Boiler Contractors Insurance

Working with boilers can be a risky business. As a boiler contractor, you are responsible for installing, maintaining, and repairing boilers for various clients. Given the level of risk involved in this type of work, it is crucial to have adequate insurance protection. Boiler contractors insurance is designed to provide coverage for the various risks and exposures that boiler contractors face in their line of work.

Who Needs Boiler Contractors Insurance?

Boiler contractors insurance is essential for any contractor who works with boilers. This includes engineers, installers, repairers, and maintenance professionals. Whether you work on commercial or residential projects, you need to have adequate insurance coverage to protect your business from financial losses in case of any accidents or damages.

Types of Insurance Needed by Boiler Contractors

There are various types of insurance policies that boiler contractors may need to consider. Some of the most important insurance policies for boiler contractors include:

General Liability Insurance: this policy provides coverage for third-party bodily injury and property damage claims that may arise from your business operations. It also covers legal defense costs and settlements.
Workers’ Compensation Insurance: covers medical expenses and lost wages for employees who are injured on the job. As a boiler contractor, you need to protect yourself and your employees from potential accidents at work.
Professional Liability Insurance: compensates for claims arising from professional errors or omissions. It includes financial losses resulting from mistakes in design, installation, or maintenance of boilers.
Property Insurance: protects your business property against damage or loss caused by fire, theft, or other perils.
Commercial Auto Insurance: if you use vehicles to transport boilers or equipment to different job sites, you need commercial auto insurance to protect them in case of accidents.

How Much Does Boiler Contractors Insurance Cost?

The cost of boiler contractors insurance can vary depending on various factors, such as the type of coverage you need, the size of your business, and the level of risk associated with your work. Generally, the cost of insurance premiums for boiler contractors is higher than other types of contractors due to the high level of risk involved in their work. However, the cost of insurance may be reduced by implementing safety measures and risk management strategies.

Boiler Contractors Risks and Exposures

As a boiler contractor, you face various risks and exposures in your line of work. Some of the most common risks include:

Fire and Explosion Risks: boilers can be dangerous if not properly installed, maintained, or repaired. A malfunctioning boiler can cause fires, explosions, or carbon monoxide poisoning.
Property Damage: accidental damage to client property is a common risk for boiler contractors. Any damage caused during installation, maintenance, or repair can lead to financial losses.
Bodily Injury: boiler contractors may face exposure to bodily injury risks caused by accidents at the job site. Employees or third parties may suffer from burns, cuts, or other injuries while working on boilers.
Professional Errors: any professional error in design, installation, or maintenance of boilers can lead to financial losses and claims against your business.

Commercial Insurance and Business Industry Classification

SIC CODE: 1711 Plumbing, Heating, Air-Conditioning, 7699 Repair Shops and Related Services, Not Elsewhere Classified
NAICS CODE: 811310 Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance, 238220 Plumbing, Heating, and Air-Conditioning Contractors
Suggested Workers Compensation Code(s): 3726 Boiler – Installation or Repair – Steam, 8720 Inspection of Risks for Insurance or Valuation Purposes NOC, 5183 Plumbing NOC & Drivers