Insurance for Specialty Contractors - HVAC Edition

Liability

This essential coverage provides protection in the event of damage or harm to others or to their property. Many times, subcontracting jobs will demand specific requirements for a general liability policy, which typically include a limit of 1 million dollars or higher. General Liability is one of the coverages held by most all companies, as it is your first line of defense when it comes to lawsuits over damage caused outside of your business.

You have to get to the job somehow, right? Commercial Auto Liability not only provides protection for your employee drivers and company automobiles, but this coverage also will pay towards the medical bills and car repair of the victim in the event that you hit someone else.

Regardless of varied state law, as a business owner, you are held responsible for the injuries of any employee in your organization. Workers Comp is the sole remedy for these cases to avoid lawsuits, but it also can provide coverage for medical bills as well as partial lost wages for injured employees.

When your other limits are not enough, umbrella coverage steps in to provide extra protection on top of your general liability, employer's liability, and commercial auto liability. America is one of the most litigious countries in the world and the payouts for lawsuits continue to rise, making this coverage well worth the cost for many companies.

As its name implies, this coverage protects your business' property including your building and contents. Items such as office furniture, computers, and cell phones have become essential for the running of most modern businesses, so leaving these often pricey items without protection poses a significant risk to the business.

Now, this policy might look a bit unfamiliar if you are new to the commercial insurance game, but it is a big deal in the subcontracting industry! An inland marine policy protects your tools and the tools of your employees. Because so much of your livelihood is dependent on this equipment, we strongly recommend acquiring this coverage to ensure your ability to continue working in the event that it gets damaged/stolen.

Hook your employees up with great benefits! Typical benefits include health, short-term/long-term disability, life, accidental death/dismemberment, and retirement plan coverage.

It is not uncommon for contractors to require a bond from the hired subcontracting company. With a bond, the insurance company is basically stating that the specialized subcontractor in question will fulfill all obligations to maintain the company and will complete the job that the company has promised to do in its entirety. Bonds can have varying limits, which are typically determined based on the size of the job.