HVAC Insurance in New Hampshire

Also providing hvac insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is HVAC insurance?

HVAC insurance is a specialized type of commercial insurance designed to protect heating, ventilation, and air conditioning (HVAC) contractors from the unique risks associated with their work. This insurance typically includes several types of coverage, such as general liability, property insurance, workers’ compensation, and more. HVAC contractors insurance ensures that your business is protected against financial losses due to accidents, injuries, property damage, and other unforeseen events that may occur during the course of your work.

What types of coverage are included in HVAC insurance?

HVAC insurance typically includes several types of coverage to address the various risks HVAC contractors face:

1. General liability insurance: This coverage protects your business from third-party claims related to bodily injury, property damage, and personal or advertising injury. For example, if a client slips and falls on your worksite or if you accidentally damage a client’s property while installing a system, general liability insurance will cover the associated costs.
2. Commercial property insurance: This coverage protects your business property, including tools, equipment, and office space, from damage or loss due to events such as fire, theft, or vandalism. In New Hampshire, where weather-related incidents like heavy snow or storms may cause damage, commercial property insurance is essential.
3. Workers’ compensation insurance: This coverage is mandatory in New Hampshire for businesses with employees. It provides medical benefits and wage replacement to employees who are injured or become ill as a result of their work. Workers’ compensation also protects your business from being sued by employees for workplace injuries.
4. Commercial auto insurance: If your business uses vehicles for transporting equipment or traveling to job sites, commercial auto insurance provides coverage for accidents, damages, and injuries involving your vehicles. This is particularly important in New Hampshire, where road conditions may vary significantly due to weather.
5. Inland marine insurance: This coverage protects tools, equipment, and materials that are in transit or stored at a job site. HVAC contractors often transport valuable equipment, and inland marine insurance ensures that these assets are protected against damage or loss during transit.
6. Professional liability insurance: Also known as errors and omissions (E&O) insurance, this coverage protects your business from claims related to professional errors, negligence, or failure to perform your services as expected. For instance, if a client in New Hampshire claims that your installation was faulty and caused damage, professional liability insurance would cover the legal costs and any settlements.

What factors affect the cost of HVAC insurance in New Hampshire?

The cost of HVAC insurance in New Hampshire may vary widely based on several factors:

1. Type of Coverage: The range and extent of coverage you choose, such as general liability, professional liability (errors and omissions), property damage, workers’ compensation, and commercial auto insurance, will affect the premium. More comprehensive coverage typically costs more.
2. Business Size and Revenue: Larger businesses with higher revenues generally face higher premiums due to increased risk exposure and potential liability.
3. Number of Employees: The number of employees affects workers’ compensation costs. More employees typically mean higher premiums for this coverage.
4. Type of Work Performed: The nature of the HVAC services provided, such as residential vs. commercial work, or the complexity of the installations and repairs, can impact insurance costs. Riskier work may lead to higher premiums.
5. Claims History: A history of previous insurance claims can increase premiums, as insurers view businesses with frequent claims as higher risk.
6. Experience and Training: The experience and qualifications of the HVAC technicians and contractors can influence the cost. More experienced and well-trained professionals might help lower premiums.
7. Safety Measures: Implementing safety protocols and practices, such as regular training, proper equipment maintenance, and safety inspections, can sometimes lead to discounts on premiums.
8. Type and Number of Vehicles: The type and number of vehicles used for transporting HVAC equipment and personnel can affect commercial auto insurance costs.
9. Location and Risk Factors: The specific location within New Hampshire, including factors such as local regulations, weather conditions, and the risk profile of the area, can impact the cost of insurance.
10. Deductibles and Coverage Limits: Higher deductibles or lower coverage limits can reduce premiums, but they also mean more out-of-pocket expenses in the event of a claim.

Do HVAC technicians need their own HVAC insurance when doing side work?   

Yes, HVAC technicians who do side work or operate as independent contractors in New Hampshire should obtain their own HVAC insurance. Even when working independently or outside of their primary job, insurance is crucial to protect against potential liabilities. For instance, if a technician accidentally damages a client’s property while installing or repairing an HVAC system, they could be held responsible for covering the costs of repairs or replacements. Additionally, if someone is injured due to the HVAC work, such as a client tripping over tools or being harmed by faulty installation, liability insurance can help cover legal fees and medical expenses. Insurance also provides coverage in cases where the work results in future problems with the HVAC system, such as malfunctioning equipment or poor installation, which could lead to costly repairs or legal action.

Although New Hampshire does not mandate insurance for all independent contractors, having insurance can meet contractual obligations and enhance credibility with clients, demonstrating professionalism and preparedness for potential risks.

How can contractors obtain HVAC insurance in New Hampshire? 

Reach out to the independent agents at Insurance24 for a fast quote on HVAC insurance in New Hampshire. Our team is committed to helping you find the right coverage to protect your business from the unique risks associated with the HVAC industry. With our personalized service and in-depth knowledge of the New Hampshire market, we’ll ensure you get a policy tailored to your specific needs.