Roofing contractors provide a valuable service to homeowners and commercial property owners. They help protect homes and buildings from the elements, and their expertise is invaluable for keeping these structures safe and secure. 

However, roofing contractors also face a unique set of risks that can put their business at risk. That’s why roofing contractors need to understand the insurance policies they need to protect their business and clients.

However, with so many policies, what roofing contractor insurance plan is the right fit? No worries, though, because this article will explain the different insurance policies for contractors. 

Commercial Auto Insurance

You might think car insurance is unnecessary until you need one. In fact, roofing contractors have a fleet of vehicles for their employees to use for transporting materials or even for traveling to job sites. 

That’s why it’s important to have a commercial auto insurance policy in place. Commercial auto insurance covers any vehicle used for business purposes, including liability, collision, and comprehensive coverage.

The components of commercial auto insurance often include: 

  • Bodily Injury Liability Coverage: This coverage helps pay for medical expenses and lost wages if someone is injured in an accident caused by a covered driver.

  • Property Damage Liability Coverage: This is an important type of insurance that helps protect you from the financial costs associated with damage to another person’s property caused by a covered driver.

  • Collision Coverage: This coverage helps compensate for repairs to a covered vehicle if it’s damaged in an accident.

  • Comprehensive Coverage: This entails paying for the repairs to a covered vehicle if it’s damaged due to something other than an accident, such as a fire or vandalism.

  • Uninsured Motorist Coverage: This plan helps pay for medical expenses and lost wages if someone is injured in an accident caused by an uninsured driver.

Surety Bonds

Another roofing contractor insurance that you can consider for your company is surety bonds. Surety bonds are insurance that ensures the completion of a certain project or job. A surety bond is a three-party arrangement between the contractor, the customer, and the insurance company. 

The contractor agrees to complete the job following the terms of the agreement, and if they fail to do so, the insurance company will pay the customer the amount of money specified in the bond. It’s a great way to protect yourself and your customers from potential financial losses.

Builders Risk Insurance

Protecting the property should be a part of any roofing contractor’s insurance. Hence you should opt for a builder’s risk insurance. This policy protects your business from any losses or damages to the property you are working on. It covers the materials, equipment, and supplies used for the construction project and any liability risks that may arise from the project. It also covers any losses from theft, vandalism, or natural disasters. 

Final Thoughts

Roofing contractors must have the appropriate insurance policies to protect their business. This way, they won’t have to deal with financial losses due to unexpected events.

It is also important to research and compare different roofing contractor insurance policies to find the compatible one for your business needs. Additionally, it is essential to understand the different coverage options available and ensure that the policy covers all the risks associated with your roofing business. With the right coverage, roofers can focus on their job without worrying about the risks.

Pascal Burke Insurance Brokerage Inc. provides affordable and high-quality roofing contractor insurance plans for businesses of all sizes. We are a trusted and experienced insurance broker that can help you find the best coverage for your business. Contact us today to get started!