The Value of HVAC Insurance in Newfoundland and Labrador
If you are in the heating, cooling, or plumbing business in Newfoundland and Labrador, you have special needs for an insurance policy. Although you may not be a large contractor you still need coverage that many large contractors carry, and there are a lot of legal issues to consider. Take for example, the fictional HVAC and plumbing company, ZXC AC and Heat Services.
Company owner, Jim S, had many years of HVAC and plumbing experience and had been a private contractor for some time. His latest job was installing plumbing in a basement remodel of a residential home. Before the job began, the homeowners informed Jim they would be gone for the entire week, so they gave him the keys to their house before they left.
After the second day on the job, Jim and his crew packed up all their tools. They went home and returned to a huge mess the next day. One of Jim's workers was installing copper pipes with solder fittings and he used a blow torch. However, he didn't realize that the torch accidentally caught fire to a floor joist. In fact, it was just a small ember when everyone left that evening. Yet, during the night, the ember grew and eventually turned into a fire that gutted the entire house.
If Jim just had general liability with his HVAC Contractors Insurance, he would have been responsible for all the damages. However, Jim used risk management experts for his insurance needs, and his insurance specialist advised him to take out a broad form property damage endorsement. If he had not done this, his liability coverage would not have paid, and he could have been ruined.
Who Needs HVAC or Plumbers Insurance?
If you are a contractor that installs or repairs plumbing or HVAC systems, this insurance is specifically designed for you. This includes:
- Residential HVAC repair services
- Residential plumbers
- Residential plumbing contractors
- Commercial plumbers
- Commercial HVAC contractors
- Plumbers or HVAC specialists that hire sub contractors
- Plumbing and HVAC subcontractors
- Home improvement contractors
Basic Plumbers or HVAC Insurance
Basic does not mean all the coverage you need. It only refers to the essentials. For instance:
- Commercial Property Insurance - Will provide cover for your business property such as your buildings, business contents, tenants improvements
- Commercial Auto Insurance - Whether you use your own car or a fleet of vehicles to get the job done, Wedgwood Insurance Limited can find the right coverage for you to protect your business from liability, bodily injury, comprehensive and collision coverage and more.
- Fidelity/crime insurance - this protects you against employee theft, dishonesty, or destruction of other's property.
- Commercial General liability - protects you from liability claims for bodily injury and property damage arising out of premises, operations, products and completed operations; and advertising and personal injury liability.
Options for HVAC and Plumbing Insurance
Your business may face many more risk factors than you realize. That is why you should consider talking to an experienced risk management professional. Here are some possible options you may want to include in your HVAC or Plumbers Insurance:
- Contractors Equipment or Tool Floater - protects your tools and equipment that you routinely bring to and from your jobs (while they are in transit) and if you must store them temporarily at the job site.
- Installation floater - similar to a builder's risk policy but is used to cover both owned and non owned property being installed, fabricated or erected at a job site. Also provides transportation coverage to and from a job site.
- Bid bond coverage - a bid bond protects you when you successfully bid on a job, but circumstances beyond your control prevent you from performing any work.
- Performance bond coverage - a performance bond reimburses the party you are responsible to, when you cannot complete a project that you started.
- Environmental impairment liability - pays for on and off-site cleanup, bodily injury and property damage liability as a result of pollution and environmental hazards.
Finding the Right Plumbing Insurance at the Right Price
When it comes to insurance, Wedgwood Insurance Limited, are there with a wide range of options from many top rated insurance companies in Canada. This is possible because we are an indepedent insurance provider. However, insurance is just the tip of the iceberg. Our team offers a complete package of services for risk management including:
- Legal Advice and Defence Insurance Policies to cover common employment and business contract disputes
- Business Continuity Planning
- Hiring and staff retention assessments
- Cyber Assessments
- Fleet Management
There is no guesswork when you do business with Wedgwood Insurance Limited. We help you understand your HVAC and Plumbers Insurance needs, so you can feel confident in the choices that you make. Submit the quote request form or call us locally at 753-3210 or toll free 888-884-4253.