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Protect Your Roofing Business with the Right Insurance
Roofing is dangerous work. According to the Bureau of Labor Statistics, there are 38.7 deaths per 100,000 roofing workers. There is also a substantial risk of injury in the profession. Burns from chemicals or hot tars, electrocution, and injuries from falling debris are examples of the dangers.
Still, despite the risks, the rate of roof fatalities and injuries is trending down overall. The decrease is due in large part to advances in safety equipment and proper training.
One of the essential parts of a roofer’s safety plan is proper insurance. Customized insurance plans for roofers along with safety procedures and training are the best approach to mitigating the risks of a roofing business.
As a roofing contractor in the United States, you need to make sure that you have the proper roofing insurance coverage for your contracting business at an affordable price. Contact us to learn more about our products.
Commercial General Liability: The Details For Roofers
Commercial General Liability is usually the first insurance purchase for a roofing business. It offers a primary layer of protection for your roof company. Let's look at a Roofing Commercial General Liability policy in more detail.
A Commercial General Liability policy is made up of several coverages:
Bodily Injury Liability: Bodily injury liability protects you if you are being held responsible for someone’s injuries. Note this doesn’t include your business' employees. The coverage extends to injuries occurring at your roof job sites or premises.
Personal and Advertising Injury: This coverage protects your roofing business from claims of damage to reputation such as slander or libel, or even copyright infringement.
Medical Payments: Medical Payments offers coverage for the cost of medical expenses if someone is injured on your job site or business premises. Medical payment coverage is utilized whether you are at fault for the injury or not.
Business Property: Coverage is available for your business property if it becomes damaged by a covered loss. This coverage extends to your buildings – rented or owned, warehouses and storage areas, garages and other locations. The coverage includes the building itself and its contents.
Equipment Floater: An Equipment Floater provides coverage for your tools and equipment. A floater This can usually be added to your property policy. It also extends coverage to tools or equipment that you rent.
Inland Marine Coverage: An Inland Marine policy or coverage covers your tools and equipment while they are in transit. According to Liberty Mutual, “An inland marine policy can cover the high-end digital SLR camera for your photography business, the power cleaners you use to clean floors, or the bulldozer at your newest construction project.”
Business Interruption: Business interruption coverage is an important but often overlooked overage. It provides income for your business if you are unable to operate due to a covered loss. For example, say you have a fire at your warehouse, and all your tools and equipment are destroyed. You cannot operate until your equipment is replaced. Business Interruption coverage kicks in to make up the lost income.
Other Important Coverages for Roofers
The best coverage for your roofing business must be selected based on your operations. Some roofers may need only a Commercial General Liability policy, while other contractors may need a compilation of insurance coverage including Workers Compensation and Commercial Auto.
There are some other coverages you may want to consider for your roofing business. These are available as standalone policies or could be added to a BOP or Package policy.
Bonds: Surety bonds are something roofing contractors should keep in mind. Often, a bond is required to submit a bid or proposal for a commercial roofing job. In a strict sense, a bond isn’t an insurance policy, but they are commonly used in the contracting world.
Work With an Independent Insurance Agent
Roofing insurance can be complicated. Many risks must be accounted for and many types of coverage. The best way to ensure you have the right coverage for your roofing business is to speak with an independent insurance agent like Roofing Insurance Experts. Our company can get you coverage through many different insurance companies. Simply give us one call to find out what roofing insurance coverage we can offer you and at what cost.
A licensed independent insurance professional can get you the right coverage for your business at the best price. When selecting an insurance professional, find a reputable agent with extensive experience with commercial roofer insurance. They can place you with a top-rated insurance carrier to make sure you are protected if something goes wrong.
Roofing Insurance Experts
Our team of insurance agents has many years of experience working with roofing contractors. Give us a call or submit our contact form to learn how we can help your roofing business.
Roofing Insurance Experts - Seattle