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Roofer Insurance Costs
Residential Roofers Liability Insurance
Roofer General Liability Insurance
Roofer Auto Insurance
Workers Comp Insurance for Roofers
Roofing Contractor Insurance
When you're in the roofing business, having the right business insurance coverage is vital to keep your operations running smoothly. Roofing contractors face unique risks, from working at heights to dealing with unpredictable weather. Roofing contractor insurance helps cover these risks, ensuring that your business stays protected in the face of accidents or unexpected events. The NAICS code for roofing contractors is 238160, which classifies businesses primarily engaged in roofing. This insurance will typically cover liability claims, property damage, and potential lawsuits that could arise from your work on residential or commercial properties.
What's Covered
As a roofing contractor, your scope of work under this classification includes a variety of tasks:
- Installation of new roofs
- Repair and maintenance of existing roofs
- Application of roofing materials like shingles, metal, or tiles
- Waterproofing and coating of roofs
- Roof inspections and certifications
What's Not Covered
However, there are specific tasks that you cannot perform under this classification, as they fall under different contractor professions:
- Electrical wiring and installations
- Plumbing work
- HVAC installations and repairs
- Foundation work and excavation
- Structural framing and drywall installation
Business Owner's Policy (BOP)
Coverage: A BOP combines general liability and property insurance into one package, covering third-party claims like bodily injury and property damage, as well as damage to your business’s physical assets. It can also include business interruption coverage, compensating for lost income if your operations are disrupted by a covered event.
Importance: A BOP is a cost-effective way to protect multiple aspects of your roofing business under one policy. By bundling essential coverages, it simplifies your insurance needs and provides broad protection, making it easier to manage risks and focus on growing your business.
Surety Bond
Coverage: A surety bond guarantees that you will fulfill your contractual obligations. If you fail to complete a project, the surety company compensates the client, and you reimburse the surety company.
Importance: Surety bonds are often required to secure contracts, especially for larger projects. They enhance your credibility, reassure clients, and are essential for winning contracts and building your reputation in the roofing industry.
Workers' Compensation
Coverage: This insurance covers medical expenses, rehabilitation, and lost wages for employees injured on the job. It also provides death benefits if an employee is fatally injured.
Importance: Given the high risks in roofing, workers' compensation is essential for protecting your employees and complying with legal requirements. It also shields your business from costly lawsuits related to workplace injuries.
Excess Liability Insurance (Umbrella)
Coverage: Excess liability insurance extends the coverage limits of your existing liability policies, covering large claims that exceed your standard insurance limits.
Importance: Roofing projects can involve substantial financial risk. Excess liability insurance provides an extra layer of protection, ensuring that your business is not financially crippled by a large claim that exceeds your primary coverage limits.