Roofing Insurance for St. Petersburg 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 imperative for peace of mind for business owners, contractors, and customers. If you complete a roofing project without having insurance, you will automatically be held liable and financially responsible for any negative unforeseen circumstances.
There are a few different types of insurance that roofers in St. Petersburg often hold:
- General liability
- Workers’ Compensation Insurance
- Commercial auto
- Inland marine
- Bonds
In Florida, all roofing contractors are required to hold these types of insurance. If you fail to remain compliant with these regulations, you will be at risk of losing your roofing license. But that’s not the only reason you should carry insurance. It’s crucial to keep your company and your wallet safe from issues like theft, personal injury, legal costs, and equipment damage.
General Liability Insurance for Roofing Contractors in St. Petersburg, Florida
General liability insurance is the simplest variety of contractor’s insurance, and it’s necessary for roofing companies throughout Florida – including those based in St. Petersburg.
When it comes to roofing, you can think of general liability insurance as the first line of defense helping to protect your business from legal claims related to personal injury, property damage, or other disputes. But holding general liability insurance is not just a smart business decision – it is legally required in Florida.
General liability insurance will cover pretty much any claims that are related to work you are in the middle of or have previously completed. This includes accidents involving clients or third parties on your worksite. You are always working to prevent incidents, but unfortunately, they do occur. When they do happen, it’s important to protect yourself from unexpected costs.
General liability coverage for your roofing business in St. Petersburg will usually cost between $2,800 and $3,000 per year. But considering that in the unfortunate event that you’re sued, attorney fees can start around $20,000 (and may go much higher). This makes general liability insurance a must-have for roofers.
Workers’ Compensation Insurance for Roofing Contractors in St. Petersburg, Florida
Workers’ compensation insurance was created to keep employees financially safe if they get injured on the job (which could lead to steep medical bills or lost wages). As the roofing industry can be dangerous and physically demanding, it’s crucial to make sure you have proper workers’ compensation coverage in the event of an incident.
That’s why this type of insurance is a necessity for roofing companies. Throughout Florida, workers’ compensation insurance is a requirement for businesses that employ more than one individual – but more importantly, it’s simply a good idea.
You would never want to find yourself personally liable for claims filed by an employee. But that’s not the only upside. Holding a comprehensive worker’s comp policy makes your business shine. It shows that you’re a fair employer who values the people working for you.
In St. Petersburg, workers’ compensation insurance typically costs roofing companies about $35 per $100 in payroll. But don’t be alarmed. Insurance is unique in that you don’t have to cover the cost yourself. One strategy for combating insurance costs is raising your hourly rates to effectively cancel out the cost of the policies you choose.
Commercial Auto Insurance for Roofing Contractors in St. Petersburg, Florida
While you probably already hold personal auto insurance, commercial auto insurance is a totally different type of coverage. Commercial auto policies are made to cover vehicles used for income-generating purposes. Personal auto insurance policies don’t usually cover this.
Whether your St. Petersburg-based roofing company has a fleet of trucks or just a few of them, you should cover all your company vehicles under a commercial auto policy. That coverage usually includes physical damages to vehicles and provides insurance for employees operating one of those vehicles. Plus, it’s legally required throughout Florida.
Another key benefit of commercial auto insurance? It’s tax deductible – in other words, you can write it off. Personal auto insurance is not eligible as a tax writeoff.
One important note: commercial auto insurance does not cover damage or theft of tools or supplies that might be stored in your vehicles. If you need that coverage (most roofers do), you’ll want to check out inland marine insurance.
Inland Marine Coverage for Roofing Contractors in St. Petersburg, Florida
Don’t let the name confuse you – inland marine insurance is not related to water. It’s a policy centered around covering tools, equipment, and materials being transported between job sites or being stored with a third party. Inland marine insurance will cover any costs incurred if your items are lost, stolen, or damaged under certain circumstances.
Many people assume tools inside a vehicle covered under a commercial auto policy are automatically insured – but that’s not the case! Imagine this: If you’re driving a company pickup truck with shingles and power tools in the bed and those tools get stolen, they will be covered by inland marine insurance, not commercial auto insurance.
The tools and materials needed for roofing jobs in St. Petersburg can be expensive, so it’s crucial to ensure you don’t have to pay out of pocket to replace them. Inland marine insurance is a smart policy to hold if you often drive with pricey materials.
Bonds for Roofing Contractors in St. Petersburg, Florida
St. Petersburg roofers need to understand the difference between licensed and bonded contractors. A contractor’s bond is a commercial surety bond that benefits customers and employees if they are financially damaged by your actions as the contractor on a site.
While it might not initially seem like a direct benefit to your roofing company, bonding insurance guarantees that you’ll follow through with your contract and get the job done. It protects others from harmful or negligent actions – not that you’ll ever purposefully take those actions. So what is the benefit of holding bonding insurance?
Bonding insurance can help your roofing business stand out in a crowded market. Many contractors with bonding insurance choose that degree of coverage in order to make themselves look good to customers and clients, who are often impressed by this show of good faith. Many clients actually prefer working with bonded roofing companies.
Protect Your St. Petersburg Roofing Company
Running your St. Petersburg roofing business takes a lot of effort, but it’s crucial to ensure that you’re adhering to Florida’s insurance guidelines. You’ll need to do so in order to keep your roofing license, but that’s not the only reason. Holding robust insurance policies is also a smart business maneuver.
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 and protect yourself against costs from accidents, injuries, lawsuits, damages, and more.
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