If you're a roofing contractor, you know that business is good. The recent upswing in the economy has led to an increase in work for roofing contractors, and that's fantastic news for the industry. But as your business expands, so does the risk you face—this is why you'll need general liability insurance business coverage.
If you're not careful, it can all be over in just one accident, and that's why you need protection with cheap general liability insurance policies for your company.
Below, we'll take you through everything from cost and types of coverage, to how much you should expect to pay for this type of insurance.
A business owner's policy for roofing contractors is a unique insurance policy that protects the contractor's business and personal assets. This includes everything from the office building and equipment to vehicles and supplies, as well as the owner's property.
This type of policy is typically less expensive than a commercial liability policy because it provides more comprehensive coverage. It also costs approximately $85 per month, or $1,000 per year on average, which is significantly less than what you'd pay for an individual liability policy.
A business owner's policy for roofing companies is a special kind of insurance policy that protects the business owner and their employees against losses related to property damage caused by storm and wind, fire, smoke, vandalism, and water damage.
The policy also covers theft of money and securities, as well as loss of use of property due to vandalism or theft from roofers. A business owner's policy is designed for small businesses and can be customized to include the coverage you need for your industry. You'll meet with an agent to discuss what coverage you need.
If you've never been insured against business risk (BR) before, it can be hard to imagine how much BR coverage you might need and how much it will cost. But according to the National Association of Home Builders, it accounts for 1% to 5% of a business's total construction budget.
Workers' compensation insurance is a type of insurance that employers can purchase and use to protect themselves from risks and liability in the event of accidents or injuries on the job.
The purpose of workers' compensation is to provide benefits to employees who are injured while working. It also protects employers from lawsuits and claims by employees who are injured on the job, as well as protects them from having to pay for medical bills or lost wages.
The law requires that employers with one or more employees purchase workers' compensation insurance. In addition, some states require all businesses to carry this sort of coverage, regardless of whether they have any employees at all.
On average, workers' compensation insurance costs roofing contractors $800 per month or $9,700 annually.
Inland marine insurance is a type of roofing company insurance that covers losses that occur during transportation. It's essential to have this coverage for a roofing contractor because it protects your business from the costs associated with damage or loss of goods while in transit.
It is often referred to as cargo insurance—It protects against loss, accidents, damage, and liability coverage for shipments. The insurance rates for inland marine insurance are typically fairly low, especially when compared with other types of commercial coverage like general liability or property damage.
The average cost for inland marine cargo insurance is $40 per month or $500 annually.
Commercial auto insurance for roofing contractors is a type of business insurance that covers vehicles used to transport employees and roofing materials. This type of insurance is essential for roofers because they often travel from one job site to another—and transport materials, supplies, and tools.
Commercial auto insurance for roofing contractors is a type of business insurance that protects vehicles used for work purposes, as well as any workers injured on the job. It also covers any damage done by those vehicles or workers.
In general, the average cost of commercial auto insurance for roofing contractors is about $140 per month or $1,700 annually.
A surety bond is a financial instrument that guarantees the performance of a contract. It is often required by a business owner or contractor as a guarantee that they will perform their duties as expected, and if not, will pay for any losses incurred by the injured party.
It can be used for many different purposes, including roofing contractors. The cost of surety bonds for roofing contractors varies widely depending on the type you need and how much coverage you want.
The bond amount ranges from 1% of the total bond amount to 15%.
When it comes to general liability business insurance for roof contractors, you need to ensure that you have the right coverage in place, one of the general liability insurance companies to trust is Stampede Insurance Services.
Our team of experts can help you find affordable general liability insurance quotes for your roofing business so that you can get back on track with your projects and focus on what matters: your business.
To determine which coverage is right for your business, contact us at 888-306-7887 at Stampede Insurance Services today!
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