The roofing business may be rife with challenges, but obtaining insurance doesn’t need to be one of them! Roofing companies, contractors, and construction firms understand that acquiring insurance can be an important step in setting your business up for success.
Roofer’s insurance typically consists of an array of policies that may offer coverage for a variety of work-related risks. From working with heavy materials to ladder accidents, Infinity Insurance Agency, Inc. (IIA) acknowledges the inherent dangers of roof work. Securing the right coverage for your unique business may help you navigate certain accidents, such as injuries to a third party at your business or damage to a customer’s property. Typically, insurance for a roofing business will include general liability insurance, but there are many types of coverages to choose from when determining your business insurance policy.
Why do I need roofers’ insurance?
Business insurance for roofers can help provide coverage for liability claims concerning third-party bodily injury and property damage. Due to the implicit risk of many roofing activities, securing roofing business insurance may be a beneficial step.
It is not uncommon for roofers to work with potentially dangerous equipment and tools such as shingle cutters, roofing knives, and circular saws. Choosing to operate your roofing business without sufficient coverage may put you at risk for costly liabilities arising from lawsuits and medical expenses. Furthermore, depending on your state of operation and business size, you may be required to obtain certain coverage such as workers' compensation or auto insurance.
Lastly, acquiring adequate coverage may allow your business to take on bigger clients, as certain larger businesses can sometimes require a certificate of insurance (COI) to secure a potential project.
Who needs roofing insurance?
Wondering if your roofing business requires insurance? While all roofing operations have unique needs, many of the following types of roofing businesses commonly obtain coverage:
- Roofing contractors
- Roofing companies
- Subcontractors
- Self-employed roofers
- Construction firms
How much does roofing insurance cost?
Similar to your car insurance, the exact cost of your roofing insurance may depend on many factors. Typically, a small contractor with zero employees will pay less than a larger roofing company with many employees and a large fleet of commercial vehicles.
Insurance companies may weigh several of the factors listed below to determine your exact coverage costs:
- Roofing services offered
- Business size and overall revenue
- Type of roofing equipment used
- The location of the business
- Selected policy limits and deductibles
- The type(s) of insurance purchased
- Any past claims history
Remember, for the most accurate estimate of your roofing insurance costs, it is best to speak to a qualified insurance agent.
There are multiple types of coverage designed to help mitigate the financial risks of running your roofing business.
Common options for roofing insurance may include any of the following coverages:
Commercial general liability - This type of coverage may help businesses avoid certain financial losses related to third-party claims of bodily injury, property damage, and personal or advertising injury.
Commercial auto - This type of auto insurance may help pay for damages sustained from a covered accident that occurred while conducting business activities.
Business owner’s policy - This type of coverage combines your commercial general liability coverage and your commercial property coverage into one convenient policy.
Workers’ compensation - This type of insurance can be required by your state and is designed to cover employees' work-related injuries or illnesses. It may cover costs such as employees’ medical bills, lost wages, and rehabilitation expenses.
Contractors' tools and equipment - This coverage may help pay for the repair or replacement of roofing tools and equipment in instances of loss, theft, or damage.
Repairing roofs may be hard work, but determining the right business coverage shouldn’t make it harder! Securing roofing coverage may be an essential step in preparing your business for accidents and may even allow you to pursue bigger contracts.
If you are ready to explore your roofing coverage options, including commercial auto insurance and commercial general liability coverage, reach out to IIA today!
Call one of our qualified agents at 1-855-478-3705 to receive a free business insurance quote.