What Should You Look for in a Roofing Contractor Insurance?

Buying insurance for your roofing business is critical for protecting your overall assets. But finding an optimal policy is easier said than done.

It’s because not all roofing contractor insurance policies deliver an optimal level of coverage. Where some policies offer ample financial protection, others leave a lot to be desired.

This is why you need to select a comprehensive insurance policy that covers all of the risks you face as a roofing contractor.

Ideally, taking out a roofing insurance policy should provide you with reliable coverage against a variety of situations. This makes sure that you can protect your interests in the face of unforeseen events. Finding the perfect insurance plan may seem difficult at first, but it gets easier when you know what to do.

To help you through the process, here’s an overview of what to look for while purchasing a roofing contractor insurance.

Look Into the Offered Coverage

Roofing company insurance mostly refers to contractor general liability insurance. This ensures that your roofing company can stay protected against financial claims in case of inadvertent property damage, bodily injury, or personal injury against third-parties or clients.

But apart from this, a holistic roofing contractor insurance policy contains other coverages within it.

This extent of coverage typically includes but is not limited to:

• Professional liability. This saves you from claims of damages that stem from your professional consultation or advice to a client.

• Builders risk insurance. By making this policy a part of roofing insurance, you can get coverage against damages to materials, equipment, or property at a construction or renovation site.

• Business interruption insurance. This policy covers your loss of income that results from damage to your business premises.

• Workers compensation. This policy helps you cover the costs of employees’ medical and lost wages if they are unable to continue working due to a work-related injury.

• Business owners’ policy (BOP). This is a bundled insurance product that combines all basic insurance policies for easier accessibility and affordability.

Other types of insurance policies such as commercial auto insurance may also be helpful for your roofing business. This is why it’s important to do your research and get an insurance policy that goes beyond typical contractor liability coverage.

Read Reviews from Other Roofing Insurance Clients

Before you purchase an insurance policy, it’s critical to learn what other roofers think about it and the associated provider. Thankfully, this doesn’t ask much from you.

You can simply do a quick check on the provider’s profile to see what type of reviews are available on third-party and trustworthy platforms. This gives you an idea of what to expect and helps you stay away from harmful policies.

Ensure That You Are Getting a Good Deal on You

You should also learn all relevant pricing and coverage details about the roofing contractor insurance policy in question. This includes overall premium, coverage limits, and coverage exceptions,

This allows you to do side-by-side comparisons of similar policies from various providers. As a result, you can get your desired roofing insurance coverage without breaking the bank.

Check the Provider’s Overall Experience

As a general rule of thumb, your insurance purchase process should also involve checking the insurance provider’s overall experience.

If the provider has significant years of experience on record, they bring more credibility to the table. As a result, you can ensure that your overall investment in your insurance policy remains secure. This allows you to have a reliable safety net to fall back on in case of unforeseen events.