Roofing Insurance for Corpus Christi Contractors
The most affordable coverage for your roofing business in Corpus Christi, Texas!
At Contractors Liability, we have policies tailored to your unique needs as a roofer. You can get specialized General Liability coverage, Workers’ Compensation, Commercial auto, and much more.
The heat risk is extreme in Corpus Christi. The average temperature it’s even higher than the average for Texas. Therefore, working under these conditions can be serious, and roofers must be prepared.
Roofing insurance is an essential component for any contractor or roofing business. But it’s even more important in places with extreme weather conditions because it protects against a variety of liabilities associated with roofing, including those related to property damage, injuries, and any other risks associated with the activity. Roofing insurance is available to both individuals and businesses and can be tailored to meet the specific needs of the roofer or contractor.
At Contractors Liability, we offer the best low-cost insurance for all types of roofing contractors. Furthermore, we have a lot of free articles to learn more about insurance and make informed decisions.
The top 5 insurance policies that roofing companies will need in Corpus Christi are as follows:
General Liability Insurance for Corpus Christi Contractors
This type of insurance covers expenses related to medical bills, legal costs, and other damages associated with a covered incident. For example, it can cover your business if one of your roofers accidentally hurts a client or any other third party. It also helps protect your business from financial losses due to lawsuits and settlements. Having general liability insurance in place can ensure your business is protected should something go wrong.
Roofers can benefit from this coverage as well by being able to secure the correct type of coverage for their particular line of work. With the right liability insurance in place, roofers can rest easy knowing that they won’t be held accountable for any accidents or damages that occur while on the job.
How Much Does General Liability Cost?
General Liability insurance costs roofers roughly 3% of their total annual revenue or $2,800 on average. We strongly suggest that you get at least a coverage of $1 million with a potential aggregate of $2 million to be well protected. If you take less coverage, savings of under $100 are possible, but your roofing company can be at risk.
The factors that will affect your coverage are the size of your roofing company, its location, revenue, claims history, and the amount of coverage and deductible you choose.
Moreover, you should be aware of specific exclusions for roofers on your general liability policy. If you do not verify with your insurance company and add any additional endorsement, then you will have no coverage in the following cases:
Heating equipment or heat process exclusion
This is a common exclusion found in most policies because of the additional risk involved with heat. Certain types of roofing, like torch down and hot tar roofing, are not covered when this exclusion is present.
Work On Open Roofs
There will be no protection if an accident happens while the roof is open or the trusses are visible. This open-roof exclusion is present in most policies, so if you need it covered, you must speak to your insurer.
Work on properties over three stories
Working on properties with more than three floors is riskier than working on homes with fewer stories. Therefore, working on higher buildings is usually excluded.
Property Types
There are specific types of properties that might be excluded from your roofing insurance policy, such as medical facilities, churches, and condos.
If you perform any of the previous tasks regularly, you must get a tailored roofing liability insurance policy, which allows you to add them to your coverage. At contractor’s liability, we have everything you need, and we get you the best prices for it. Get a free quote now.
Worker’s Compensation for Corpus Christi Contractors
In Texas, the law does not require private companies to carry this policy. However, roofing contractors should consider purchasing workers’ compensation insurance for their employees as it can provide them with financial protection in the event of an accident or injury. This policy covers the medical costs of an employee who is injured on the job and can also help to cover any lost wages they may incur while recovering. It also protects the employer from any legal action taken by the employee in the event of an injury.
If you insist on not getting covered, you must follow Texas law and adhere to very strict rules. In general, if you have employees or work with uninsured subcontractors, carrying a suitable workers’ compensation policy is a good idea.
Remember, you must keep the certificates of insurance on hand so that by the audit, you can separate this expense from the payroll and avoid having to pay a higher premium.
Note: When you have no employees or work only with insured subcontractors, you can carry an IF ANY POLICY or GHOST POLICY. This type of coverage will allow you to bid on jobs that require proof of workers’ comp, as it provides coverage for any subcontractor that doesn’t provide the documentation of their coverage naming you as additionally insured. The cost is around $1,500 per year.
How Much Does Worker’s Compensation Insurance Cost?
The cost of this policy is determined per each employee type. Their payroll will be multiplied by the class code of their job and expressed as the premium per $100 of payroll. That way, an office worker would pay much less than a roofing contractor. Nevertheless, the time your roofing business has been in operation, plus its location and safety record, will also influence the price.
Commercial Auto Insurance for Corpus Christi Contractors
Commercial Auto Insurance is designed to protect businesses that own, rent, or lease vehicles for business purposes. It provides coverage for any physical damage, liability, and other expenses arising from an accident while using these vehicles. Unlike a personal auto policy, this coverage will protect you if you transport tools and equipment on your van to different job sites. Many business owners ignore that with personal auto, their claim can get denied if they were using the vehicle for income purposes. In that case, a cheap commercial auto policy would have covered them.
How Much Does Commercial Auto Insurance Cost?
The cost of this policy is not significantly greater than that of your personal auto policy, but it offers far better levels of coverage and certain other benefits. One of those benefits is that you can write off this coverage from your taxes, so the actual cost of both policies is nearly the same. On average, it costs $1,500 a year for a policy limit of $1 million.
The factors that influence the Commercial Auto Insurance price are as follows:
| The Number of Vehicles | The more vehicles need to have coverage, the higher the risk of accidents, so the cost also increases. |
|---|---|
| The Type of Vehicles | The bigger and heavier the vehicles are, the more their policy will cost. |
| Driving Records | The cost increases with the number of infractions and accidents of the employees that will be driving the vehicles (you must submit their driver’s license). |
Inland Marine Coverage for Corpus Christi Contractors
As a roofing contractor, you need your tools to support your business, and you probably invested a lot of money in getting them. Therefore, when you carry your equipment around without insurance, how can you replace it?
Inland Marine Insurance is a specialized form of coverage that protects your property from risks related to its transportation and storage. It is generally used by businesses that have specialized needs, such as roofing operations, because it can cover theft, loss, and destruction of materials, such as shingles, nails, roof vents, nailers, and other supplies at multiple job sites or while in transit.
How much does Inland Marine Insurance cost?
Multiple factors can influence the price of this policy. However, the most important one is the value of the covered equipment. The others are common to most policies, like the location of the business and its claim and credit history. The minimum premium is $500, but the average price of Inland Marine is $800 a year for a coverage of $100,000 in property and a $1,000 deductible. Another way of seeing this is as $0.80 for every $100 of covered property.
Bonds for Corpus Christi Contractors
Permit bonds are a form of insurance that guarantees that a contractor or other individual working in a particular field will adhere to their contract and finish their project right and on time. Therefore, permit bonds provide an extra layer of protection for property owners in case something goes wrong with the project itself, such as poor workmanship or failure to complete it on time.
As a roofer, having this sort of protection shows compromise and trustworthiness and allows you to bid on more jobs. Many projects require contractors to have license bonds before being allowed to work. Such is the case for most governmental projects. Therefore, it is a good addition to your roofing policy.
How Much Do Bonds Cost?
This type of policy is pretty cheap, as it costs around $100 or $250 annually. Nevertheless, the credit history of the contractor applying for the bond will directly influence the premium. For instance, a good credit history, with a score of 700 or more, means that your policy will be approved faster and cost less.
Conclusion
Now you know the basic coverages you need to include in your roofing insurance policy to have a good layer of protection: General Liability, Worker’s Compensation, Commercial Auto, Inland Marine, and Permit Bonds.
If you want to get the best coverage now, from the best carriers and at the lowest price, call us at (773) 985-2253 or click for a free quote. We can assist you and answer all your questions 24/7!