Roofing insurance is an important consideration for any contractor in the roofing industry. It can help protect against liability if a roofing project goes wrong and help cover the cost of any repairs that may be needed.
Types of Roofing Insurance
Contractors in the roofing industry should consider several different types of insurance, including:
1. General Liability Insurance
This type of insurance covers any property damage or bodily injury claims that may arise from the roofing work. This includes damage to a customer’s home and any related medical expenses.
2. Workers’ Compensation Insurance
This type of insurance covers any injuries or illnesses suffered by the contractor’s employees while on the job. This includes medical expenses and lost wages.
3. Property Insurance
This type of insurance covers any damage to the contractor’s equipment, tools, and materials that are used in the roofing process.
4. Umbrella Insurance
This type of insurance provides additional coverage for the contractor in the event of a large lawsuit.
Cost of Roofing Insurance
Roofing insurance can have a huge range in cost depending on multiple factors. Generally, the cost of general liability insurance for roofers is between $1,000 and $2,000 per year, while workers’ compensation is usually between $2,000 and $3,000 per year. Property insurance is usually between $3,000 and $5,000 per year, while umbrella insurance can range from $500 to $2,000 per year.
The first factor that affects the cost of roofing insurance is the size of the roof. Generally, larger roofs require more coverage and will therefore cost more to insure. The type of roof also plays a role in the cost of insurance. For instance, flat roofs are more prone to damage and therefore tend to cost more to insure than sloped roofs. Additionally, the age of the roof also has an impact on the cost of insurance. Older roofs may require more coverage due to their greater risk of damage.
The geographical location of the roof also affects the cost of roofing insurance. Certain areas of the country are more prone to extreme weather, such as hurricanes, tornadoes, and hail, and therefore require higher levels of coverage. In addition, if the roof is located in an area with a high crime rate, the cost of insurance may be higher as well.
The type of materials used in the roof is also a factor in determining the cost of insurance. Certain types of materials, such as metal, are more expensive to replace than others and, for that reason, may require higher levels of coverage. Additionally, some types of materials, such as wood, are more prone to damage and may require more coverage.
Finally, the deductible on the policy can also affect the cost of insurance. A deductible is the amount of money that the policyholder must pay out of pocket before their insurance coverage kicks in. Higher deductibles generally result in lower premiums, but it’s important to make sure that the deductible is affordable in case of a claim.
Why Contractors Need Roofing Insurance
Roofing insurance is important for any contractor in the industry because it can help protect against liability if a roofing project goes wrong. Without insurance, contractors could be held responsible for any damage or injuries that occur as a result of their work. Additionally, insurance can also help cover the cost of any repairs that may be needed.
And that’s most of the things you need to know. Of course, the insurance world can easily get complex, so we highly recommend reaching out to an insurance brokerage to help you discover the right insurance policies for your needs. More importantly, with a professional’s help, you can get what you need at the best prices possible, allowing you to carry out your contractor’s work while protecting yourself and your clients in the process without breaking the bank!
Pascal Burke Insurance Brokerage Inc. is your go-to contractor insurance provider to access the policies you need to keep your job safe and sound. If you are looking for commercial roofing contractor insurance, reach out to us today.