Roofing Insurance for Miami Contractors
Choose the Best Roofing Insurance Today!
At Contractors Liability, we offer tailored policies for your roofing business, and you can include Commercial Auto, General Liability, Inland Marine, Worker’s Compensation, and much more. Get Quote, Roofing Insurance for Miami Contractors.
The roofing industry, like the construction industry as a whole, inherently comes with some potential danger. Because it’s a high-risk career in which even a minor oversight or mistake can quickly become catastrophic, it’s important to consider looking into roofing insurance policies to prevent significant losses and unnecessary liability that could ruin your business.
Before you pick a roofing insurance provider, it’s important to understand the different types, as they can quickly become complex. Your business is unique, and what you intend to protect yourself and your team from will determine the type(s) of insurance that you’ll need. Some of the most common insurances for contractors are:
- General liability insurance
- Workers’ compensation insurance
- Commercial auto insurance
- Inland marine coverage
- Commercial Umbrella
General Liability Insurance for Roofing Contractors in Miami, Florida
Accidents are common in construction, often regardless of the steps that contractors and business owners take to prevent them, which is why general liability insurance is so important and why it’s the most common type used in the roofing industry.
General liability insurance is a fundamental policy that serves as protection in the case of any third-party damages. A third party is anyone on or near the site who is not a contractor working on completing a roofing project.
This means that if one of your tools, contractors, or materials accidentally injures a bystander or damages a client’s property, costs that you would otherwise have to pay out of pocket will be covered by your insurance.
General liability claims can be expensive. The U.S. is the most litigious country in the world; although we only have 5% of the world’s population, we also have 25% of its lawsuits. If your company is sued, attorney fees will start at $20,000 and can easily go up to $100,000.
A general liability policy, on the other hand, costs around $2,800-$3,000 and gives you $1 million-$2 million in coverage.
This type of policy is required for a license in most states and is always required commercially. It’s important because if you’re not insured, incidental damages could quickly drain your roofing business’ finances and potentially lead to bankruptcy. A bad day without insurance is a very bad day indeed.
General liability insurance is also a staple in protecting the reputation and rights of yourself, your business, and your employees. You would be protected if a customer is unhappy with the services or products you provided. In the case of any slander, libel, false arrests or evictions, and other potentially harmful claims made by customers, you would be covered.
Workers’ Compensation Insurance for Roofing Contractors in Miami, Florida
In a high-risk industry such as roofing, workers’ compensation coverage is very important. It’s important to ensure the safety and protection of workers at all times. However, sometimes accidents still occur, and slipping and falling is one of the most common types of roofing accidents resulting in injury.
Because of this, having workers’ compensation insurance is mandatory in most states, as it provides benefits and reimbursement in the case of workplace injuries. It can be somewhat pricey (amounting to about ⅓ of your payroll), but this doesn’t need to come out of your bottom line: you can pass this cost onto your customers.
The injured contractor will be entitled to benefits that vary according to the state in which the injury occurred. The benefits usually include reimbursement of lost wages, payment of medical bills, and even disability benefits in more serious cases. In the event of death, the family and dependents of the contractor will receive compensation.
In accordance with Florida law, Miami roofing contractors with any number of employees must have worker’s compensation coverage.
Commercial Auto Insurance for Roofing Contractors in Miami, Florida
Commercial auto insurance is a required policy that provides protection to vehicles utilized for your business. This includes any cars, trucks, vans, or other vehicles that are used to generate income for your company. Commercial auto insurance can also be used as a tax write-off.
If your company vehicle causes bodily harm or property damage to a worker or third party, you are covered. Your insurance will cover any legal or medical fees that result from the accident through your liability coverage. The vehicle itself and any drivers or passengers would also be covered if a crash occurred.
Additionally, if your vehicle sustains damage through other means, such as a natural disaster, vandalism, or theft, the expenses are covered under commercial auto insurance.
If your commercial vehicle is a trailer, it’s important to note that commercial vehicle insurance only covers vehicles that are less than 2,000 pounds. If you have a trailer or other vehicle that weighs more, you’ll need to get it insured under a full coverage plan.
Inland Marine Coverage for Roofing Contractors in Miami, Florida
While inland marine coverage may seem like a confusing name in relation to roofing, it simply means that when your products and materials move, so does your coverage. If your equipment is being transported to a new site or is temporarily held somewhere else, you are still insured.
If any tools are lost, damaged, or stolen during transport, the replacement costs and any fees will not have to be paid out of your pocket. Inland marine coverage may not be necessary if your general liability insurance covers it, and it’s important to note that if your work vehicle is broken into, the tools won’t be covered.
Generally, without this type of policy, your materials and equipment are only insured in the location listed on your insurance policy, and any loss that occurs elsewhere will have to be paid for out of your pocket.
Commercial Umbrella Insurance for Roofing Contractors in Miami, Florida
Even with several types of insurance in place, you might still find yourself in a predicament if your expenses exceed your policy limits. With the financial backing to cover these additional costs, your business could be in good shape. This is where the importance of commercial umbrella insurance becomes evident.
Commercial umbrella insurance comes into play in situations that might not be sufficiently covered by many standard policies, such as:
- Medical expenses, encompassing ongoing or future treatments.
- Legal fees or costs associated with pursuing coverage.
- Damage to public or personal properties.
It’s important to note that commercial umbrella insurance in Miami is distinct from excess liability insurance. The umbrella policy is designed to counterbalance the financial impact that could arise from claims against your employees or your business, while excess liability insurance only enhances certain aspects of your coverage.
Get Protected Today!
When you’re working in the roofing industry, it’s especially important to have insurance coverage that will keep your contractors safe at all times and protect you from extremely high out-of-pocket costs.
Additionally, customers are more likely to work with businesses and contractors that are bonded and insured because this adds an extra degree of trust and ensures that your contractors and customers are protected because you’re following construction regulations in your area.
When you’re a business owner or contractor, it’s important to look at your options for insurance policies and decide which ones you’ll need. We’re an insurance broker and we do the heavy lifting for you to find the best coverage for your unique roofing business. We’ll do the research for you so you can focus on your business.
If you want to get the best coverage now, from the best carriers and at the lowest price, call us at (866) 225-1950 or click for a free quote. We can assist you and answer all your questions 24/7!
Frequently Asked Questions (FAQ)
Get answers to your most common questions from Contractors Liability
For General Liability Insurance in Miami you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in Florida are $1,000,000/$2,000,000.
For Commercial Auto Insurance in Miami you need $1,000,000 CSL meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your Miami vehicle you need to have Comprehensive and collision coverage. Commercial Auto Collision Insurance in Miami, FL covers any collision and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Miami you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases the owner is not liable and coverage for workers compensation is unlimited.
Our customers trust us for great customer service and cost-effective coverage.