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The roofing business is usually a risky and unreliable one. Roofing contractors usually encounter challenges, including erratic weather and workplace accidents. This is where insurance for roofing contractors enters the picture, providing vital protection for your company.
Like any other business, roofing businesses must be ready for the unforeseen, and roofing contractor insurance may be helpful in this situation.
According to the Bureau of Labour Statistics’ National Census of Fatal Occupational Injuries, roofing deaths accounted for 96 of the 5,250 work-related fatal injuries in 2018.
In this blog, let’s take a look at roofing contractor insurance and its types!
What is a Roofing Contractor’s Insurance?
Working in the construction and roofing sector is one of the riskiest occupations. Therefore, you should consider getting quality insurance to cover any accidents.
Roofing contractor insurance offers commercial liability coverage and protects your roofing company from lawsuits alleging third-party personal bodily injury and property damage.
A roofing insurance policy will often cover a wide range of small business insurance coverage. These problems include work-related mishaps, property damage, and legal defense costs from clients who take offense at your work’s quality or incompleteness.
It helps your company to recover from accidents and mishaps, such as employee injuries and accidental property damage if you have the right roofers insurance. Even if one of these accidents occurs, you can keep your firm and all its assets safe with this insurance.
Examine various policies and compare their cost and coverage levels to guarantee you’re receiving the best bargain.
What Does Roofing Insurance Cover?
Roofing insurance protects and insures roofing professionals against various risks and liabilities. It includes the following coverage provided by roofing insurance companies:
1. Commercial Property Insurance
Roofing insurance can cover damage to your company property, such as your office, tools, equipment, and supplies, caused by fire, theft, vandalism, or natural disasters such as storms or hail.
2. Business Interruption
Business interruption insurance helps recover lost income and covers ongoing costs in the case of a catastrophic disaster, such as a fire or storm, allowing your roofing firm to keep running even during downtime.
3. Additional Coverages
To guard against data breaches and cyberattacks, you may add equipment breakdown insurance, tool and equipment coverage, or roofing liability insurance, depending on your needs.
4. General Liability Insurance for Roofers
A wide range of typical hazards is covered by this general liability insurance for roofers, which includes features of roofing liability insurance, including third-party physical harm, property damage, advertising injury, and legal defense expenses.
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6 Types of Insurance for Roofing Contractors to Consider
To safeguard their business adequately, roofing contractors should look at the following six types of roofers insurance from roofing insurance companies:
1. Business Owner’s Policy (BOP)
Multiple coverages are included in this all-inclusive insurance for roofing company plans under a single contract. BOPs are cost-effective and provide your roofing business with exceptional protection by paying for property damage, liability claims, and revenue loss brought on by unanticipated occurrences.
2. Professional Liability Insurance
Protection against negligent conduct, mistakes, or errors made when rendering professional services, defense, and other people’s work.
This professional roofing liability insurance for roofing contractors may assist in covering the costs of your legal defense as well as potential settlements if a client complains that your roofing work was subpar or fell short of their expectations.
3. Workers’ Compensation Insurance
Roofing is physically taxing work, and accidents are quite common here!
There is always a chance that an employee will get hurt at work, despite your best attempts to ensure their safety. Given the importance of employee safety in the roofing industry, workers’ compensation insurance for roofing company should be considered while developing a cheap roofing insurance strategy.
It’s a legal requirement in many places and safeguards your business from costly lawsuits or medical bills related to job site injuries.
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4. Commercial Auto Insurance
Commercial auto insurance will cover your vehicle used for roofing business if a covered event—like a fire—damages the business vehicle of your business.
You need auto insurance if your roofing business transports clients using cars. It protects the cars owned by your business from accidents, vehicle damage, and liability claims.
Additionally, the shipment of particular roofing equipment may be covered by this insurance.
5. Inland Marine Insurance
Your BOP coverage should be enough if most of your roofing company’s property and equipment are located in a single place, and you typically operate in that area.
Any company that often transports costly equipment, such as computers, servers, laptops, networking equipment, or significant construction machinery, should view this insurance as crucial.
Roofing contractors that often transport supplies to several project locations must be covered by inland marine insurance. While these priceless items are being transferred or maintained in various places, they protect against damage or loss due to mishaps, theft, or other covered events.
6. Surety Bonds
A surety bond compensates your client if you cannot finish a task. Although they are not insurance products, surety bonds offer work assurances to consider when creating a high-quality insurance plan.
Surety bonds are essential for roofing contractors, even if they are not typical insurance. The bond will cover the customer’s financial losses if you break your contractual duties.
How Do I Get Roofing Insurance?
Getting roofing business insurance is crucial for shielding your roofing company from liabilities and hazards. The following steps will show you how to get cheap roofing insurance:
1. Determine What Insurance You Need
Assess the unique hazards and needs of your roofing business. Consider your workload, company size, and any potential liabilities. If you have invoicing and contractor invoice template software like Moon Invoice, it becomes easy to track various metrics for your company, so that you can track your requirements easily.
2. Locate a Reputable Insurance Company
Do your homework and pick roofing insurance companies that specialize in helping roofing contractors or have prior construction-related experience. Select one with a history of paying out claims and offering exceptional customer service.
3. Contacting an Insurance Agent
Get in contact with an insurance broker for construction firms. A knowledgeable agent can offer quotations, walk you through the insurance process, and advise you on the right coverage amounts.
4. Customize Your Coverage
Discuss the types of coverage you need, any necessary endorsements or riders, any applicable coverage limitations, and any potential supplemental endorsements or riders.
5. Find Quotes
In order to give business insurance quotations, your insurance agent will gather information about your company. Get ready to share details about your company’s size, location, employees, project kinds, and other factors.
6. Review Policy Terms and Conditions
Examine the terms and conditions of the insurance products that have been provided to you carefully. Make sure you are aware of any relevant deductibles or copayments, as well as what is covered and what is not.
7. Compare the Quotes
To discover the most significant coverage and price that suits your needs, compare the insurance quotes offered by several insurance companies.
8. Make an Informed Choice
Choose which insurance products to buy based on your study, interactions with your insurance agent, and the prices you have obtained.
9. Complete the Application
Complete the relevant application forms that the insurance provider will send you once you’ve decided on your coverage for insurance for the roofing company.
10. Payment and Policy Issuance
For your insurance coverage, pay the premium. Keep your insurance policy current as your roofing business expands or undergoes changes. To ensure you renew your insurance on time, keep note of the deadlines.
How Much Does Roofing Insurance Cost?
Here are some roofing insurance pricing ranges. Additional roofing insurance cost considerations and the degree of coverage you select will influence your expenditures.
|Coverage Type||Coverage Amount||Median Cost/Year|
|General liability insurance for roofers||$1 million per occurrence||$3,590|
|Commercial auto insurance||$1 million||$1,685|
|Contractor’s tools and equipment insurance||$5,000||$500|
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Final Words: Your Roadmap to Roofing Insurance
Roofing contractors encounter more challenges than most other building trades. Maintain coverage, pay special attention to your experience modifier, and carefully review the certificates of responsibility for your subcontractors.
You may secure your financial security and ensure the success of your company by acquiring the appropriate roofing contractor’s insurance. Avoid putting your roofing business in danger; instead, buy comprehensive insurance coverage now to safeguard the future of your business.
This blog must have cleared any fog over your roofing insurance policies. For more recent information on insurance for roofing companies, don’t forget to check out our FAQs section!
When homeowners or property owners claim roof damage, roofing firms frequently collaborate with insurance companies. To ensure the insurance for the roofing company covers repairs or replacements, roofing specialists evaluate the damage, offer estimates, and work with the insurance adjusters.
Contact local insurance agents to get roofing leads from insurance companies. Attend industry events, join business networking, and position your roofing business as a trustworthy resource. Insurance companies routinely suggest reputable roofing contractors to policyholders for repairs or replacements.
A variety of variables, such as location, business size, type of coverage, and claims history, affect the roofing insurance cost. Annual premiums might cost between several thousand and several thousand dollars. It’s essential to modify your coverage to satisfy the particular requirements of your business while staying within your means of payment.
When filing a claim for roofing insurance, the following stages are common:
- The insured person reports the harm to their insurance provider.
- A claims settler evaluates the damage and decides who qualifies for compensation.
- The roofer makes a maintenance or replacement cost estimate.
- The insurance provider will either approve the claim and pay for the repair or replacement if it complies with the terms of the policy, or it will refuse it.
- Once the roofing project has been approved, the contractor submits a direct claim to the insurance company for the covered costs. The policyholder is accountable for any deductible.
- In rare circumstances, policyholders might be able to get a lump sum payment and handle the repairs themselves.