Roofing Contractor Insurance
Roofing Contractor Insurance in Tennessee
If you run a roofing company in Tennessee you have probably invested a great deal of financial resources in your business. Your investment deserves the best protection from risk. All it takes is one catastrophe like major storm damage or, an error on the part of one of your crew members, to cause serious financial headaches. It’s not possible to avoid all hazards but, you can plan ahead by securing the right kind of Roofing Contractor Insurance. Proper risk management and hiring the right insurance professionals can make all the difference in the world.
Let’s look at a good example:
Charles grew up in the roofing business and as a child he watched his dad and dreamed about being a roofer someday. When Charles entered high school that dream came true as he worked for his father in the summer and after school. Because of this, he took vocational training classes in high school to learn all about being a contractor. Upon graduation, he worked for his father’s roofing company. After 10 years, his father retired and Charles took over.
Charles learned about the importance of risk management in vocational technical school. As soon as he assumed the business he contacted his independent insurance agent to make sure he had sufficient coverage. This made it much easier on Charles, because he had peace of mind knowing that he had taken the steps to protect himself in the event an issue like and injured employee, a leaking roof, or even tools being stolen from the job.
What is Roofers Insurance?
A roofer’s policy is designed to cover risks that modern day roofing companies face. In addition, it also covers many risks common to contractor businesses. The 4 main coverages are General Liability Insurance, Workers’ Compensation Insurance, Commercial Auto Insurance, and Commercial Property Insurance.
Who Needs Roofing Contractor Insurance?
Are you a roofing contractor? Do you run a home improvement business which also performs roofing jobs? These businesses may also need this kind of coverage:
- Siding contractors
- Handymen companies
- Building contractors
- Roofing subcontractors
Can I Buy a Standard Roofing Company Insurance Policy?
As a Roofing Contractor you have basic needs the same as many other contractors and this can include:
General Liability Protection
– covers bodily injury and property damage claims. Think about it as protecting you if you or your crew may do that results in damage to other people or their property.
Commercial Auto Insurance
– this is essential for trucks, vans, or cars, registered to your company. In fact, it’s best to have full coverage.
Commercial Property Insurance
– protects business property you own like offices or other buildings and the contents inside of them.
– by law, your Roofing employees must be covered under a Workers’ Compensation policy. This kind of insurance protection covers on the job injuries to your employees.
– Protects your equipment like Harnesses, Ladder Hoists, Lifts, Scaffolding, Air Compressors, Generators and even hammers and shovels. Basically all the equipment you use in your day to day operations to make your roofing jobs go fast and safe.
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Options for Roofers Insurance
Your roofing company may need to have several insurance options, such as:
Commercial Umbrella –
This is an extra layer of Liability Protection. This is very important if your business does commercial roofing jobs.
Extra auto liability insurance – The Commercial Umbrella can give you this extra coverage in the event you or your employees cause serious injury or property damage.
Products and Completed Operations Liability Coverage- Your
Inland Marine Insurance –
This protects your equipment and roofing materials while in transit or left on the jobsite before being installed. This is a little broader than just Equipment Coverage.
Surety bonds –
If you bid on jobs (especially government jobs) you may need to provide some kind of guarantee that you can handle all phases of the project. These can be Bid Bonds, Payment Bonds, and Performance Bonds.
Course of Construction Insurance –
Commonly called Builders Risk Coverage or it could also be an Installation Floater. This is very important for large roofing projects. This insurance reimburses you for losses occurred while your project is in the process of being completed. For example, you are doing a roofing job and a storm destroys all your work before you can finish. Builders risk insurance covers these types of claims.
Hired & Non Owned Auto Liability Coverage –
This insurance is known as HNOL and provides liability insurance for you if your workers or subcontractors use their private vehicles for your business. This would be where you send an employee to go to the store to get something like felt or caulk and they have a wreck in their own vehicles.
Employment Practices Liability Coverage
Hiring employees can be rough, and if you did not know, there is a government website that can help, and you need to protect yourself from claims made by employees alleging discrimination, wrongful termination, harassment, and other employment-related issues.
Where to Find the Right Roofing Contractor Insurance
Finding the right insurance agency is very important and Veritas Risk Management is there to provide you with the best coverage at affordable rates. We are an independent insurance agency offering many services. We have access to many insurance carriers that handle roofing contractors. By being an Independent Agent, it allows us to find you the best possible rates. We can also set up options such as monthly worker comp reports so you won’t have to deal with a big yearly audit bill. In additional we can offer monthly installments by using the monthly bank draft option. At Veritas we also provide you with professional assistance with general liability and work comp audits, and this includes a free pre-audit consultation, to ensure everything goes smoothly.
How to save money on Roofing Contractor Insurance
There are quite a few ways to save money on your Roofers Insurance Premiums and we have a separate page right here where you can learn how to Save Money on your Roofers Insurance.
Don’t take unnecessary chances with your Roofers Insurance coverage. See what Veritas Risk Management can do for you and your business. Fill out our short quote form and we’ll contact you, or call our Johnson City, TN office at (423) 292-4142.