Roofing is an essential profession, without roofs, everyone would be in trouble whenever there was rain or strong wind. The phrase 'having a roof over your head' highlights just how essential a roofer's work truly is.
Being a roofing contractor does have some risks, running your own business may be free from the confines of having to work for someone else, but you rid yourself of the safety of a stable job and add a bunch of paperwork to your everyday work load. What’s worse, is you open yourself and your investment you have made into your business to plenty of risk, because when problems arise you are now responsible for paying for any damaged cause by you or your team. Luckily, roofing contractor insurance is here to protect you.
Roofing contractors insurance is a form of business insurance coverage that protects people in the roofing industry from financial hardship caused by the wide range of risks involved in the roofing industry. For example, the material you are using at a job is blown off the roof by extreme wind, causing damage to a neighbour’s pool, for which they hold you responsible. It's also possible that you accidentally cause property damage to your clients' homes, and you are held responsible. Perhaps your company vehicle gets damaged in a collision, and you can't afford to replace or repair it yourself. Roofing contractor insurance gives you peace of mind that even if an incident like this were to happen, you can continue serving your customers without it financially crippling you.
Anyone who owns their own independent roofing business in Ontario will benefit from the coverage provided by roofing contractor insurance. If you work for a roofing company, you are protected under their roofing contractor insurance. Independent roofers will need their own insurance to protect themselves from the wide range of risk exposures that roofers are face daily.
In Ontario, roofing contractors are not legally required to have insurance to operate their business. However, many customers and industry stakeholders expect roofing contractors to have the proper insurance coverage and will require proof of insurance before starting the job.
Although roofers insurance is not a legal requirement, it is crucial coverage to have. Roofing contractors face several risks performing their daily work, so it is crucial coverage to protect your roofing business. Without the proper roofing contractors insurance coverage, you will be forced to pay for any losses out of pocket which can cost thousands of dollars or more.
There is a wide range of coverage available for roofing contractor insurance, depending on your specific needs. Common coverages include professional liability, commercial property, commercial vehicle, business interruption, repair or replacement of tools and equipment, and more. To ensure you and your business are properly protected, speak to a Morison Insurance broker who will get you a roofing contractor insurance quote that has the necessary coverages.
Commercial general liability insurance for roofers is a liability policy that protects against third-party claims caused by your services or your premises. This is one of the broadest forms of coverage, as it covers various situations, such as covering legal defence costs and paying for third-party property damage or third-party injuries for which you are held responsible. For example, if you have an office where clients can speak with you during certain hours, and someone enters and injures themselves in a slip and fall you may be held responsible; your commercial general liability coverage would protect you in the event of a claim.
Commercial property insurance protects any property you own for business purposes, including but not limited to an office, contractors equipment and tools, stock etc. your commercial property insurance can protect it. For example, if you own an office and it gets burned down in a fire with all your stock and equipment, your commercial property insurance, would be able to repair or rebuild your office and replace your contents.
If you travel to and from job sites with various roofing materials and tools, your vehicle would be consider used for commercial purposes. Commercial vehicles are a great way to bring everything you need to a job without using your personal vehicle, potentially giving your business a chance to advertise itself. However, it is essential to note that a personal car insurance policy won't cover a vehicle for business use. For that, you will need commercial auto insurance as part of your roofing contractors insurance policy.
For a small business, a temporary shutdown can have long-lasting impacts. A loss of income while still having ongoing expenses can set a business back several months or possibly even lead to a permanent closing. This is especially true for smaller businesses, which often include independent contractors like yourself. Operating on razor-thin margins means that you often don't have the savings needed to make it through a period of time during which you can't operate. Luckily, business interruption insurance for roofers can cover you if your closure is due to an insured peril.
Plenty of types of insurance will protect you against massive losses. However, especially in the case of liability insurance, there is the possibility that your primary liability limit will not be enough. This could leave you in a very scary situation where you will need to pay a large amount of money out of pocket. In this case, commercial umbrella liability insurance for roofers can provide you with the added protection you need. This type of insurance protects you when your primary liability limit isn't quite enough. Commercial umbrella liability can provide extra limits over your commercial general liability and your automobile policy’s third party liability. For example, if you have jobs that you do once or twice a year that require you to carry a $5Million liability and your commercial auto or commercial liability policy only has a $2Million liability you could carry an umbrella policy for $3Million that would extend to your commercial auto and commercial general liability policy when needed.
It's not just a bunch of heavy, complex or specialized equipment you have as a roofing contractor. You also have a bunch of simple tools. You probably have tools like nail guns, measuring tape, drills and other standard tools. While you might use more expensive versions of these than people ordinarily use at home, they're still relatively small, making them vulnerable to theft. While you should be doing everything you possibly can to prevent the theft of your tools, materials and equipment, it's possible someone could still swipe it from you. While a single tool might not seem like something worth making a claim on, a bunch of them very well could be. Best you protect yourself with tools, equipment and inventory insurance, or as it's also known, tools and equipment insurance, to be on the safe side. It is important to note that your commercial auto insurance policy would not cover the cost of your tools, equipment of stock in the event of a loss; this would be covered under your Roofers Contractors Insurance policy be sure to ask your broker for more information.
Roofing isn't an industry that would spring to mind when discussing companies that would be vulnerable to cyberattacks, given that you likely don't bring large supercomputers to you on roofing projects. However, you would be wrong to think that this makes them immune. While you might not seem like a tempting target for cybercriminals, you have some risk if someone picks you out of a crowd. This is because you still likely have much information on your customers. You would likely have the financial information of anyone who's paid you electronically, leaving you in a precarious position. Commercial cyber insurance can protect you.
It is understandable to want to know the cost of insurance to protect your roofing business. However, roofing contractor insurance doesn't have a set cost as many variables are involved to determine the cost of insurance. Each business insurance company will prioritize different factors in determining your roofing contractor insurance quote. Common factors that will determine the cost of roofers insurance include:
Please note that this is not a complete list of factors that could impact your roofing contractor insurance quote. To receive an accurate roofers insurance quote, contact a Morison Insurance broker who will compare quotes from leading insurance companies to find you the best coverage at the right price.
With all of the factors that could possibly impact your roofing contractor insurance quote, one would start to wonder if there is anything under your control and if your decisions can lower your insurance rates. It turns out there are. For those who would like to lower their roofing contractor insurance quote, there are several options available including:
Please note that there are even more things you can do to lower your roofing contractor insurance quote without cutting back on coverage. If you would like to know more, you can always ask your Morison Insurance Broker, who will be happy to tell you more ways to save.
Roofers insurance does not automatically cover any subcontractors. Some insurance policies may allow you to add subcontractors as an additional insured. However, it is typically recommended that any subcontractors receive their own insurance policy. For further information, contact an insurance broker who will help determine if subcontractors can be added to your roofers insurance quote.
Once you have purchased a roofers insurance policy, your Morison broker can provide a certificate of insurance which you can then share with clients or industry stakeholders to prove you have the proper insurance coverage.
You can get a roofing contractor insurance quote at Morison Insurance. We are a family-run brokerage that has been serving people in Ontario for over a century. We proudly work with the best business insurance companies in Ontario and will help you get the best roofers insurance quote that is tailored to your specific roofing business. Call us at 1-800-463-8074 or fill out the online application on this page to get started.
