The Quick-and-Easy Guide To Roofing Company Insurance - Farmer Brown Insurance Agency - Contractor Talk

The Quick-and-Easy Guide To Roofing Company Insurance

 
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Old 06-20-2020, 09:08 AM   #1
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The Quick-and-Easy Guide To Roofing Company Insurance


The Quick-and-Easy Guide to Roofing Company Insurance

Your Roofing Company Insurance shouldn’t stop with liability coverage and workers compensation. You can add other policies to your roofing contractor insurance program to extend your coverage. You should do this if you want to extend your coverage to include other potential causes of financial loss. We’ve put together this quick-and-easy guide about the insurance a roofing contractor should have.

Contractors Liability Coverage

A Roofing Company Insurance program must include contractor’s liability insurance. This is coverage against the financial costs of damages done to your client or any passers-by. This policy protects against third-party claims. Generally your liability insurance includes coverage for:
  • punitive damages – these are penalties against your business;
  • compensatory damages – these are financial losses;
  • general damages.
5 Claims covered by Roofers Liability Insurance

Remember this is coverage for damages to a third party and not for financial losses that your business may experience in the course of your work. A third party can be your client, visitors to the work site, or even a neighbour or passers-by.

Let’s look at 5 examples of coverage:
  1. Property Damage – should a third party’s property be damaged in the course of your work. This can include paving, gardens or cars parked alongside the building site.
  2. Personal Injury – should your work cause damage to your client’s reputation. For instance, a part of the roof does not fit the aesthetic standard of the rest of the roof. The claimant can sue for loss of business reputation.
  3. Advertising Injury – another roofing company could sue if you named them as a competitor and specifically listed the differences between the two companies
  4. Bodily Injury – the third party is injured by your equipment, tools or actions.
  5. Medical Payments – medical costs as a result of a bodily injury.
Is your Roofing Company Insurance coverage good enough?

Many contractors believe that this is all the coverage they need. Perhaps what they haven’t factored in are the direct financial losses that your business can incur when things go wrong on a roofing contract. These are losses you can face over and above third party claims.

Builder’s Risk Insurance

Here is a list of 3 of the differences between Builder’s Risk Roofing Company Insurance and Contractors Liability. You’ll soon see the gaps in your existing coverage, and why you should ask your insurance company to close them.
  1. Contractors Liability only covers third party claims. Builders Risk coverage is for damages to a specific building or structure you are roofing.
  2. Contractors Liability is an on-going policy that protects your business for third party liability across all the projects you are working on for the duration of the policy. It is day-to-day coverage. Builder’s Risk, on the other hand, is project specific. You do not pay for it unless you require it. It only offers coverage for the duration of the build.
  3. Contractor’s Liability does not cover costs of construction, theft of the equipment or materials being used in the construction project, or changes in building ordinance or law that cause a project delay or loss in profits.
Roofing Company Insurance options

Contractors Liability Insurance is often insufficient coverage for the dangers faced by roofers. It is important to customize your insurance. The insurance consultants at Farmer Brown offer guidance and advice on how to increase your insurance program to include the coverage your business needs. Call (888) 973-0016
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