An intelligent homeowner, or general contractor, will ensure their roofing contractor has the right insurance coverage. The potential liability associated with an uninsured or under-insured roofing contractor could be catastrophic. Still, the number of roofing contractors is growing. According to the U.S. Bureau of Labor Statistics, employment of roofers is projected to grow 12% from 2018 to 2028. To help your client's expand their roofing business, and protect them from a future loss, you may want to consider the following coverage options.
One coverage that may offer additional protection is Installation Coverage. This coverage will provide protection for the materials the roofing contractor uses on their job. Certain materials, such as copper, can be a magnet for theft. Materials can also be damaged while they're in transit to the job site, or during storage and prior to installation. Installation Coverage protects against losses which occur as a result of theft or damage to the building materials.
Commercial Umbrella is another option for roofing contractors which can protect against paying out-of-pocket for legal fees and damages that have exceeded the limits of a primary policy. Since roofing is such a dangerous job, it's important to consider a worst case scenario to prevent undue financial burden to your insured.
Will your client, or their employees, be using a company vehicle? Commercial Auto will protect the roofing contractor from property damage and bodily injury that occurs while a company vehicle is in use by the employer or a covered employee.
Adding an Equipment Floater is another great coverage option. This allows the roofing contractors' equipment to be protected from theft or damage. Roofing contractors with smaller one-person businesses may travel to upwards of 100 locations per year. Having an Equipment Floater may provide long-term cost savings if tools are damaged or stolen from a job site.
These are just a few of the many coverage options to consider when working with roofing contractors. If you would like to have a more detailed discussion about how to best insure your contractors, give us a call. We can connect you with an experienced Underwriter and help you build the right policy for your insured. Call 1-800-548-4301 or visit https://neee.com/find-an-underwriter to get started!