As a professional HVAC contractor in Florida, your team of installation, repair, and maintenance professionals has intimate knowledge of electrical and plumbing equipment. In addition, your technicians must be familiar with a wide variety of air conditioning and heating equipment. Although most service calls run smoothly, your company must be ready for the unexpected. For example, an HVAC technician might accidentally cause damage to a customer’s property while replacing an older A/C unit. A technician may also forget to secure the van, leading to the theft of valuable supplies and equipment, or they might sustain an injury during a service call.
For these unexpected situations and other risks, there’s commercial insurance from CIS. A comprehensive professional liability policy protects the business and owners’ personal and financial assets.
The Importance Of Commercial Insurance for HVAC Contractors
The nature of HVAC work involves several risks, including working with refrigerants, electricity, and ladders, as well as handling expensive equipment. Proper insurance protects your business from the significant costs associated with a potential lawsuit, property damage, or employee injuries. Furthermore, if you work under a general contractor in Florida, they may require you to provide a copy of your certificate of insurance before awarding a contract.
Understanding the Kind of Coverage HVAC Contractors Need
A comprehensive insurance plan for an HVAC company typically includes the following policies, ensuring you are fully covered:
General Liability Insurance
This protects your business from claims of third-party injury or property damage. For instance, if a technician drops a tool and damages a client’s floor, or a customer trips over a toolbox in your office, General Liability would cover the repair costs and any resulting medical and legal fees.
Commercial Auto Insurance
Your personal auto policy will not cover accidents that happen while you are on the job. A commercial auto policy is vital to protect your vans, trucks, and other vehicles used for business purposes. It covers losses related to accidents, theft, or vandalism.
Workers’ Compensation
In Florida, HVAC companies are classified as a construction business. This classification means you are required to carry workers’ compensation insurance even if the owner is the only employee. Workers comp covers medical expenses and a portion of lost wages for employees who are injured on the job, protecting the business from costly lawsuits.
Inland Marine Insurance
This policy, often called a “tools and equipment” floater, is essential for protecting your valuable mobile equipment, tools, and materials against theft or damage while they are going to or from a job site, or left in a vehicle overnight.
How Much is Insurance for an Air Conditioning Company in Florida?
The cost of insurance for an HVAC company in Florida varies based on factors like your location, the size of your business, your claims history, and the types of services you provide.
What’s Covered
A well-rounded commercial insurance plan for an HVAC contractor typically covers the following:
- Third-Party Injury: Pays for medical expenses and legal fees if a client, visitor, or bystander is injured on your property or as a result of your work.
- Third-Party Property Damage: Covers the costs of repairing or replacing a client’s property that is damaged during your work.
- Legal Defense: Pays for legal expenses, including attorney fees and court costs, even if a lawsuit is groundless.
- Stolen or Damaged Tools: Inland marine insurance covers the theft or damage of your tools and equipment while they are at a job site or in your vehicle.
- Employee Injuries: Workers’ compensation covers medical bills, lost wages, and rehabilitation for employees injured in a work-related accident.
- Service Vehicle Accidents: Commercial auto insurance pays for property damage and bodily injury caused by an accident involving a vehicle used for business purposes.
What’s Not Covered
- Professional Negligence: Claims of professional errors or negligence are typically not covered by a General Liability policy and require a separate Errors and Omissions (E&O) policy.
- Damage to Your Own Property: General Liability only covers third-party property damage. To protect your business property, equipment, and tools stored at your location, you need a separate commercial property policy.
- Faulty Installation: While general liability may cover damage that results from your work (e.g., a fire caused by faulty wiring), it will not cover the labor cost to repair the defective work itself.
Other Coverage Options for Air Conditioning Contractors
Talk to your CIS agent about other insurance options that your firm may need, such as:
Commercial Umbrella Insurance
This policy provides an extra layer of liability protection that extends the limits of your underlying policies, such as General Liability and Commercial Auto, for large, costly claims.
Commercial Property Insurance
This policy protects your business building, office space, and tools stored at your business location from risks like fire, theft, and vandalism.
Commercial Insurance for HVAC Contractors Near Me
At Commercial Insurance Specialists, we are a Trusted Choice independent agency, dedicated to providing exceptional service and a wide range of insurance options tailored to the unique needs of air conditioning contractors in the West-Central Florida area. Our flexibility allows us to explore and compare policies from various top-rated insurers, ensuring you receive the professional liability coverage that best fits your needs and budget. We serve clients across many fields, including plumbers, pool & spa contractors, and electricians from Sarasota County to Polk County, including Clearwater, Clermont, Tampa, and Bradenton.
Just give CIS a call, and a licensed and independent agent will shop for the best rates and coverage options for your business from top-rated insurers. Don’t wait, contact us today for a free, no-obligation professional liability insurance quote!
