Roofing Insurance in Vermont
What is Roofing Insurance?
Operating a roofing business requires significant investments of finances and time, and those investments ought to be protected whenever possible. Purchasing roofing insurance can be an important part of protecting a Vermont roofing business and all that’s been put into it.
Roofing insurance is specialized commercial insurance for roofers. Most of these policies have multiple coverages within them, which allows the policies to protect against a range of protections. Roofers can choose precisely what coverages their policy has, in most cases.
What Vermont Businesses Should Carry Roofers Insurance?
Most Vermont businesses that install and/or repair roofs ought to carry roofers insurance. This generally includes businesses such as the following:
- Commercial roofers
- Residential roofers
- Specialty metal roofers
- Specialty slate roofers
- Specialty tile roofers
Sometimes businesses that aren’t properly insured will be turned away from certain jobs. A few homeowners will only hire properly insured contractors (including roofers), and many commercial customers have the same stipulation.
What Coverages Are Offered by Roofers Insurance Policies?
While any given roofers insurance policy could offer a different set of protections, most policies provide several common coverages. These may include:
- Commercial Property Coverage, which could cover owned buildings, equipment or supplies
- Inland Marine Coverage, which could cover equipment and supplies as they’re taken to/from job sites
- Loss of Income Coverage, which could cover some sustained periods of lost revenue that follow a disaster
- Commercial Vehicle Coverage, which could cover roofer-owned vans, trucks and other vehicles
- General Liability Coverage, which could cover common accidents resulting in property damage or customer injury
- Professional Liability Coverage, which could cover improper installation resulting in property damage or injury
- Product Liability Coverage, which could cover faulty shingles resulting in property damage or injury
- Umbrella Liability Coverage, which could cover large lawsuits that exhaust underlying coverage limits
Policies may also offer builders risk coverage, employment practices liability coverage or other protections. An insurance agent who specializes in roofers insurance can explain all of the coverages that are available.
What Are Uninsured Subcontractor Endorsements?
Roofers that hire subcontractors (which are many) might be held liable for claims that are filed against a subcontractor. If a subcontractor doesn’t have their own insurance or doesn’t have enough insurance, the hiring roofer may also be sued.
Adding an uninsured subcontractor endorsement onto a policy may protect against this singular risk. An agent who’s familiar with the nuances of roofers policies will be able to assist with setting up this endorsement.
What Are Bonds for Roofers?
Bonds may be used to provide financial compensation if a roofer doesn’t complete their work as promised, especially if the work is delayed or left uncompleted.
Some commercial customers will only hire roofers that are bonded, and a few municipalities require roofers to carry minimum bonds. When bonds are needed, they can usually be acquired from an insurance company and with the aid of an agent.
How Much Are Roofers Policies?
Premiums for roofers policies are based in part on a roofer’s location, area served, scope of work and bond needs. Because so many factors affect premiums, the costs of policies vary.
An independent agent, who’s not obligated to promote any one insurance company, can help roofers get quotes that are customized to their needs. Comparing customized quotes is the simplest and fastest way to find out how much policies will cost in a particular situation.
How Can Roofers in Vermont Get Roofing Insurance?
For help insuring a roofing business that operates in Vermont, contact the independent insurance agents at T.S. Peck Insurance. Our agents will assist with assessing your business’ coverage needs, and then we’ll find an affordable roofing insurance policy that meets those needs.