Let us help you get Roofers Insurance
Why do roofers require insurance?
Accidents happen. They are inevitable. That’s why insurance exists.
Operating a roofing company comes with significant liability risk. No matter the size of your roofing company (whether you are a one-man show or have a large team) or the type of roofing applications (shingles, hot tar, etc), a comprehensive insurance policy is required to protect you and your business. We are here to provide you with the 101 on roofer’s insurance.
Additionally, if you expect to bid on commercial or government contracts, you will be required to show proof of insurance. Even basic residential projects may require you to show proof of insurance.
What does roofers’ insurance protect me from?
With a commercial general liability policy tailored to your roofing company, you will be protected from financial costs caused by damages done to third-party property, customers, or anyone else impacted by your services.
As a roofing contractor, you understand the dangers of your job and even if you do everything in your power to prevent accidents from happening, there is always a risk.
Here are some of the situations that you may encounter where damage can occur:
- Bodily injuries: A shingle is sitting on the roof, unsecured, and falls off hitting a person walking below. The person suffers a concussion and medical costs.
- Third-party property damage: Roofing debris falls off the roof and damages the client’s beautiful, manicured landscaping.
- Personal injury: Your employees make an error while finishing a corner of the roof, your client is unhappy with the results, feels like their reputation is hit, and sues you for damages.
- Advertising injury: Another roofing company feels that your advertising methods are deceitful and impact their business. They sue you for damages.
All these situations can occur and the impact can be lawsuits, claims for medical expenses, or claims to repair damaged property, resulting in a financial impact on your business.
Does a roofers’ insurance policy protect my employees?
A roofers’ insurance policy will protect your employees to the extent that their actions result in bodily injury or damage to a third-party.
The commercial general insurance policy will not cover an employee injury and the ensuing medical costs and compensation from loss of work. This would fall under worker’s compensation.
How much does a roofers’ insurance policy cost?
There is no standardized price for a roofers’ insurance policy. It is highly dependent on a number of factors that vary from company to company.
Each policy is tailored to the business, which ensures that adequate coverage is provided for the level of risk.
For a company with a little experience, revenues of $100,000 and located in Ontario, they can expect to pay $_____ annually.
What factors impact the cost of a roofers’ insurance policy?
Here are some of the common factors that impact the cost of your policy:
- Accident history: If your roofing company has had several claims in the past, the insurance company will assess your risk as higher and therefore your premiums will increase.
- Liability coverage: A standard policy has a $2 million limit. However, some roofers require as much as $10 million. The higher the limit, the more expensive the policy.
- Age of your company: The longer your company has been in business, the insurer will assess this positively and all things being equal will result in a lower premium.
- Company size: The larger the company, the more projects you have and the higher your revenue, the more coverage is required as the risk of loss is greater.
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Roofers Insurance FAQ
Of course! We work with roofing contractors that build roofs using the following applications: shingles, metal clad, hot tar & gravel, hot asphalt, open flame torch, and modified bitumen with torch, among others.
Other coverage may include commercial vehicle insurance (for your trucks) and commercial property insurance (for your office, building, and to cover your equipment and tools).