The heating industry plays a very important role in countries with cold and temperate climates, together with the power industry, it determines the energy security of these countries. The aim of this article is to examine the risks that threaten the stability of heating companies. The study is based on an analysis of the scientific literature and the macroeconomic environment as well as on interviews with employees from the heating industry. The article identifies the risks and divides them into three groups: general economic, industry, and specific risks. A risk map was drawn, and a qualitative analysis of their impact was carried out for the aforementioned companies. This map is a useful tool for making decisions that are related to risk management and ensuring the stability of the functioning of business entities as well as gaining information for both government and local authorities in the search for effective ways to drive the sector’s development.