Is Builder’s Risk Insurance for Roofers?

Is Builder’s Risk Insurance for roofers? Or does the insurance coverage only apply to general contractors, electricians, painters or plumbers? In the construction industry where risks are inevitable, falls from roofing projects account for one third of all construction fatalities.

And so, whether you are just starting, or you have an ongoing roofing project, there is always the need for you to have insurance coverage to help you ease financial burdens that come as a result of unexpected risks.

But, why exactly do roofers need to have builder’s risk insurance? And is roofing insurance not enough? As a roofing contractor, it’s easy for you to look the other way and assume roofing contractor insurance coverage is just enough to protect your business.

In this guide, we will talk about why you need builder’s risk insurance and why it is worth it.

Builder’s Risk or Roofer Insurance?

Roofing contractor insurance coverage is a must-have for roofers if you want to win contracts from clients. The coverage helps protect your business from third-party injuries and property damage caused in the course of your roofing project. That said, it doesn’t protect your equipment and construction materials used in the course of your project. This is where Builder’s Risk insurance will help you fill the gaps.

What is Builder’s Risk Insurance?

Builder’s risk insurance is also known as course of construction insurance.  It insures buildings and structures undergoing construction or renovation and covers the following:

1. Lost or stolen equipment both onsite or in transit
2. Damage to buildings or structures under construction
3. Temporary structures such as scaffolding and fencing
4. Labor costs

Your Builder’s Risk insurance coverage, however, will cover a new construction project or a project that is not more than 30% complete.

Why Builder’s Risk Insurance for roofers is for you

Your roofer’s insurance coverage might be great for protecting your business against claims from third parties, but it has its limitations.

For example, let’s say you are working on a roofing project, and unfortunately, your materials get stolen. With no Builder’s Risk insurance you or your business would be forced to step up and replace the stolen equipment.

Sometimes financial losses due to risks can be huge, and if you are carrying the burden alone, it could lead your business to bankruptcy. With Builder’s Risk insurance for roofers, you could avoid all that and help your business survive.

What else is there to know about Builder’s Risk Insurance for roofers?

It is important to know that some costs, such as architect fees and other legal costs are not covered under your Builder’s Risk coverage. However, you can talk with your insurance agent and often include these omissions in your policy. 

Additionally, your Builder’s Risk policy will not cover risks due to natural calamities, wear and tear of your working equipment, or property loss due to your employees’ crimes.

Get expert help

As a roofer, you face multiple risks as you carry on with your project. While some are covered with your roofer’s insurance coverage, you need to get smart with other policies for full coverage. Builder’s Risk Insurance for roofers is a great way to start. 

We are here to help. For more information about Builder’s Risk Insurance for roofers, give us a call at (877) 960 0221.