Business Auto Insurance for Roofing Contractors
Roofing contractors travel daily by passenger vehicles, personal pickup trucks and well equipped business roofing material vehicles. Residential roofers may have to travel to several different job locations each day, and commercial roofing contractors may drive frequently to pick up supplies and materials. This increased driving for business purposes puts your company at an increased risk of having an auto accident.
Commercial auto insurance for roofing contractors helps protect your company from suffering major financial hardships that arise when auto accidents happen. A severe accident can destroy the vehicle you are driving and damage the professional equipment or tools you were carrying inside it. Your business auto insurance can protect you from a number of potential risks and hazards depending upon how you decide to structure it. For example, it can protect you from losing your vehicle and equipment from damages caused by collisions, fire, theft or rollover events. Bodily injury coverage protects your company employees and you from having to pay for medical care that is needed due to the accident.
Commercial Auto Insurance For Roofing Contractors
Commercial auto liability insurance for roofing contractors is designed to protect you when you or one of your employees causes an auto accident. This insurance is required by law in most states, and helps to also protect other drivers. It protects your company because it limits the amount of damage you will have to pay for directly when you’re at fault in an accident. Innocent drivers and accident victims are protected because your liability coverage pays for their property repair bills or medical treatment costs. Commercial liability auto insurance protection applies when you or your employees are driving a vehicle as part of your work duties. When employees are driving a load of roofing shingles to a jobsite for example, or are transporting company equipment to your store room, your roofing contractor’s commercial auto insurance coverage protects you.
Combined Single Limits
A combined single limit (CSL) type of insurance policy protects you with one maximum benefit amount on a per accident basis. This policy doesn’t specify payouts based on bodily injury or property damages separately. Instead, it gives you one total maximum benefit limit that can be used as needed for the accident. For example, if your employee is the cause of an auto accident that physically harms multiple people, eighty percent of the benefits available through your CSL policy may be used for paying the medical bills of the injured parties.
Split Limit Policy
A split limit auto insurance policy is different because it puts limits on how much of your policy benefits can be used to pay for each type of damage. State laws set the minimum level of coverage you can carry, and you set the maximums on your individual policy. When you set up the maximum benefits, you must select limits for bodily injury and property damage coverages separately.
For example, if you choose a split limit policy of $100,000/$300,000/$50,000 for your commercial roofing contractor’s auto insurance:
- Your policy would pay no more than $100,000 for each individual’s bodily injuries.
- Your policy will pay no more than $300,000 for the combined total of bodily injuries.
- Your policy will pay no more than $50,000 for the combined total of property damages.
Physical Damages Coverage
Physical damages coverage is extra protection against the loss of your company vehicle. If, For example, one of your roofing employees has a rollover accident while transporting the company tool truck, the truck may be irreparable. If you have physical damages protection added on to your business auto insurance policy, that coverage will pay for the cost of replacing your tool truck.