Dealing with insurance claims is never enjoyable for either party involved. By sharing the estimate of work with your contractor they can ensure it covers everything in its scope without incurring extra costs or overcharges.
Liability insurance protects both clients and passerby during roof renovation work from potential financial repercussions in case an accident happens on site, while also safeguarding against copyright infringement claims and other liabilities that might arise.
General Liability
As with any work-related activity, working on roofs carries with it inherent risks of injury and property damage. General liability insurance provides third-party bodily injuries and property damages caused by your roofing work; additionally it pays legal fees and settlement awards awarded as a result.
Roofworksites can be hazardous places. Even when taken precautions against, people could still trip over debris like discarded shingles and become injured on site, leaving your business exposed to lawsuits for medical bills and damages. Commercial property damage coverage protects against these risks.
Professional liability, also known as errors and omissions insurance (E&O), is another essential policy for roofing contractors. This insurance protects you if any advice you offer during consultation or your work on a job results in financial losses for clients – much like malpractice coverage protects doctors and lawyers.
Workers’ compensation insurance is required in most states and provides benefits for employees injured on the job, including medical costs and lost wages. Roofers tend to experience more on-the-job injuries than other construction businesses, so this policy should be seen as essential.
Inland marine insurance (or property in transit insurance) is an optional policy designed to protect tools and equipment in transit between locations or jobs, helping protect businesses against financial consequences should something go missing or get damaged during transportation.
Roof equipment can be expensive to repair or replace, especially if they’re high-quality or custom-built. An equipment floater policy add-on is designed to protect more costly items with increased limits – as well as cover broader property such as trailers, mobile office buildings and construction vehicles. An equipment floater policy can protect both your investment and keep doors open if something unexpected should arise.
Commercial Auto
Roofers rely on vehicles to transport tools and equipment to job sites. Commercial auto insurance provides coverage against damage or theft of these vehicles. It typically comes bundled with general liability coverage but may also include business interruption and workers’ compensation coverage for an affordable monthly premium.
Worker’s compensation insurance covers medical bills and lost wages of employees injured while at work, which is mandatory in many states. Insurance experts typically suggest roofers purchase enough coverage to cover a worst-case scenario cost scenario.
Errors and omissions (commonly referred to as professional liability) insurance provides financial coverage for legal defense costs, settlement payments and judgments in cases involving poor workmanship or errors that cause your client to incur losses due to poor work practices or mistakes that led to money loss for them. It can help pay your legal expenses should someone accuse you of using incompatible materials or not finishing your task in time; errors and omissions coverage is available to cover such legal expenses.
If you own or manage a building or storage facility where tools and equipment are stored, business property insurance should be considered to protect both its contents and structure from damages caused by perils such as fire. Some insurers offer an all-in-one business owners policy (BOP).
Surety bonds may be required when undertaking certain types of roofing work, as a performance bond protecting clients against financial loss in case you cannot fulfill the terms of a contract or agreement on time – such as installing skylights. A surety bond could cover costs to hire another contractor to complete this job instead.
Roofering can be dangerous work, and injuries are an unfortunate reality of roofing contractor business. Workers’ comp and commercial auto coverage should both be included as standard policies within any package you purchase – although you should consult a licensed agent to make sure you’re buying all necessary coverage for your business. To get an insurance quote quickly online fill out a quick application.
Equipment Breakdown
Equipment breakdown insurance, also known as boiler and machinery coverage, pays for repairs or replacement of tools, appliances and other equipment owned by roofers. This coverage is essential to their business as their livelihood relies upon functioning equipment like refrigerators, computers, production machinery and electrical systems – any malfunction of these items could have devastating repercussions for operations – costly repairs or even total production loss could occur without it!
Insurance specifically tailored for roofing contractors may offer lower premiums than general business owners policies (BOP), with lower deductibles that make it an affordable addition to your roofing contractors business insurance program. Furthermore, this type of policy can offer wider protection than BOP as an add-on policy and may include property and business interruption coverage as well.
Electrical system failures may prevent refrigerators and computers from functioning, leading to lost orders for products and missed opportunities. A fire can quickly destroy production machines that a company relies on; business interruption coverage provides reimbursement for income lost while repairs are made or new equipment takes its place in production.
Equipment breakdown insurance offers another advantage in its flexibility to customize coverage limits and deductibles to match the value of your equipment and fit within your budget. You may even add rental reimbursement or lost revenue protection endorsements for added peace of mind.
While extra liability coverage isn’t legally mandated, it may be beneficial for any roofing contractor to consider having it. Injury claims from poor work can be extremely costly; replacing equipment quickly becomes expensive if damage occurs from such injuries; having excess liability coverage of up to $1 Million can provide financial support when needed and help cover legal fees or any damages that might occur from injury claims made against you.
Errors & Omissions
Errors and omissions insurance (also referred to as professional liability insurance) covers your business against claims for negligence in providing services to clients, which could include legal fees or settlement costs even if the claim was found not to be your responsibility. Errors and omissions policies are essential for contractors who provide professional advice or services such as real estate agents, home inspectors or any professional selling their expertise instead of physical products.
One lawsuit alleging professional negligence can bankrupt any contracting business, making Errors and Omissions (E&O) coverage an essential element of risk management plans for roofing businesses. Errors and Omissions policies typically exist separately from general business insurance policies as each E&O policy typically offers different coverages and exceptions than its general counterpart; an error by roofers might be covered under an E&O policy but would not by general liability policies.
Errors and omissions insurance costs vary based on your industry, business size and risks. To gain more insight into what an E&O policy will cost for your roofing company, speak with an Insureon agent.
Contractors can purchase various other forms of coverage, including workers’ compensation and commercial auto policies. You can create an insurance package tailored specifically to meet their needs and budget. Add the Contractor Equipment Floater to your policy to protect business vehicles, tools, and equipment while working at job sites. Also add personal auto coverage if you plan on driving while working onsite. This can be especially helpful given that most personal auto policies exclude business-related activities. If you want to get an estimate for contractor’s insurance packages, start your quote online or contact Insureon now; one of their licensed agents will assist in customizing a package tailored specifically for you!
