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Insure your HVAC workers with HVAC workers compensation insurance
HVAC contractors provide servicing and repair for heating and cooling systems. Their services are available to both residential and business customers. HVAC companies should employ personnel who are knowledgeable in duct and vent work, pipe systems, electric and steam systems, solid fuels, coal, and fuel oil sources for heating equipment, etc. Numerous firms provide these services in addition to installing, maintaining, and repairing air conditioners. While air conditioning systems are typically powered by electricity, they use a variety of coolants, some of which are dangerous. HVAC contractors encounter a variety of hazards, depending on the kind of job they do.
To protect themselves and their employees, HVAC contractors should have workers compensation insurance. While this kind of insurance is most recognized for giving compensation directly to workers in the case of an on-the-job accident, it also covers work-related diseases and offers businesses with extra advantages such as:
- Health Care
- Providing First Aid
- Temporary Disability
- Persons with a permanent disability
- Rehabilitative Services
- Death Benefits
- Employer Benefits
Workers’ Compensation Insurance
HVAC companies with employees are required by state law to carry workers' compensation insurance. It covers your business from liability related to injuries that employees suffer while on the job. This includes coverage for medical bill costs related to these injuries and lost wages during a recovery period.
Your workers' compensation costs will vary depending on the type of work you perform and how many employees you have. The annual premium for coverage up to $1 million per claim could range from $300 to $10,000.
HVAC Contractors, Class 5537
This class includes businesses that install, service, or repair residential and commercial heating, ventilation, air conditioning, and refrigeration systems.
HVAC class code 5537 is generally considered an all-inclusive class of business since it also encompasses related functions such as wiring and sheet metal related to HVAC. The entire payroll of most employees, aside from clerical/sales employees, falls under this class code.
Cleaning companies that only offer duct cleaning would fall under a separate class code- 9014.
Insurance Costs for HVAC Systems
HVAC contractors have seen their business insurance costs rise. Workers' compensation and general liability insurance have been responsible for the high cost of coverage. Our insurance companies have partnered with us to offer more affordable commercial insurance packages.
Employers' Liability and Workers' Compensation
- Liability insurance for HVAC systems
- Property owned by individuals and businesses
- Liability umbrellas and more
The following are the four most commonly used HVAC classification codes.
- 5537 - Installation, service, and repair of heating, ventilating, air conditioning, and refrigeration systems
- 8720 - Inspection and sales of heating and air conditioning
- 3726 - Installation or repair of boilers
- 5183 - Gas or water plumbing
The workers' compensation system protects HVAC businesses from liability for injuries at work, and it prevents employers from having to pay directly for employee injuries. An HVAC employee may experience a significant financial loss if he or she is injured while performing work duties. Depending on the law in your state, this may be considered compensable and therefore be eligible for workers' compensation.
There are many reasons why HVAC contractors need Workers Compensation insurance. You will need it as long as you are working within the laws of the state in which you are doing business. Some states, however, have different requirements depending on how many employees the company has. The HVAC industry is prone to minor injuries, and workers compensation will cover these medical costs so that you don't have to dip into profits.