Insurance for Roofing Contractors
Contractors Insurance is a trusted and award-winning commercial insurance brokerage based in Ontario. We have been specializing in Insurance for Roofing Contractors for well over a decade. We’ve seen the market become more expensive and harder to insure, which has led many roofing contractors our way.
Whether you are an independent roofing contractor or the business owner of a roofing company, customized roofing insurance can give you a wide range of coverage, depending on your unique needs and preferences.
We have served numerous contractors throughout the years by providing thorough and easy-to-understand insurance policies for all of our clients. With Contractors Insurance, you can be sure that your business is in good hands!
What Is Roofing Insurance?
Roofing insurance refers to an insurance policy or an insurance bundle that addresses the industry-related risks of independent roofers and roofing companies. This type of insurance usually includes commercial general liability insurance for roofing contractors along with other additional coverages needed or desired.
The following can be included in your personalized roofing insurance policy:
Commercial General Liability Insurance
For a vast number of contractors, liabilities can result from working from a tall structure – this risk increases for roofing contractors since they work from a height with every single project. Additionally, if the completed structure runs the risk of being defective and inflicting injury and/or damage to whoever and whatever is right below.
Therefore, commercial general liability is a must because it covers repair/replacement, medical, and legal costs associated with the following:
- Third-party injuries and property damage while the project is ongoing and even after it has been completed;
- Third-party injuries that occur within the roofing contractor’s business premises; and
- Advertising or reputational injuries (libel, slander, copyright infringement, and so on).
Commercial Auto Insurance
As a roofing contractor, you may have a vehicle or a fleet of vehicles that you use for getting to project sites and/or transporting needed materials. If so, commercial auto insurance will protect your business by covering the medical, repair/replacement, and legal costs in relation to the following unforeseen scenarios:
- Bodily injuries caused by your commercial vehicles
- Property damage caused by your commercial vehicles
- Theft or vandalism to your commercial vehicles
Commercial Property Insurance
Some roofing companies operate from an office or headquarters wherein valuable tools, equipment, documents, and various other possessions are kept. This central workplace, as well as its contents, are essential to keep the business running.
Commercial property insurance provides the needed protection by covering financial loss if the workplace is subject to the following:
- Theft or vandalism
- Natural disasters that damage the property or limit its accessibility
- The lost income from business interruption due to the above causes
Worker’s Compensation/Personal Coverage
If an unforeseen event causes a roofing contractor to be ill, injured, or killed while working, worker’s compensation or personal coverage will provide the following:
- Ongoing treatment costs
- Lost wages during recovery
- Disability benefits
- Funeral expenses and death benefits.
Who Can Benefit From Roofing Insurance Coverage?
Insurance for roofing contractors can benefit both independent roofing contractors as well as roofing companies. Considering the amount of risks involved in this industry, business owners and skilled workers who secure this type of insurance are practicing proactive risk management.
Roofing insurance will protect your business from financial loss due to unforeseen events such as the following:
- Lawsuits from third-party individuals and businesses wherein bodily injury or property damage were inflicted during or after project completion and your business was held responsible.
- Lawsuits related to bodily injuries of third-party individuals (clients, suppliers, the general public, etc.) within the premises of the business.
- Bodily injuries sustained by your employees while working.
- Vehicular accidents wherein your commercial vehicles were involved.
- Instances of property damage to your workplace/office due to natural disasters or property loss due to theft.
Why Is It Important for Ontario Roofers to Have Roofing Insurance?
Roofing insurance can go beyond commercial general liability insurance for roofing contractors. Personalized roofing insurance, put together by a professional insurance brokerage like Contractors Insurance, can include additional coverage that will protect your business from incidents such as business interruption due to property damage, road accidents, and employee injuries.
Roofing Insurance Claims Examples
Claims Example #1
While working on a roofing project, one of the tools hits a nearby parked car and shatters the windshield.
The owner of the car successfully sues for property damage. Your insurance policy will cover the fees and settlement amount totalling $2,000.
Claims Example #2
After the roofing project is completed, a part of the roof caves in; there was one person underneath at the time and he is taken to the hospital.
The client successfully sues for property damage and bodily injury. Your CGL will cover the medical, repair, and legal fees amounting to $27,000.
Claims Example #3
While working on a roofing project, the roofing contractor slips by accident and suffers a fractured leg. It will take him seven weeks before being able to resume duties.
Workers compensation coverage or personal coverage will cover the medical costs as well as the lost income during recovery amounting to $26,200.
Leading Provider of Roofing Insurance in Ontario
Contractors Insurance is committed to having a customer-centric approach. That’s why we strive to offer the following benefits:
Personalized Insurance Plans
With our customized insurance plans, you won’t need to worry about costly, unnecessary riders. You pay only for the coverage that will really benefit you. This way, you are able to save money in the long run while still enjoying peace of mind, knowing you are adequately protected.
Utmost Transparency on Coverage and Limitations
We like to be upfront about everything. Once we have an insurance plan ready for you, we’d be glad to explain how it all works, what the triggers are, what limits/exclusions you need to know about, and so on. This way, you also have a say regarding what adjustments you’d prefer and we will do our best to accommodate them.
Thorough and Straightforward Insurance Education
We make it a point to empower our clients with beneficial knowledge on insurance. This way, you know exactly what to expect. We avoid complicated jargon that can get in the way. Instead, we use straightforward terms and explanations so that you can easily know your insurance plan through and through – and you’ll be in the best position to determine if you want further optimizations.
Frequently Asked Questions About Roofing Insurance
Though a number of factors can impact how much you will pay for roofing insurance, the average cost is $45 per month for a $2 million coverage limit. Any additional coverage would increase the cost; however, insurance policies that are bundled together by an expert insurance brokerage like Contractors Insurance, tend to be the cost-effective choice.
Though roofing insurance is not mandatory, many business owners and independent roofing contractors still opt to protect themselves with adequate insurance to ensure the success of their business.
Ready to Get the Coverage You Need?
Contractors Insurance is a trusted insurance brokerage firm based in Toronto. We specialize in putting together customized insurance plans that fit the unique coverage needs of various types of contractor businesses.
When you bring your business to us, our dedicated team of professional insurance brokers take the time to carefully assess and consider the risks associated with your industry as well as your own preferences. Having worked with numerous contractor businesses from all types of industries, our wealth of experience can serve you well!
After getting the roofing insurance that’s customized for your business, you will have added peace of mind, knowing that your business has a secure and successful future ahead.