There is nothing more important than being as stress-free as possible when running your business. Roofing contractor insurance coverage can help you in different ways:
Do you notice what’s missing? Roofers insurance protects you against third party claims. It doesn’t protect your materials or equipment used in the course of the construction project.
There are 3 key points to consider:
As you know all too well, being a roofing contractor exposes you to many risks. Not having the right policy in place could ruin your business if you experience financial loss or damage. The majority of the roofing contractors need Builder’s Risk Insurance to protect their equipment or materials against theft and to cover their establishment from vandalism.
Your Builder’s Risk will provide coverage to property that is new, or is no more than 30% complete. The policy is quick to set up and is usually valid between six to twelve months.
Not really. Bear in mind that under your Builder’s Risk Insurance policy some costs, such as legal and architect fees, are not covered. However, these can be incorporated via endorsement. It’s important to discuss all these points with an insurance company when setting up your roofing contractor insurance program.
This insurance policy doesn’t cover some risks, such as destruction of equipment by natural calamities, loss of material through your employees’ crime, and wear and tear of your tools.
Also, you ought to be aware that you will need to insure your projects to the tune of 100% of the building’s value. Note that this figure isn’t a market value, and it excludes the cost of land.
If you are a roofing contractor, and still confused about the difference between Roofers Insurance and Builder’s Risk contact us and we’ll walk you through it. Our insurance agents have years and years of experience providing the best insurance at the best rates for contractors across the States. Get help here (877) 960-0221