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Running an HVAC business comes with risks from equipment damage to liability claims. Is your Manitoba HVAC business insured against lawsuits, theft, and mishaps?
This guide explains what business insurance that heating, ventilation, and air conditioning contractors in Manitoba need.
An HVAC company specializes in installing, maintaining, repairing, and replacing heating, ventilation, and air conditioning systems for residential, commercial, and industrial buildings.
HVAC professionals often work in high-risk environments: rooftops, mechanical rooms, crawl spaces, and customer homes. Mistakes, accidents, or unforeseen events can lead to lawsuits or major expenses.
Business insurance helps:
CGL insurance protects your Manitoba HVAC business if a third party (customer/client) suffers bodily injury or property damage due to your work. For example, if a technician accidentally damages a client’s property, CGL insurance covers repair costs and legal fees.
Typical coverage:
Commercial property insurance can help keep your Manitoba HVAC business protected from property losses, such as theft, vandalism, fire, or severe weather. You can also add sewer backup or flood coverage extensions.
You’ll need to do an inventory of all your business property to determine how much commercial property insurance you will need. Your Wyatt Dowling business insurance expert can help you with this.
Commercial property insurance also protects your Manitoba HVAC business office and its contents.
Property you may need to insure:
Wyatt Dowling can help business owners save on their insurance with the following:
It covers your work vehicles if they’re involved in an accident. Personal auto insurance does not cover vehicles used for business purposes.
Covers:
It’s also known as Errors and Omissions (E&O) insurance. This type of insurance provides financial protection and covers legal fees and judgments if a dissatisfied client sues your Manitoba HVAC company for the following:
Professional liability insurance limits coverage to owners and employees and they do not cover work done by subcontractors. It also does not cover non-financial losses or losses caused by intentional or dishonest acts.
E & O insurance pays for any damages related to your work or the job site after your HVAC company finishes the work and which results from your negligence, errors, or omissions. It does not cover work that’s in progress or damages already covered under your general liability policy.
This type of insurance is also known as HVAC equipment insurance. It protects your Manitoba business’s tools and equipment. If your tools or equipment are stolen, lost, or damaged, this policy may cover the repair or replacement costs.
Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
This coverage supports you when your Manitoba HVAC business can’t operate due to a covered loss.
There are a number of losses that can force your HVAC business to shut down. Some examples include:
Business interruption insurance can help with expenses such as:
Your business insurance needs to protect you from the daily risks that you can face. HVAC insurance helps protects you from financial loss due to lawsuits, third-party accidents, fire, and other mishaps. Make sure your Manitoba HVAC business is protected with enough business insurance.
The cost of Manitoba HVAC insurance varies depending on factors such as:
Average range: $1,200 to $3,500 annually for small to mid-sized HVAC businesses. More complex operations with fleets or multiple locations may pay more.
It’s expected that Manitoba HVAC contractors will carry at least general liability insurance. Business insurance gives you protection and credibility.
Without insurance as a Manitoba HVAC contractor, you’re personally liable for accidents, injuries, or property damage caused by your work. This can result in fines, lawsuits, or even the loss of your business license.
Yes, you do. Even as a subcontractor in Manitoba, you can be held liable for damage or injuries. Plus, many general contractors require proof of insurance before hiring subcontractors.
Shop around and compare quotes or contact Wyatt Dowling Insurance Brokers.
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