You can purchase cheap roofing insurance through the same insurers you buy your personal auto insurance from. You should look for companies that specialize in this type of insurance and offer discounts on their products. There are several factors that determine the cost of insurance for your business. If you are the sole owner or have a limited number of employees, the cost of your insurance will depend largely on the size of your company. The larger your company, the more expensive the policy will be. On the other hand, if you have a small business without any full-time employees, you may only need a subcontractor roofing insurance policy.
General liability insurance for roofers costs $292 per month
Roofing contractors need to have general liability insurance for their autos. While your personal insurance policy will cover you, it won’t cover your business vehicles. This type of coverage will cover both bodily injury and property damage. You may also want to purchase combined single limit coverage, which will cover the two separate limits. Collision insurance is also necessary and can cover repairs made to your car in case of an accident.
Roofing workers’ compensation insurance costs $3,504 per year
If you are in the roofing business, you probably have workers’ compensation insurance. This type of insurance is required by law for full-time employees and is usually more expensive than general liability insurance. While roofing workers’ compensation rates are not as high as general liability insurance, they are still considerably higher than general liability rates. This is largely due to the risk factor associated with the industry. Roofing workers’ compensation insurance rates can be calculated by applying the payroll x rate formula. Depending on the nature of your business, you may have to pay more than this amount.
Builders risk insurance provides higher levels of damage coverage than personal auto insurance
While many people are confused by builders risk insurance, you need to know what it covers and how it will help you protect your business. This type of insurance is based on the actual cost of constructing a building, not the cost of a personal auto policy. Typically, builders risk insurance is part of an owner’s property insurance policy, but some policies have specific conditions or limitations, including when the homeowner can renovate his or her property. Generally, insurance providers won’t underwrite a partially completed building, so this type of insurance is the best option.
Surety bonds provide work guarantees
Generally, a surety bond is a type of insurance that covers a contractor’s liability for the work he completes. Surety bonds are bought by the principal (usually the general contractor) in an agreement with an obligee, which is another company that provides the bond. These bonds serve as a guarantee that the principal will perform the work, and in the event of failure, the surety will pay the obligee’s claims.
General liability insurance protects your business from lawsuits
Libel is one of the most common types of lawsuit. This lawsuit occurs when someone makes unfounded statements about another person or company. The person suing can seek damages for their defamation. Sometimes competitors will file libel suits against other businesses. Depending on the circumstances, the costs of legal defense can be considerable. The good news is that most general liability policies cover libel lawsuits.
Roofing workers’ compensation insurance provides higher levels of damage coverage than personal auto insurance
When you’re in the business of roofing, it’s imperative to carry adequate damage coverage to protect your vehicles. Workers’ compensation insurance is specifically designed to cover these expenses, so you’ll be protected from high medical bills and other losses when you get into an accident at work. However, personal auto insurance doesn’t provide the same protection, and will not protect you from any damages caused by work-related accidents.