The Different Types of Roofer’s Insurance Coverage

cropped-Roofersins.jpgAs roofers are on the tops of buildings for most of their working day, it is a very dangerous job. Even the smallest accident could result in very serious or even fatal injuries. With this in mind it is therefore important that roofing companies and independent roofers get an appropriate level of roofer’s insurance coverage, in order to protect themselves in the event of unexpected accidents while on the job.

The Different Types of Roofer’s Insurance Coverage
An experienced and reputable roofing insurance provider will be able to help a specific roofing business or roofer choose the appropriate coverage that meets their requirements. There are five standard types of roofing insurance products available that all roofers should understand properly and consider including Roofer’s Bonds, Tools and Equipment, Business Auto, Worker’s Compensation and General Liability.

To help give you information before you even speak to prospective insurance companies, we have listed descriptions of each of these policies and why they are so important.

Roofers Bonds
Roofer’s Bonds is a type of insurance that the majority of roofers and roofing companies choose to purchase. It is a kind of bond that is negotiated and signed between the client and the roofer or roofing company and includes a series of conditions that are reasonable to both parties such as performance bond, payment bond, bid bond and license bond.

Business Auto Insurance and Tools and Equipment Insurance
Business Auto and Tools and Equipment insurance is a policy that provides a roofer or roofing company with the coverage for any losses sustained due any accidents that occur while work is being carried out. . As stated at the outset of this article, roofing is a dangerous job and therefore this is one of the most essential forms of coverage a roofer or roofing contractor can get to protect themselves financially.

Worker’s Compensation Insurance
A Worker’s Compensation Insurance Policy is coverage that enables employees to get compensation for medical expenses and/or wages lost due to an injury that occurs on the job and affects their ability to carry on working. This type of coverage is can benefit a roofing company greatly as it could save the company a lot of money. In many situations and circumstances, depending on the number of employees and type of business a company has, it may even be a legal requirement.

General Liability Insurance
All roofers and roofing companies should consider purchasing a General Liability Insurance policy as this can protect individuals and businesses against various things including claims of property damage, advertisement damage, body injuries, personal injuries and so much more. This is the type of coverage that is necessary in case of any accidents as the insurance company will pay all liabilities related to any damages caused.

Whether you run a roofing company or are a self-employed one-man-band roofer, you need to ensure that you have the appropriate insurance coverage for you and workers you employ. If you are not sure what type of insurance you need you should speak to an experienced insurance broker or insurance company who will be happy to direct you towards the best policy for your business.

Roofing Contractors Professional Liability Insurance, Errors & Omissions

For any roofing contractor, customer satisfaction comes before everything. Securing a contract to do the roofing of a residential home under construction and/or business premises is not that easy because there are different criteria that builders or developers look at before hiring any contractor. One of the common criteria they look at is whether the contractor seeking the job is fully licensed and insured against any liability. There are many benefits that accrue to any contractor who is insured under different coverages.
 
Benefits of contractors professional liability insurance

It serves as a proof that you are eligible for the job
Before any contractor can remove the tools to start the work on site, a proof that he/she is indeed a professional roofing contractor and that he is fully covered against any risks and liabilities while doing the work is very important. The proof that one is insured as a contractor is not only necessary to the builder or property developer, but the proof might be required by the property owner or even the local government. The insurance does serve as a tool easily securing contacts at the same time carrying out the contact in smoothly.
 
Ensures smooth compensation process after occurrence of a loss
In the course of the job, the employees on site might cause injury to third parties who might claim compensation. Roofing contractor’s professional liability insurance ensures there is smooth compensation of the injured party in the course of work and that the compensation is equal to the loss suffered. This gives property developers confident of their contractors because they are fully insured and that any loss occurring during the execution of the contact does not interrupt the work on site.
 
Steps to follow when looking for professional roofing liability insurance

Identifying a company providing the insurance coverage
Not all insurance companies provide this type of insurance coverage and as such the first step is identifying an ideal company providing the same. There are insurance companies providing professional roofing liability insurance coverage that are based online while they provide most of their services locally. Other locally based insurance companies in many towns provide the same insurance coverage and it’s all about searching and identifying one.
 
Filling the insurance application forms
For an insurance contact to be formal, a form must be filled and submitted to the given insurance company. The forms, which tend to capture the personal details and the kind of professional a roofing contractor is in, can be downloaded from selected online based insurance company sites or acquired locally before they are filled and then submitted to the insurance company in question.

Payment of premiums
Different insurance companies charge different premium rates depending on the structure and period within which the coverage is valid for. Once a contractor has filled the professional roofing contractor coverage, he or she can go ahead and make the payment of premium and complete the insurance coverage.
 
Tips on how to get the best insurance coverage

Choose an insurance company that is reputable
A reputable insurance company offering the professional roofing contractor liability coverage will not only provide the coverage at convenient premium rates but it will also guarantee the contractor of smooth compensation in the event of a loss. Reputable insurance companies providing professional roofing contractors liability coverage will also provide for errors and omissions as compared to traditional insurance companies providing general liability covers.
 
Low insurance premium can be the best
When insuring oneself or company, going for low manageable insurance premium rates can be the best idea. Reasonably lower premium rates can give the contractor the peace of mind because paying them will not be a problem because all the same they will cover the losses anticipated for the specified period in the contract.

The Factors Affecting The Cost Of Insurance Of Commercial Vehicles

It is a requirement by law that all commercial vehicles are insured so that the business to evade liability when the vehicles are involved in accidents. The insurance rates of commercial vehicles vary significantly from vehicle to vehicle. It is therefore prudent to consider the factors which affect the cost of insurance of vehicles before purchasing them for business purposes so as to ensure the costs of insurance are effectively cut to maximize the profits of the business.

Several factors affect the amount of premiums paid for insurance of commercial vehicles. First, is the distance traveled by the vehicle. This directly affects the amount paid in premiums for insurance due to the logic that the longer the distance, the more the risk of the vehicle getting involved in an accident. For businesses whose commercial vehicles engage in very long distance transportation of goods pay higher rates of premiums to compensate the extra risk.

The driving records of the drivers affect the amount of premiums charged as premiums by insurance companies. This is because most insurance companies have the perception that if a driver gets involved in accidents frequently, chances are that he or she is likely to be involved in another accident too. To compensate for this risk, the insurance companies charge the business with “reckless” drivers more. It is therefore common sense for businesses to hire drivers with clean driving records so as to cut down on the premium levels charged by insurance companies.

The cost of the vehicle is proportional to the amount of premiums charged on that vehicle. Expensive vehicles with more features attract higher premiums than cheap and simple ones. This is because when the expensive vehicles get involved in an accidents and the insurance companies have to compensate the businesses, they actually dig deeper into their pockets to compensate them. It is always advisable for businesses to consider the annual premium cost of each specific model of vehicle before purchasing it so as to ensure they are aware of the amount of premiums they will be paying to the insurance companies annually.

Most insurance companies normally offer bulk discounts to businesses whose commercial vehicles they insure in large numbers. This is usually directly proportional to the number of the vehicles the business offers the insurance company to cover. When businesses purchase insurance policies, it is advisable that they purchase them from a specific company and in bulk so as to enjoy the discounts and thus minimize costs incurred as insurance premiums. This ensures lower expenses are accrued as insurance premiums.

Though several factors affect the premium rates of vehicles, the actual type of the vehicle is a critical determinant of the amount to be paid as insurance premium with commercial vehicles insurance being more expensive to insure than commercial trucks. It is therefore advisable for businesses to consider the insurance policies of different types of commercial vehicles before they purchase them to ensure that future unnecessary expenses are avoided.

General Liability Insurance For Roofing Contractors

If you are into the roofing profession, you can of course bid and probably make an offer for a project without proper roofing insurance; but when it finally comes down to the stage of project allotment and execution, you may be required to present your insurance documents by the home owners, business managers, engineer or the government.

If you perform a job as risky as roofing that involves working at huge heights, in tough climates and with risky tools, you are not only putting your life at a great risk but you are putting your career on a greater risk as you may have to face a ban or other legal lawsuits, if found to be working without proper license and roofing insurance. The general liability insurance for roofers is the best and mostly used roofing insurance by roofing professionals and roofing companies. It is affordable and provides many protective layers to your defense against plenty of possible lawsuits like negligence, accidents, equipment and financial losses.

General liability Coverage for roofing contractors

Following are the five categories of roofing business liability that are covered under roofing general liability:
Completed product or project liability: It covers losses after the project is completed or the required product has been delivered.

Body injury liability: It covers physical damage to any person at your site or by one of your employee.
Advertising injury: It covers the advertising losses occurred due to your spoken or written advertisement that has troubled someone or your competitor.

Personal injury: It cover personal damages to ones reputation and rights, it also includes copyright infringement, libel, privacy invasion, wrongful eviction, false arrest and much more.

Medical payments: It covers medical expenses for any person who has been injured in your premises and that person can be anyone including a client, customer, visitor or possibly a trespasser.

The general liability roofing contractors insurance also covers independent contractors that you might have hired for specific project requirement.

It is imperative for homeowners to check for company license and roofing insurance document of the professional or company they plan to hire before assigning the project. This is to insure that you and the company would be having a safer work site and workers. You should check following points in the insurance document:

That the insurance policy is on the name of the individual contractor or the company 
If it is on the company name, make sure that its workers are insured too
Make sure that the policy is valid and is in force
Also check if the insurance policy has specific inclusion of roofing coverage

Determine whether or not they usually are seasoned ample to try and do what you look for. Generally employ often the building contractors this are dedicated to the effort you wish. In particular certainly not employ roof top building contractors to run your personal timber carpet just simply turn into they are really quoting a low priced charge. Have a meeting together with the staff before commencing the career. On this assembly consults numerous issues you wish with their do the job. In addition reveal these individuals whatever you wish in addition to erase every one of the fears.

The roofing contractors insurance policies can tremendously benefit both the roofing company and the homeowners and the consequences of performing a roofing job without insurance could be fatal. Safeguard your business with suitable roofing insurance

Environmental Liability Insurance for Roofing Contractors

Roofing contractors not only face risks associated with tall buildings and slippery surfaces, they often come into contact with environmentally unsafe materials such as mold, lead, and asbestos. Because of this, it is vital to purchase the right type of protection.

Insurance Policy Coverage

As a contractor, there are a number of different insurance policies available specific to environmental risks. Examples of these include:

· Asbestos Abatement
· Builder’s Risk
· Casualty and Property
· Contractor’s Liability
· Demolition Liability
· Demolition Contractors
· Environmental
· Lead Abatement Contractors
· Lead Abatement Liability
· Lead Paint Liability
· Mold Liability
· Roofing Contractors
· Roofing Liability

In addition to the above, many roofing contractors secure worker’s compensation insurance, as well as pollution and environmental insurance policies. Regarding cost, a policy of this kind will vary depending on the amount of liability needed but also the specific type of work performed.

Key Benefits

Obviously, having the right type of insurance coverage brings peace of mind but also financial support should something go wrong. Without doubt, coverage of this type is an effective risk management tool. There are many different benefits of environmental liability insurance for contractors, as indicated below:

· Environmental liability insurance for roofing contractors will fill the gap for pollution exclusions in automobile, property, and commercial general liability insurance policies.

· In order to file a claim, a roofing contractor does not have to be in the pollution business. Various risks such as lead pain, asbestos, and mold can lead to serious liability on the part of the contractor so even if the contractor is not affiliated with pollution, the policy would hold up.

· Although finding an environmental policy can be challenging, typically, competitive pricing is available

Helpful Tips and Steps

From an insurance company’s perspective, roofing is a dangerous job and as such, it is a difficult industry to place based on the nature of work involved. Along with environmental risk and potential of falling, a contractor could accidentally cause property damage while fixing a leaking roof.

For this reason, securing environmental liability insurance for roofing contractors is tough. Today, most brokers will attach a roof warranty to the GL policy in an effort to minimize exposure. This warrant clearly states that unless certain precautions are taken to mitigate loss, no coverage exists.

As a contractor, it is strongly recommended to begin looking for an environmental policy immediately and to start with top-rated insurance companies. It is also important for contractors to fully understand the various clauses of the policy to ensure the best coverage and if there are any questions, ask.

In general, roofers with residential exposure are also required by General Contractors to carry the blanket additional insured endorsement for completed and ongoing projects.

The bottom line – roofing contractors’ work is hard enough without the burden of environmental risks. However, these risks are a very real part of the job and something that roofers face all the time. For protection of the contractor, but also sub-contractors, home and business owners, and even personal effects, it is imperative to include the cost of environmental liability insurance for roofing contractors in the annual business plan.

Workers Compensation For Roofing Contractors

There is always a risk of physical damage involved in the construction business and when it comes to roofing the risk is even more. So it is very important that that there must be an insurance for roofers. The roofing contractors pay a lot of attention to roofers insurance as it ensures smooth running of the business. There are a lot of details that one must pay attention to before choosing a roofing contractor for it involves risk to the life of the roofers and even damage to the property. Every contractor must have a roofers liability insurance for it guarantees the safety of the property and reimbursement for any property damage.

Based on the type of damage, whether it is to the property or the roofers, there are different types of insurance available that the contractor must have. Every businessman must have small business insurance for the protection and coverage of the business in case of an unexpected event. In a world where business matters can end up in the court, roofing liability insurance is necessary for contractors. This ensures that if there is any damage to the property or injury to a person while the roofing is being carried out it will be covered and you don’t have to face court matters or incur expenses.

The National Roofing Contractors Association is an organization formed by professional roofing contractors to safeguard the rights and maintain legal supremacy for the contractors who have proper insurance. The most basic roofing insurance that a contractor must have is the Contractors Liability Insurance in which any damage to the property, body injury to a third person, medical bills and the court expenses for suits filed against the contractor are covered. You must understand the worth of your business and choose the right insurance to face any future issues.

The workers who can suffer physical injury or even life risk are the primary responsibility of the contractor. So roofing contractor insurance for workers’ compensation is the next important thing. Roofer insurance will cover any work-related injury or illness or any medical expenses that happens to the worker on the site. The insurance for roofers will cover any physical injury, temporal disability, permanent disability, mental injury or death of the workers. So, for the safety and reputation of your company, you should opt for roofing contractor insurance. While selecting roofer’s, people generally check these details and the paper work to avoid complications later.

In addition to roofers insurance, the contractors must have contractor bond to ensure that they have all the paper work ready and avoid court matters. This highly increases the reputation of your business and facilitates rapid growth. The contractor bond ensures that you have all the paper work for the functioning of your business and you are prepared for any legal matter. While selecting roofer insurance, remember that there are various customized insurance plans available. For example, the commercial auto insurance covers the damages that occur on the way to the site. Roofer insurance is necessary for every contractor who wants to grow and is concerned about the smooth and effective functioning of the business.

Product Liability Insurance For Roofing Contractors

Home improvement is a very lucrative business to be in because people enjoy their homes and like to keep them in great shape. Did you know that being a roof contractor is one of the most dangerous jobs to have? That is why you should always be prepared for the unthinkable with product liability insurance. Product liability insurance is in place to help cover you in case one of your products injuries one of your customers or if it is stolen. This is one of the best things you can have to protect your products.

Product liability insurance is just one part of what you should have in on your business insurance as a roofing contractor. Most small business owners have a business owner’s policy that covers everything they need, and most places give them discounts for bundling their coverage. One option that you should have or already do is general liability; this covers any third party damage or injury to a person that is not employed by you. If you consult with customers about products or treatments that they might need then, you might want to add professional liability to your coverage. This covers you, if are sued because of advice you gave to your customer that resulted in a loss of business.

If you have employees then, you have to make sure that they are covered in case something happens on the job with worker’s compensation. It varies from state to state and the numbers of employees on whether or not if you need it. Along with insuring your business, you also should have very good commercial vehicle insurance on your commercial vehicles; this applies to all vehicles that are used for your roofing business. This might sound like a lot of coverage, but most of this is included in your Business Owners Insurance and this all includes property damage and loss of income coverage. This covers you if you can’t operate a business or if something gets broken and needs to be fixed.

As a roof contractor there are some other options you should look into when you are getting insurance for your company. Since your tools and equipment are very important to your livelihood, you might want to consider insuring them as well. There are two options to do this; you can get tool and equipment floater, which covers damage and lets you lease or buy new ones. There is also Inland Marine Insurance; this covers transportation of your tools and equipment; this is important if you keep your tools in your work vehicles.

One last thing you should consider getting for your roofing business are work performance bonds, these will allow you to work on commercial and municipal roofing jobs and can help expand your business. This sounds like a lot of stuff to take in but insurance is there to help you if something goes wrong and most insurance companies bundle their services, which makes your payments less every month and you have to piece of mind that if something goes wrong, you are covered.