The Top Ten Issues to Consider when Buying Roofer Insurance
Following are ten things to consider when you are buying a new policy or renewing your current roofers insurance:
- Review any new acquisitions or operations that may present additional exposure for your company.
- Address any open loss control recommendations from prior reviews of your operation.
- Take a good look at your loss runs to make sure that all the entries are current and accurate. Address any conditions that may have contributed to the loss and provide the solutions to the underwriter.
- If you are anticipating any joint ventures or partnerships, make sure that the applicable person or organization is shown as a named insured on the dec page.
- Consider a general liability extension endorsement for your policy. It provides excess coverage on your interest in a finished joint venture, per job aggregates, legal liability for borrowed equipment, extended personal injury coverage and many other enhancements.
- Are your tools and equipment scheduled on a contractor's equipment coverage part? Typical contents and building coverages might not provide protection for these items at job sites or while in transit.
- Have you considered if a loss sensitive or retrospective rating program might work for you? This might be especially pertinent if your premium is over $1,000,000 and you have better than average loss experience. These are programs where your losses determine the cost of the policy.
- Review your general liability and auto coverage parts to make sure that no gaps exist.
- Examine the policy summary page. There may be additional protections you might not have that you want. For example, does roofing replacement expense coverage or environmental response costs fit into the future plans of your firm?
- Look for any premium deductions you might be able to get. For example, if you implement safety programs there could be a corresponding premium reduction. You also may be able to replace a coverage restriction with a deductible in the case of incidental residential exposure.
Regarding workers compensation, make sure your payrolls and head counts are accurate so your premium is based as close as possible to actual rather than estimated payroll.
USA Business Insurance Roofing Program
Contact USA Business Insurance today for affordable, thorough coverage options for insuring your roofing business. We will help you decide what is best for you whether you are a small, medium or large roofer.