Roofing Insurance for Orlando Contractors
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Florida requires all roofing contractors to hold a few different types of insurance – it’s either that or risk losing your license. Whether you’re the primary contractor on a job or a subcontractor working with another organization, it’s essential to carry your own insurance policy. The truth is that if your name isn’t on the policy, you’re not guaranteed coverage.
Here are some of the most common types of insurance that are worth the investment for every Orlando roofing business:
- General liability
- Commercial auto
- Inland marine
- Commercial Umbrella
In the roofing industry in particular, accidents can happen even at the most unexpected times. Roofers face dangers like falling from heights, burns, and electrocutions. It’s just as important to protect yourself from issues like theft, legal disputes, or equipment damage. Holding the proper insurance will keep both your company and your wallet safe and worry-free.
General Liability Insurance for Roofing Contractors in Orlando, Florida
General liability insurance is the most basic and common type of contractors insurance, and it’s an absolute necessity for roofing companies throughout the state of Florida – including those based in Orlando.
And it’s not just a smart business decision. General liability insurance is legally required in Florida. When it comes to roofing, you can think of your general liability insurance policy as the first line of defense protecting your business from any legal claims regarding personal injury, property damage, or any other controversy you can imagine.
It covers pretty much any claim that’s brought against you related to work you’re either in the middle of or have already completed. That includes accidents that befall a client or a third party on your worksite. While roofers like you are constantly working to prevent such mishaps, they do occur. So make sure you’re not caught off guard by unexpected costs.
General liability coverage will typically cost you between $2,800 and $3,000 per year. But considering that attorney fees will start around $20,000 in the event of a lawsuit, that’s a small price to pay.
Workers’ Compensation Insurance for Roofing Contractors in Orlando, Florida
Workers’ compensation insurance is meant to keep employees financially supported in the case of injuries sustained on the job, in which case they might rack up medical bills or miss out on wages. As any roofer knows, the industry can be demanding and dangerous, which means it’s crucial to make sure you’re covered in the event of an accident.
With that in mind, workers’ compensation insurance is a no-brainer. In Florida, it’s required for any business with more than one employee – but more than that, it’s just good practice.
Think about it like this: You don’t want to be personally liable for any claims filed by one of your employees. Plus, holding workers’ compensation insurance makes your business look good. It shows that you’re a fair employer who values your talented employees.
In Orlando, workers’ compensation insurance will likely cost you about $35 per $100 in payroll for roofers. But here’s the best thing about insurance: You don’t need to bear the cost of it yourself. You can raise your hourly rates to effectively cancel out the cost of workers’ compensation insurance.
Commercial Auto Insurance for Roofing Contractors in Orlando, Florida
They might sound similar, but commercial auto insurance and personal auto insurance are not the same thing. Commercial auto insurance policies are tailored to cover vehicles used for income-generating purposes. Personal auto insurance policies don’t usually cover this.
Whether your Orlando roofing company has a fleet or trucks or just a few, you will want to cover all of those vehicles through commercial auto insurance. That coverage will include physical damages to vehicles, and it should also provide insurance for employees who are operating one of those vehicles. Plus, it’s legally required in the state of Florida.
One other benefit of commercial auto insurance is that it’s tax deductible – in other words, you can write it off. Personal auto insurance is not eligible as a tax writeoff.
It’s important to remember that commercial auto insurance does not cover damage or theft of tools or supplies that might be stored in your vehicles. That’s actually a different type of coverage called “inland marine insurance.”
Inland Marine Coverage for Roofing Contractors in Orlando, Florida
Despite its name, inland marine insurance has nothing to do with water. It’s actually a policy that covers your tools, equipment, and materials while you transport them between job sites or store them with a third party. Inland marine insurance will cover replacement costs if your items are lost, stolen, or damaged under covered circumstances.
You might have thought that tools inside a vehicle covered under your commercial auto policy would automatically be insured – but that’s not the case! For example, if you’re driving a company pickup truck with shingles and pricey power tools in the truck bed, those tools would be covered by inland marine insurance, not commercial auto insurance.
The tools and materials needed for roofing jobs in Orlando can be expensive, so you don’t want to pay out of pocket to replace them. Inland marine insurance is a smart addition to your policy if you often drive materials around and want to protect them (and your wallet).
Commercial Umbrella Insurance for Roofing Contractors in Orlando, Florida
In the vibrant city of Orlando, Commercial Umbrella Insurance stands as a sturdy safeguard for businesses, especially for roofing contractors. This insurance type provides an extra layer of liability protection that springs into action when existing liability insurance policies are maxed out due to damages or injuries.
- Extended Liability: This specialized coverage ensures that your Orlando-based roofing business remains shielded against damages or injuries that exceed the confines of your primary liability insurance policies.
- Expanded Risk Protection: Not only does commercial umbrella insurance amplify the strength of your current liability insurance, but it also caters to risks typically overlooked by conventional policies, including issues like libel or slander.
For roofing contractors operating in Orlando, integrating commercial umbrella insurance into their protection strategy offers a profound sense of security, affirming that their enterprise is robustly defended against unforeseen liability claims.
Make Sure You’re Covered in Orlando, Florida
As you run your Orlando roofing business, ensure that you’re adhering to the state of Florida’s guidelines. You’ll need to do so in order to keep your roofing license, but that’s not the only benefit. The required insurance coverages are also just smart business practices.
No matter what types of insurance you need for your roofing business, we can help you find the right policies quickly, easily, and affordably. You’ll be able to keep your company running for years to come by protecting yourself against the costs of accidents, injury, lawsuits, damages, and more.
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 Orlando, 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 Orlando, 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 Orlando vehicle, you need to have Comprehensive and Collision coverage. Commercial Auto Collision Insurance in Orlando, FL covers any collision, and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in Orlando, 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.
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