Roofing insurance. A comprehensive guide

Roofing insurance

Roofing contractors face daily risks and various kinds, varying from damages to client property and faulty installations to third-party injuries.

Considering their working circumstances, roofing contractors are involved in potentially dangerous situations every day, many of which are not covered under standard insurance policies.

As these accidents often result in claims not covered by standard contractors insurance, roofers must have the correct coverage to protect themselves. Furthermore, they will protect their business and their clients from harm.

We will discuss roofers insurance in this article and how roofing contractors' insurance can benefit you as a contractor.

• What is roofing insurance?
• What does roofing insurance cover?

1. Roofing liability insurance.
2. Benefits of general liability insurance.

• Who needs roofing insurance?
• What types of insurance do roofers need?

1. Roofing contractors liability insurance.
2. Worker’s compensation insurance.
3. Commercial auto insurance.
4. Equipment insurance.
5. Professional liability insurance.
6. Surety bonds.

• Why are roofer’s coverages important?

1. Protect your business.
2. Safeguard your employees.
3. Get hired before your competitors.
4. Cover the loss of earnings.

• Key takeaways.
• Roofing insurance cost.
• Roofing insurance quotes

1. Roofing Insurance USA.
2. Roofing insurance UK.
3. Roofing insurance Cyprus.

What is roofing insurance?

Simply put, roofing insurance is a specialized set of insurance policies tailor-made to suit the needs of roofing contractors.

Whether you're a small business or an independent roofer, these specially customized policies have coverage and term limits designed for your roofing business.

Typically, insurance for roofing contractors is a form of liability insurance intended to prevent financial losses to your business in the event of a misfortunate accident; however, it can include additional premiums and limits. Depending on your business needs, you may add these additional coverages.

Further to this, many of these coverage types may be required before starting a job with your client, including liability insurance, builder's risk insurance, umbrella policies, and more. We will cover these topics and more in this article.

What does roofing insurance cover?

So, we know that roofers face higher risks than other contractors, and standard contractor policies need to provide more security for roofing projects.

That's why roofing Insurance can provide the specialized coverage you need. Depending on your policy, roofing insurance can cover the cost of medical bills, loss of business income, wages for injured employees, legal fees, and more in the event of accidents.

The most common insurance coverage for roofers is general liability insurance. However, customized packages cover a wide variety of work-related risks that are associated with a roofing business. Let's take a look at what roofing insurance covers in more detail.

Roofing liability insurance

Roofers are protected by roofing liability insurance from many accidents that may occur on the job, including property damage and third-party injuries.

Roofing businesses usually get specialized general liability coverage through the excess and surplus lines (E&S) market, as these lines serve high-risk professions.

E&S carriers have different regulations and guidelines to follow than standard insurance companies. This uniqueness sets them apart and allows them more freedom when writing roofing insurance policies.

Due to that unique offering, their premiums might be higher than a standard market plan. E&S insurance typically costs more because these carriers support expensive claims that standard insurers can't handle. It also means they can cover newly established businesses.

Moreover, you can get the same amount of protection from general liability policies in the excess and surplus market that you would with most standard insurers. This option also offers the same kind of service, including the process of speaking with agents and filing claims.

Benefits of general liability insurance

Roofers liability insurance could protect your roofing business in various ways, for example, in situations such as:

Medical expenses

General roofer's liability insurance covers third-party or customer injuries caused by unexpected accidents, such as tripping over tools or falling tiles whilst roofers are at work.

Property damages

If falling debris damages a homeowner's property, roofing contractor insurance could protect your company and cover the expenses.

Products completed operations

This specialized insurance coverage could protect your business in the event your work is completed incorrectly or doesn't meet your customer's needs.

By knowing common risks associated with your job, your insurance agent can help you secure insurance suited to your needs and roofing company.

Who needs roofing insurance?

Anyone working in the construction trade and with roofing in particular should consider roofing insurance to safeguard their business.

In short, a minor lawsuit from a homeowner or a major accident at work could bankrupt your small roofing company. Essentially, your roofing insurance will prevent financial losses to you while fulfilling requirements.

As noted, your clients may require you to prove you have roofing contractors insurance, therefore it's safe to say that most roofing businesses require this insurance.

What types of insurance do roofers need?

Safeguard your business with policies that fulfill your most basic and vital requirements.

The following policies provide the best coverage for common roofing risks

Roofing contractors liability insurance

This policy covers basic accidents and third-party risks, for example, an injury caused by falling roof tiles. It's possible to combine this with commercial property insurance for potential discounted rates in a business owner's policy (BOP).

Covers:

• Customer bodily injuries.
• Libel and other advertising injuries.
• Liability coverage for damages in a new roof.

Worker's compensation insurance

Whether or not they have employees, this insurance type is very commonly required for roofing businesses. Worker's compensation insurance is beneficial for covering work injury costs and those that health insurance might deny.

Covers:

• Missed wages.
• Lawsuits for employee injuries.
• Work-related medical costs.

Commercial auto insurance

This auto insurance protects against property damage and third-party injuries caused by company vehicles. It also pays for repairs to vehicles that are damaged by vandalism or extreme weather conditions.

Covers:

• Auto accident legal fees.
• Vehicle vandalism and theft.
• Medical bills in the event of a collision.

Equipment insurance

Also known as contractor's tools or equipment floater insurance, this policy covers the repair or replacement of tools such as roofing knives or shingle cutters, if they are stolen, lost or damaged.

Covers:

• Usually covers small tools.
• Equipment less than five years old.
• Equipment that travels to and those used on job sites.

Professional liability insurance

Also knowns as errors and omissions insurance (E&O), this insurance type covers any legal expenses if a roofing company is sued for an oversight or mistake.

Covers:

• Accusations of negligence.
• Undelivered services and client's needs unmet.
• Failure to complete a project within the agreed timeframe.

Surety bonds

A surety bond is made as an agreement between the roofer or business, a client, and an insurance company. Surety bonds act as promises that the insurer will hold the roofer accountable if they fail to complete their work or does not fulfill their contract terms.

Covers:

• Project delays and unmet promises.
• Loss of key staff on the job.
• Failure to obtain materials for use.

Why are roofer's coverages important?

• Protect your business.
• Safeguard your employees.
• Get hired before your competitors.
• Cover the loss of earnings.

Protect your business

The bottom line is that roofer's coverages are important to protect your business. Unfortunate accidents often occur in the roofing occupation, some of these accidents can drive you out of business, and see you out-of-pocket.

You could be sued in cases where you've caused accidents and bodily injury to third parties or damages to your client's property. Roofers coverage helps to guard you against the possible claims you may face.

Safeguard your employees

Another key reason to obtain roofers coverage is to safeguard your employees' well-being. More than third-party accidents during roofing work, it's often the employees who are the primary victims.

You could face lawsuits if employees happen to sustain an injury while working for you. Roofers coverage is vital to ensure against the legal costs and medical costs in the event of these unforeseen accidents. Workers' compensation insurance will cover these potential situations.

Get hired before your competitors

Getting hired is one of the lesser-known reasons why roofer's coverage is important. You should bare in mind that your chances to sign contracts are sometimes dependent on whether you have insurance.

You may increase your client base and earnings if you have the right insurance. Your clients are also protected by your having proper coverage, so it's often required of you. A roofer's bond can help in this regard and improve your proposals and accountability.

Cover the loss of earnings

Certain accidents or emergencies can make it impossible for you to work. For example, if a piece of expensive equipment gets stolen or you suffer injuries that need time to heal. While you cannot work, roofers insurance can protect you from your loss of earnings.

A policy that protects your equipment can help you avoid a work stoppage. In addition, an auto policy could ensure that your work schedule is completed on time if you or your employees experienced a minor accident in a work vehicle.

Key takeaways

Roofing insurance can provide all of the coverage limits you need for your roofing business. Depending on your policy, it can cover the cost of medical bills, loss of business income, wages for injured employees, legal fees, and more in the event of accidents.

Roofing insurance covers a wide range of coverage options: roofing contractors liability insurance; worker's compensation insurance; commercial auto insurance; equipment insurance; professional liability insurance and surety bonds.

Insurance for roofing contractors helps to protect your whole business, from safeguarding your employees to protecting your assets and expenses. It can put you ahead of your competitors in terms of contracts and it can help to cover the legal expenses of unfortunate mistakes.

Roofing insurance cost

Without adequate coverage, your roofing company will suffer financial repercussions. But is it worth it, and how much will roofing insurance cost you?

Out-of-pocket expenses can be expensive and in short, insurance costs are worthwhile for you and your business in the long run.

Roofing insurance costs depend on several factors, including your coverage needs, employee number and claims history. Your risk exposure also affects what you'll pay.

The factors that affect the cost of roofing business insurance include:

• Types of insurance required.
• Equipment and property being insured.
• Business size and revenue.
• Policy limits and deductibles.
• The services offered, i.e. residential or commercial roofing.

As noted earlier, roofers need to obtain general liability insurance from the excess and surplus market, therefore the premiums might be higher than a standard market plan.

The easiest way to find out roofing insurance costs for your specific business needs is to get a personalized quote.

Roofing insurance quotes

Receiving various quotes will help you to decide what roofing insurance is right for you. It’s important you know your options before making a decision.

The following can provide you with affordable quotes and a high level of service.

Contractors insurance USA

For companies registered in USA you can receive quotation from Progressive Commercial.

Contractors insurance UK

For companies registered in UK you can receive quotation from Simply Business.

Contractors insurance Cyprus

For companies registered in Cyprus you can receive quotation from Pitsas Insurances by completing the quotation.

Our team of insurance experts can work with your financial budget to help you secure customized roofing insurance and other contractor coverage policies.

 

Pitsas Insurances

Limassol, Cyprus

18.10.2022