How to Save on Roofing Insurance

Roofing contractors take on a considerable amount of risk for every job, from a new installation to repairs to general inspections and repairs. When expanding your roofing contracting business, it can be easy to get caught up in finding more clients, building your portfolio, buying new equipment, and not focusing on managing and mitigating the risks in your business. Although it’s often something you don’t want to think about as it involves accidents and injuries, it’s important to be proactive when managing risk in your business. However, with so many insurance policies out there, it can be difficult to find the best one to fit your needs while also being affordable. Read below on our tips to help you save on your roofing contractors’ insurance. 

Take Advantage of Discounts 

Many insurance providers provide a variety of different insurance policies which can be purchased separately. The good part about this is that many of these policies can be bundled together and bought together as a package. Every insurance policy incurs separate processing fees and by obtaining them as a package, minimal fees will apply instead of being charged separately per policy. Similarly, insurance companies provide discounts to homeowners who also insure their car together. In commercial insurance packages, for example, the standard roofers insurance covers general liability, workers compensation, and inland marine and all three can often be purchased together. When looking for an insurance package for your business, speak to the agent and ask if they provide any discounts. 

Tip: Ask your agent if they can give you future discounts for referrals, they will most likely be happy to arrange something for you. You might as well inquire if they provide personal lines insurance and get minimal fees for all these policies obtained from a single broker.

Know What You Need

In the roofing business, there are a huge number of different policies which insurance providers offer and which you can purchase. However, depending on your business, many of these policies may not be required, and without checking exactly what you’re paying for, you may be spending monthly on certain policies which you don’t even need. At a minimum, it is important to obtain a roofers liability insurance which is the top priority before doing business. Your clients will need this security signifying you can handle the risks in case something happens to their property. The second of mostly obtained policy is workers compensation, especially if your state requires workers compensation. The third one is a Commercial Auto insurance, note that if you use the same car for doing groceries and transporting employees, materials, or tools – you will need a commercial auto insurance.

Note: Your personal auto insurance will not cover for losses or damages when vehicle is used for commercial purposes. A good example would be if your car got hit on the road while you’re on your way to a roofing repair project, this is a commercial use and therefore will not be covered by your personal auto insurance.

Prioritize Safety

Similar to the way your car insurance may go down over time if you have a history of good driving and take certain precautions such as installing winter tires, roofing contractor insurance providers can also provide similar discounts. For example, roofing contractor business owners can ensure that all their contractors have the required training, OSHA training, and perform daily site safety review meetings at every job. All of these things and more can help to reduce the chances of injuries, accidents, or poor workmanship on site. Speak to an agent and ask if they provide any promotions or discounts that you may be eligible for, be proactive in sharing your safety implementations as most qualifying questions may garner discounts from premiums.

There are a number of ways to save on roofing contractors’ insurance, but the best way is to speak to an agent who specializes in helping you find the perfect insurance policy for you.