for the repairs.
Medical Expense Limit
Small accidents sometimes result in minor injuries that do not require a lot of expensive medical care and treatment. Medical expense limit coverage can be included in your general liability insurance for HVAC as a way to help prevent more expensive injury claims in the future. This coverage can pay for minor injuries without your company having to admit to being at fault.
Limits of Liability Insurance
- Each Occurrence – Your policy will limit the maximum amount of benefits that can be paid for each claim per person.
- General Aggregate – A general aggregate is the total amount of benefits your policy will pay regardless of how many times claims are made. Once the total aggregate maximum limit is met, a general liability policy will be declare as exhausted and unable to pay additional claims.
So, how do you get the best HVAC business insurance for your hard-earned dollar? Consult your local independent insurance agent like us here at TriState Business Insurance serving the Maryland, Virginia, and DC areas. We’ll keep saying it time and time again, only an independent insurance agent works solely for YOU and not the insurance agencies that most insurance agents represent.