What is roofing insurance all about? Roofing insurance is a type of coverage for different work-related risks that are associated with running a roofing business. This coverage helps reduce the amount that comes from your business pockets after an accident.
It is well known that roofers have one of the most risky jobs in the USA. If you have a roofing business, you do not only worry about accidents. You also have to worry about different problems, such as lost income from damaged equipment, work interruptions, and more. However, with the help of roofing insurance, you can minimize your loss of income in certain scenarios that involve your business.
What Does it Cover?
Meanwhile, a roofing insurance policy has different types of small business insurance to cover various problems. These problems include damages to your business property, workplace injuries, and lawsuits from clients.
A business owner’s policy is a good place to start for roofing insurance. BOP contains three main coverage types, and it is usually less expensive than buying the coverage separately.
Business Liability Insurance
This helps to cover the bodily injuries or property damages caused to others. Also, this does not include your workers at all. General liability insurance helps to pay for court judgments, settlements, medical expenses, and legal defense costs.
Commercial Property Insurance
This helps to cover your equipment and the location of your business if a covered issue like fire destroys them. Owned and leased equipment is covered by commercial property insurance. This includes your business records, office furniture, tools, inventory, valuable papers, computers, and business records.
Business Interruption Insurance
If you have to temporarily shut down your work due to a problem covered by your policy, such as theft or fire, Business interruption insurance will help replace your lost income. This also handles the cost of moving your business to another location temporarily and the loss of income due to destroyed merchandise.
What is Not Covered by Roofing Insurance?
Just like other policies, not everything is covered. Here are some of the things that are not typically covered by the policy:
- War
- Earthquakes (you may need a separate policy for this)
- Flooding (a separate policy is needed)
- Government seizures
- Fraudulent and intentional acts
- Infectious diseases
- Radioactive fallouts
- Wrongful termination (option if you have employment practices liability insurance).
Ensure that you keep in mind that the above-listed perils are not covered by your roofing business insurance.
Types of Insurance for Roofers To Consider
Although BOP is a very good way to start your roofing insurance policy, you may want to consider other coverage types with it. Have a word with your insurance agent. And discuss the types of insurance policies that may meet your needs, such as those below:
Workers Compensation Insurance
Workers compensation insurance is required by law in most states. It is mandatory, even if you have just one worker. This coverage helps to cover disability benefits, medical expenses, and lost wages if your worker is sick or injured due to job-related tasks. For instance, if your worker falls off a ladder while working, worker compensation insurance will cover their lost wages and hospital bills.
Commercial Auto Insurance
You may need commercial auto insurance if you use your vehicle for the roofing business. This is because your auto insurance policy won’t cover business purposes. Some common commercial auto coverage types include bodily injury liability, property damage liability, property damage liability, and more.
Contractor’s Tools and Equipment Insurance
This helps to cover the cost of replacing or repairing equipment and tools if they are stolen, damaged, or lost at a job site. However, this coverage has its limitations. For example, some companies limit this coverage to mobile equipment, small tools, and equipment less than 4-5 years old. This coverage can also be referred to as “equipment floater insurance.”.
Other types of roofing insurance include contractor’s tools and equipment insurance, equipment breakdown insurance, hired and non-owned auto insurance, surety bonds, commercial umbrellas, and errors and omissions.
Why Do I Need a Roofing Insurance Policy?
You make a living by keeping your customers sheltered and safe as a roofing contractor. You work in harsh weather at times, high on the ground, and fix one of the most important parts of our home. But while you are making a living doing this, you have to protect your business against any storm. For instance, if you mistakenly destroy your customer’s property while on the job, The roofing insurance will help you cover the payment for the claim.
How Much Does It Cost?
Just so you know, the cost of your roofing insurance policy depends on certain factors. The rates will vary based on how much coverage you have and other factors. These factors include the size of your team, your coverage limit, zip, prior claims history, your business assets, the amount of business property you own, the size of your payroll, and more.
How can I get a quote?
Check online for the best companies that offer this policy. Most of the companies have easy-to-access websites. So visit their official websites, provide the required information, and request a quote. A quote will be given to you based on the information you provide.
How Can I Purchase a Roofing Insurance Policy?
Compare the quotes very well because all companies have the same prices for policies. This is why it is advisable to get quotes from different small business insurance companies. In addition, you can purchase the policy via their official websites or by visiting their local branch. You ask to go to an independent agent to help purchase the policy and go through the process.
Conclusion
Purchase your policy today and cover your roofing business against loss. To get a cheap policy, there are many ways you can save on roofing insurance. You can join an industry or trade association, compare policies, implement a safety program, classify your workers accurately, or increase your commercial car insurance deductible.