As you know, Minnesota Roofers face dangers every day.
One slip and it could be lights out! You run risks with property damage, liability, equipment. Not to mention your employees, sub-contractors, and other close by. Buying roofing insurance is part of every roofer’s business plan. The insurance isn’t cheap because of what you do. However, there are some better choices out there. We happen to have 3 companies that will compete for your business. Each has their own set of rules and coverage.
The cost… Well for a one person / one active owner company Minnesota contractor doing 25% roofing, 25% siding, 25% Windows & 25% Gutters the cost is around $1,700.00 per year. If you do more roofing than that, the cost can hit $2,650 per year in a hurry.
Something that is also rated for is sub-contractors. Be sure to do everything your roofing company recommends in regards to certificate and any possible additional endorsement requirements. Examples of some additional endorsements could include Additional Insurance, Primary Non-Contributory Language, Waiver of Subrogation / Transfer of Rights, Commercial Auto Insurance, Workers Compensation Insurance (even if you don’t have employees) and a Commercial Umbrella.
Insurance companies will charge you an estimated amount each year based on what you told them or information from a previous year. Then they audit you at the end of each year to make sure everyone’s rates are fair. This can be a very difficult and costly experience if you don’t have your ducks in a row.
Let’s take a look at some of the things that come with a Minnesota roofing insurance policy or roofer’s general liability insurance policy. It provides protection for your business in these 5 ways:
1. Bodily Injury: Protects you if anyone is physically injured at your place of business, or if you or an employee are responsible for injury to a non-employee at a jobsite
2. Personal Injury: Covers any damage to the reputation or rights of another person or business; includes issues like slander, libel, copyright infringement, privacy, wrongful arrest or eviction
3. Advertising Injury: Covers any claims of loss by your customers due to a product or service you advertised
4. Medical Payments: Covers the medical expenses of someone injured on your property regardless of fault; this coverage can work as a “good will” gesture to avoid a lawsuit, court or additional expenses.
5. Independent Contractor’s Liability: Covers any damage caused by an independent contractor that you hired.
6. Property Damage: Covers your property damage to other that what you are working on. So if you are working on the roof and the rain damages the home & contents, your covered.
How do you find the best deal, shop multiple carriers. That’s exactly what we do here at Insurance Minnesota. We present your information to several top rated roofing insurance companies. We then offer you a choice and will explain the options and pitfalls of each. Result, feeling confident that we have you covered correctly and affordably will allow you to go back to what you do well.
We are Insuring Minnesota and we insure Minnesota roofing companies!
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