Did you know that 50% of all contractors experience theft of some kind? Florida, Texas, and California are among the top 10 states with the highest occurrences. But, that doesn’t mean you won’t be affected if you operate your roofing contractor business elsewhere.
According to the National Equipment Register, job site theft costs the industry almost $1 billion each year. It comes as no surprise that 90% of thefts occur between 6 p.m. Friday and 6 a.m. Monday morning. Does this mean your equipment and tools are safe?
As the stats show, the risk of financial loss due to theft is high. Just like other construction companies, Builder’s Risk Insurance will protect you from financial loss if this happens to you.
What is Builder’s Risk Insurance? And why do roofing contractors need it? Here is a handy guide to explain why having Builder’s Risk Insurance will benefit your roofing company.
Also known as Course of Construction Insurance, Builder’s Risk covers fires, floods, storms, acts of vandalism, and theft. Typically, policies last up to one year but can be extended.
For example, a home is being renovated. Your job is to install a new roof. However, your employees fail to complete the job properly. As a result, several tiles become loose and need to be replaced. The costs to repair or replace the roof, as well as the labor costs, are covered with the Builder’s Risk policy.
You and the homeowner won’t be left out to dry. That is why roofers need Builder’s Risk Insurance.
Running a business is tough. With theft on the rise, adequate protection is necessary. Builder’s Risk Insurance covers labor costs, tools, materials, and the building against damage or theft. Builder’s Risk Insurance coverage can prevent a real financial crisis for a small business. We’re here to help. Give us a call at (855) 480-2184 to get a FREE quote.