What is the Cost of HVAC Businesses’ Workers’ Comp Insurance?
Whether you’re starting a new HVAC business or shopping for new insurance, you should know what to expect. So, what’s the cost of Workers’ Compensation insurance for HVAC businesses, and what goes into determining that cost?
Generally, the cost of an HVAC business’ Workers’ Compensation insurance will be determined by its industry, age, and history. For example, certain industries are considered more high-risk than others. If an HVAC company is new, that may also indicate a risk to a Workers’ Compensation insurance company. Finally, a history of claims can drive up the cost of an HVAC business’ Workers’ Compensation insurance. It’s important to note that the cost of not getting insurance can be much higher than your monthly premiums, so use an insurance broker to find affordable coverage for your HVAC business.
Whether your HVAC business is in a high-risk industry, was newly formed, or has a history of Workers’ Compensation insurance claims, our brokers can help you find coverage. To learn more about the Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
What’s the Cost of Workers’ Comp Insurance for High-Risk HVAC Businesses?
One of the main factors in determining the cost of Workers’ Compensation insurance for an HVAC business is its industry. Generally, HVAC companies are considered part of the construction industry. Because of that, they are likely to have more expensive Workers’ Compensation insurance.
The truth is that some industries are more prone to workplace injuries than others. For example, construction is considered a high-risk industry because of the nature of the work. While each state has different Workers’ Compensation insurance laws, the general agreement is that HVAC companies are part of the construction industry. Because of that association, your HVAC business may be considered high-risk.
Generally, companies in the construction industry must have Workers’ Compensation insurance. While some states differ regarding the minimum number of workers for Workers’ Compensation insurance, your HVAC business will likely have to carry it, even if it employs a few workers. Because you’re required to carry Workers’ Compensation coverage, insurance companies may be more likely to hike up the cost, especially if your business is in a high-risk industry.
Because of that, HVAC businesses need to work with an experienced Workers’ Compensation insurance broker they can trust. Our brokers can match companies in high-risk industries, like HVAC businesses, with affordable coverage.
How Much Does Workers’ Comp Insurance Cost for New HVAC Businesses?
The second factor in determining the cost of Workers’ Compensation insurance for your HVAC company is its age. The newer a company is, the more reason a Workers’ Compensation insurance carrier has to drive up the cost.
When companies are new, especially those in high-risk industries, Workers’ Compensation insurance companies have no way of knowing if employees are likely to sustain work-related injuries. So, they assume the worst and are likely to hike up the cost of premiums.
You shouldn’t be punished with expensive Workers’ Compensation insurance premiums for starting a new HVAC business and wanting to protect it. A skilled small business workers’ compensation insurance broker can help your brand-new HVAC business find insurance fast. The last thing your new company needs is a stop-work order to impede its success, and our brokers can ensure that doesn’t happen by matching your HVAC business with affordable coverage.
Will Workers’ Comp Cost More for HVAC Businesses with Claims Histories?
Any company with a history of Workers’ Compensation claims is likely to have a hard time finding affordable coverage unless they work with an experienced Workers’ Compensation insurance broker. If your HVAC business has experienced workplace injuries in the past, you could see a rise in your Workers’ Compensation premiums.
Even if you’re shopping for new Workers’ Compensation insurance, carriers can look into your claims history. If you’ve had several Workers’ Compensation claims from injured employees, that can impact the cost of your coverage substantially. That’s because Workers’ Compensation companies view your HVAC business as a risk to insure. Unfortunately, that can cause businesses to agree to an expensive coverage plan because they need insurance.
Although your HVAC company might have had workplace injuries in the past, a skilled broker can still help it find affordable coverage. Our brokers work with insurance carriers that require no audits or contracts, allowing HVAC businesses to pay as they go while getting the coverage they need to protect themselves.
What’s the Cost of Not Getting Workers’ Comp for HVAC Businesses?
Although you might be fearful of the cost of Workers’ Compensation insurance for your HVAC business, deciding to forgo getting coverage isn’t wise. The cost of not getting Workers’ Compensation insurance can be much higher than the cost of premiums, in the event of an employee injury.
It’s never a good idea to ignore your HVAC business’ need for Workers’ Compensation insurance. If you do, your company can be financially responsible for paying an injured worker’s medical bills and lost wages. Not to mention, ignoring your state’s requirements for Workers’ Compensation insurance can invite a whole host of issues, including financial penalties.
Such a headache is avoidable when your HVAC business partners with a Workers’ Compensation insurance broker. While it might seem impossible to find affordable coverage for your HVAC business, that’s not the case. All you need is a skilled professional with the resources to find your HVAC business Workers’ Compensation coverage, regardless of its industry, age or claims history.
Remember, the cost of not getting Workers’ Compensation insurance will likely be much higher than the cost of your monthly premiums. Don’t risk your company’s success by remaining uncovered; instead, work with our experienced brokers to find affordable coverage protecting your HVAC business.
Our Brokers Can Find Workers’ Comp Insurance for Your HVAC Business
If you own an HVAC business, you need affordable Workers’ Compensation coverage in case of an employee injury. To learn more about the Florida workers’ compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
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