Does your Roofing Company Insurance only consist of General Liability coverage and Workers Compensation? You could still be exposed to considerable risk!
Many things could go wrong on a project, and they can be expensive. Sometimes the financial loss can put you out of business. So, is there a hidden gap in your insurance coverage? Are you in danger without even knowing it?
Builder’s Risk Insurance could be the answer. Let’s look at this coverage, especially how it could help future-proof your business.
Also called Course of Construction Insurance, it provides coverage during the building process, but only on certain types of construction. For instance, new buildings as well as the renovation, refurbishment and restructuring of existing ones are on the list.
Before going any further, let’s look at some characteristics of Course of Construction coverage.
This insurance is different to Roofing Contractor Insurance. Whereas Roofers Liability is for third-party claims, this policy covers a range of other loss events. For example fire, theft and vandalism. Damage from adverse weather events like wind or hail are often included too.
Another major difference is in duration. Builder’s Risk lasts for the duration of a specific project. Liability insurance is day-to-day coverage. It goes with you from building site to building site.
Other events included in Builder’s Risk, but not in liability insurance, include the transportation and temporary storage of equipment. In essence, the policy assists with the replacement costs, but only when damage occurs due to a covered event.
The short answer to that question is, Yes! But only sometimes.
Construction is a risky business. As a trade, roofing is the most risky in construction. Some risks like injury and liability are covered by General Liability Roofing Contractor Insurance. Specifically third-party liability claims.
However, there are many that are not. A few examples are:
Roofers have expensive materials, tools and equipment. If these are stolen, damaged or destroyed, it can be very expensive to replace them.
Builder’s Risk is specialized insurance. It makes sense to speak with the experts. Builder’s Risk.net has many years experience in the industry and our agents understand your needs.
Some of the reasons you can trust Builder’s Risk.net are below.
All it takes is a phone call. Advice is one step away. Our agents quickly establish what you need. Also, we shop around on your behalf to find the best rates.
Secure the future of your business by insuring your roofing project. call Builder’s Risk at 877 960 0221 today.