Depending on the size of your business, you may be wondering how much roofing insurance costs. It is important to note that the premiums quoted here are estimates, and may vary from your actual costs. The following are some tips to keep in mind. If you are considering getting a roofing policy, be sure to look at all your options. The following article will give you a general idea of how much roofing insurance costs. Read on to learn more about the benefits of this coverage. roofing contractor near me
Roofing insurance covers many different risks, including accidents that cause property damage or injury to your customers. It also pays for any medical expenses that result from accidents. Commercial auto insurance also covers the equipment inside of your vehicle, if you have one. Roofing is an incredibly dangerous profession, and accidents are likely to occur. The hammering of a nail on a hand or the fall off a ladder can lead to serious injuries or even death. In addition to the liability coverage, you need to get an inland marine insurance policy to protect your assets.
General liability coverage is essential for roofing contractors. It protects the company from lawsuits and provides compensation for injured workers. Roofing general liability insurance policies often exclude claims from subcontractors. Workers’ compensation insurance is an especially important coverage for contractors as they often work at high elevations and in difficult weather conditions. Workers’ compensation insurance also covers accidental damage to client properties, which is crucial for protecting your business. However, you must also be aware that your insurance policy should cover accidents and damage caused by subcontractors.
As mentioned, the cost of roofing insurance depends on your policy limits, the value of your equipment, and the risks your business faces. For example, a $1 million general liability policy for a roofing business costs between $500 and $1,500 annually. With a little planning, you can factor the cost of roofing insurance into your pricing and practically pay for it. That way, you can protect yourself financially while protecting your customers. If you’re not certain how much roofing insurance will cost, don’t be afraid to ask your insurance agent.
Business owners policies bundle several types of insurance coverage in one policy and often offer discounts for bundling the different types of insurance. Business owners policies are best suited for roofing companies with less than five million dollars in revenue and fewer than 100 employees. They typically include general liability and property damage coverage as well as loss of income coverage. This type of insurance may be more affordable for self-employed roofers without payroll expenses, but it’s worth looking into.
In some cases, homeowners can file a claim for storm damage even before the roof is damaged. However, homeowners must know that this is a complicated process and it’s imperative to speak with an insurance professional. Insurance companies are generally very conservative when it comes to paying out claims. Typically, they’ll try to make the damage appear to be an “uncovered” incident so that you’ll have to pay out of pocket. When you make a claim, a third party will review your roof and look for ways to minimize the amount of coverage you need.
