Roofing Insurance for Port St. Lucie 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.
Insurance is a fast track to peace of mind for business owners, contractors, and customers alike. You would never want to complete roofing project without insurance, as you put yourself at risk for being held responsible for any unforeseen negative consequences or payouts.
There are a few different types of insurance that roofers in Port St. Lucie often hold:
- General liability insurance
- Workers’ compensation insurance
- Commercial auto insurance
- Inland marine coverage
Florida requires the listed coverages for all roofing contractors. If you don’t comply with these regulations, you’ll be at risk of losing your license. But that’s not the only reason you should hold robust roofing insurance. It’s a crucial part of keeping your company and wallet safe from issues such as personal injury, legal costs, theft (and replacement costs), and damage to equipment.
General Liability Insurance for Roofing Contractors in Port St. Lucie, Florida
General liability insurance is the most basic type of contractor’s insurance, and it’s necessary for roofing companies throughout Florida – including those in Port St. Lucie.
When it comes to roofing, you can consider general liability insurance your first line of defense that helps protect your business from legal claims related to personal injury, property damage, or other disputes. It’s worth noting that holding general liability insurance is not only a smart business decision – it’s also a legal requirement in the sunshine state.
General liability insurance covers basically any claims that you might see tied to either work you’re currently doing or work you’ve previously finished. That includes accidents involving clients or third parties on a site. We know that you’re always working to prevent accidents, but unfortunately, they tend to occur when we least expect them. If anything does happen, you’ll regret not protecting yourself from unexpected costs.
General liability coverage typically ranges from $2,800 to $3,000 per year in Port St. Lucie. But since attorneys’ fees can start around $20,000 (and may go significantly higher) if a lawsuit does occur, that’s a reasonable price that’s definitely worth paying.
Workers’ Compensation Insurance for Roofing Contractors in Port St. Lucie, Florida
Workers’ compensation insurance centers around financially protecting employees if they get injured on the job (which could stick them with steep medical bills or lost wages). In a dangerous and physically demanding industry like roofing, it’s crucial to make sure that you have proper workers’ compensation coverage in the event of an accident.
But holding workers’ compensation insurance isn’t just a smart business maneuver. Throughout Florida, workers’ compensation insurance is a requirement for businesses that employ more than one person. Noncompliance can result in steep fines or loss of licensure.
You’d never want to find yourself liable for claims filed by an employee. But that’s far from the only benefit of workers’ comp. Holding a comprehensive policy makes your business stand out, showing that you’re a fair employer that values the people who work for you.
In Port St. Lucie, you can expect workers’ compensation insurance to cost about $35 per $100 in payroll for local roofing companies like yours. But don’t let that number scare you. Insurance is unique in that you may not need to cover costs yourself. A popular way to fight insurance costs is to raise your hourly rates so as to counter the cost of your policy.
Commercial Auto Insurance for Roofing Contractors in Port St. Lucie, Florida
While their names sound similar, personal auto insurance and commercial auto insurance are actually very different. Commercial auto insurance is made to cover vehicles used for income-generating purposes. Personal auto insurance policies don’t cover this – so even if your family vehicle is insured, your company vehicles may not be.
Whether your Port St. Lucie roofing company has one truck or one hundred, you should cover all of your company vehicles with a commercial auto policy. Coverage should include physical damages to vehicles as well as providing insurance for employees who operate those vehicles. Plus, commercial auto insurance is a legal requirement in the state of Florida.
Another great benefit of holding commercial auto insurance? It’s tax-deductible – in other words, you can write it off. Personal auto insurance is not eligible as a tax write-off, so investing in a commercial policy can help with your business’ accounting in the long run.
However, it’s important to understand that commercial auto insurance will not cover damage or theft of any tools or supplies that you have stored in vehicles. If you need that level of coverage (and most roofers do), you’ll want to explore inland marine insurance options.
Inland Marine Coverage for Roofing Contractors in Port St. Lucie, Florida
Despite what its name might suggest, inland marine insurance is not related to water. It’s actually centered around coverage for tools, equipment, and materials being transported between job sites or stored with a third party. Inland marine insurance will cover items that are lost, stolen, or damaged. Trust us, you don’t want to be on the hook for those costs.
You might think that tools inside a vehicle covered by a commercial auto policy are insured under said policy – but unfortunately, that’s a myth! Commercial auto insurance is all about the vehicle, not what’s inside of it. But you can still cover a vehicle’s contents by investing in an inland marine insurance policy.
For example, think about this scenario: You’re driving a company pickup truck full of shingles and power tools, and then those tools get stolen. It’s a situation we wouldn’t wish on anyone, but it does happen. If you have the proper coverage, however, it won’t be as much of an issue. Replacement costs’ will be covered by inland marine insurance.
The tools and materials for roofing jobs in Port St. Lucie can be expensive, so it’s crucial to ensure you don’t put your savings account at risk if you need to replace them. Inland marine insurance is a smart policy to hold if you often drive or travel with expensive tools or materials. In other words, it’s practically made for roofing companies.
Bonds for Roofing Contractors in Port St. Lucie, Florida
Every roofer in Port St. Lucie should understand the distinction between licensed and bonded contractors. That’s because investing in bonding insurance can really set your business apart. So what is a contractor’s bond?
Well, a contractor’s bond is a commercial surety bond that benefits customers and employees if they sustain financial damage due to your actions as the leading contractor on a job. It’s a guarantee that you’ll follow through with your contract and get the job done.
At its core, bonding insurance keeps others safe from harmful or negligent actions – not that you’ll ever intentionally take them. That’s why bonding insurance isn’t necessarily an intuitive investment. You’d never try to do anything wrong – but accidents do happen, and your customers will want to know that they’re safe if an incident occurs.
Bonding insurance is helpful to make your business stand out in Port St. Lucie’s crowded roofing market. Many contractors opt to hold bonding insurance choose in order to make themselves look good for existing and prospective customers and clients, who are often impressed by this additional guarantee.
Keep Your Port St. Lucie Roofing Company Running Smoothly
Running a roofing business in Port St. Lucie requires lots of effort, but it’s crucial to make time for adhering to Florida’s insurance regulations. You’ll need to do so in order to keep your roofing license, but that’s not the only reason you should invest resources there. Holding robust insurance coverage is a smart business maneuver that will give you peace of mind.
No matter what types of insurance you need, we are here to help you find the right policies quickly, easily, and affordably. You’ll be able to keep your Port St. Lucie roofing company running for years to come and build a lasting legacy when you protect yourself against costs from accidents, injuries, lawsuits, damages, and other surprisingly common occurrences.
Our customers trust us for great customer service and cost-effective coverage.