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Complete Your HVAC Contractor Insurance Foundation with These 3 Policies

Trying to find the basic insurance policies you need to run your small business can be a bit like finding a needle in a haystack. Companies may try to sell you a thousand policies at once or focus entirely on one specific coverage but, there are very few basic insurance breakdowns out there. That’s why we decided to put together this list of HVAC contractor policies that you can use to establish a strong insurance foundation.

HVAC Contractor Insurance – The 3 Basic Policies Every HVAC Contractor Needs

1.       Contractors General Liability Insurance

General liability insurance is an essential asset for any small business owner (especially if you own a contracting business). In this industry there are more than a handful of ways for you to lose quite a large sum of money in a very short period of time. General liability insurance is designed to reduce that peril. Defined as an insurance policy that offers protection against third-party claims of property damage, injury or bodily harm, loss of life or limb, or negligence, general liability insurance has the stopping power you need to protect your business from lawsuit-induced financial loss. It is also required by law in most states which is why we would consider this the most important HVAC contractor insurance policy on this list.

2.       Contractors Workers Compensation Insurance

Well, workers compensation insurance may give general liability a run for its’ money (at least in terms of importance). Like the aforementioned policy, workers comp is required by law in most states (except for Texas) making it an essential component of HVAC contractor insurance. It is designed to cover everything from injury or loss of limb, repetitive motion injuries, medical treatment and lost wages to death and emphysema. Needless to say it covers a lot (a lot more than we can cover in this post), so if you would like more information, please check out our page on workers compensation.

3.       Commercial Auto and Truck Insurance

Commercial auto and truck insurance might not have the same legal requirements as general liability insurance or workers comp but, it’s still a necessary piece of HVAC contractor insurance. If you use a vehicle to transport goods, people or perform other business related tasks then you may want to consider acquiring this policy. It will not only protect you (the driver) but the goods and employees you are transporting. Two things that your personal policy will not cover.

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When to Start Thinking About an AC Replacement

Now. Yes, it’s the end of February, but it’s never too early to think about replacing your AC system. Even though this past winter has been one of the coldest in history, you don’t want your air conditioner taking its last icy breath in the middle of summer leaving you to make an impulse decision. But what do you have to do to get the right AC replacement for your home?

First things first, look at your old air conditioner and find out what type you currently have. You should also decide what capacity AC unit you will need to keep your home cool during the hot months of summer. Hiring an HVAC specialist would also be a wise decision, because they can recommend the best system for the space, both in terms of size and cooling capacity.

With their advice, you will be able to select a unit that suits both your home and your budget. Many people end up leaning towards buying cheaper AC units even if they have the money for a better system. Though an expensive air conditioner may seem like a big investment, it can save you a lot of money over the long-term. The pricy units tend to be more efficient, quieter, and come with better and longer warranties. Meanwhile, their cheaper brethren typically will sound like someone stuck an angry komodo dragon in the unit, and it will also make your electric bill something to really dread at the end of the month. The top tier models also have some pretty nifty features, like control over humidity levels and enhanced air quality.

So, right now is the perfect time to think about replacing your AC unit. If you put aside the time now, you can make an educated decision about what kind of unit you want, what works best for your home and your budget, and you will also be able to consult a specialist. Here’s to a warmer winter and a cooler summer!