Roofing Insurance for Arlington Contractors
Choose the best roofing Insurance today!
Get a tailored policy that is cheap on your pockets and perfect for your business. You can include Inland Marine Insurance, General Liability, Permit Bonds, Commercial Auto, Worker’s Comp, and much more.
The weather in Arlington, Texas, can be really extreme. As any local knows, tornados and droughts are above the Texas average. This poses an additional risk to any building in the area. Therefore, increasing the need for roof repairs in houses and commercial properties.
Contractorsliability.com offers what any roofing contractor may need: affordable insurance solutions. Below we will explain the top 5 types of policies that will be most suitable for a roofing contractor in Arlington:
General Liability Insurance for Arlington Contractors
This policy covers legal expenses in case there is any damage done to the client’s property or physical injuries affecting a third party. If any legal action is taken against your roofing business due to a covered claim, this policy takes care of any legal costs, medical expenses, or attorney fees that may come very expensive from your own pockets. As this is the policy people tend to use the most, we recommend your coverage does not go below $1 million plus a $2 million aggregate.
Factors that affect cost:
The cost of this policy is usually $2,800 per year, taking into account the following aspects:
- Revenue.
- Number of employees.
- Claim history.
- Business Location
- Amount of deductible
- Coverage amount
- Type of work performed
Exclusions:
| Open roof exclusions | This means it does not cover any loss occurred when the roof is open, or the trusses are exposed. Although the policy does not cover this, you can purchase it as an optional endorsement of your current roofing insurance policy. |
|---|---|
| Heating equipment exclusion | If there is any heating process or tools when the work is getting done, the coverage is excluded. |
| Properties over three stories | The reason why the insurance coverage excludes working on taller buildings is that this means a bigger risk for the roofing contractors. |
| Property types | Certain types of properties, such as condos, churches, medical facilities, or large buildings, are usually excluded from coverage. |
Before you get your roofing business insurance, pay special attention to the exclusions to avoid any inconveniences in the future when reporting claims.
Workers’ Compensation Insurance for Arlington Contractors
As a private employer in Texas, you can carry your workers’ compensation insurance coverage even if it is not required by law. Not having coverage means you must follow some very strict law requirements that you can find here.
If you have any employees or work with uninsured subcontractors, this policy is for you!
In case you don’t have employees or you only work with insured subcontractors, you can carry an “If any” or a Ghost policy. To get these, the contractor should have a contract with a large general contractor, and the subcontractors must show proof of their Workers’ Compensation insurance.
Factors that affect cost:
The premium is determined by the payroll, the type of work being carried out, and your safety record. These policies generally cost around $1,500 yearly. Some factors that influence a lot on the cost are the payroll, the risk of the work getting done, the location of the roofing business, years in business, and safety records (experience modification).
To make sure you don’t go through any problems, always keep your insured subcontractors’ Certificate of Insurance. If you don’t, everything you pay to your staff may be considered payroll, which might expose your company to a significant penalty when your insurance policy is audited.
Commercial Auto Insurancefor Arlington Contractors
Vehicles are often used for commercial purposes, for example, to transport equipment to different job sites. In case you get into an accident with your vehicle during a business activity, Commercial Auto Insurance will cover it for you. It also includes almost all types of land vehicles. Prices are not very different from your Personal Auto Insurance, and it will give you higher coverage plus other benefits. For example, you can make even the expense of this coverage on taxes.
Factors that affect cost:
There are lots of factors that influence the premium of this policy. The most important ones are:
- Number of vehicles
- Type of vehicle(s)
- Number of employees
- Amount of revenue
- Location of the roofing company
- Driving records
All of these factors may increase or decrease the risk of accidents happening or claims being reported, which is very influential on the price.
The policy’s cost starts at $125 a month ($1,500 per year).
Inland Marine for Arlington Contractors
This is probably one of the most important policies because it covers any damage or theft to your materials, whether on the job site or in transit. It is typically purchased to safeguard your most valuable and vital equipment. Therefore, it is considered a type of equipment insurance.
Factors that affect cost:
The cost will depend on the value of the covered equipment, the state, your claim and credit history, etc. The standard premium is $500; however, with a $1,000 deductible, you can pay $800 a year to insure $100,000.
Bonds for Arlington Contractors
Sometimes, you may also require a bond. To start working on a project, nearly all contractors need to acquire a license and permit bond. These terms are used to refer to this specific kind of surety bond. They are most likely to be issued right away, but they need to be checked by an underwriter before determining the premium.
Factors that affect cost:
It goes from $100 to $250 per year. The main requirement is a credit score over 700 to get a good price.
Business Insurance for Contractors in Arlington, Texas
After reading the article, you must have a broader understanding of what can roofing insurance cover and the roofing insurance cost. These are the basics you need to know to have the best insurance for your roofing company. If you need more information or want to speak to an insurance company directly, you can reach out to us at (773) 985-2253 or visit our website to get a free quote here.