Get a Roofing Contractor Insurance Quote

What is roofing contractor insurance?

The first thing that comes to mind when we talk about roofing insurance is the risk of working at heights. But roofing contractors face many other dangers too, because mistakes happen to everyone. Whether it's equipment breakdown or theft, injuries, environmental damage, an accident on the way to a job, or a lawsuit—roofing insurance has got you covered. This coverage is designed specifically to meet all the needs of small and medium-sized roofing businesses at a reasonable cost.

What does roofing insurance cover my business for?

Roofing insurance typically covers a variety of risks, including:

• Commercial general liability insurance (CGL): Commercial general liability insurance is one of the broadest types of coverage. It protects you if you accidentally cause damage to third parties and covers legal defense costs.
• Commercial property insurance: Commercial property insurance protects any of your business properties, like your office, warehouse, or heavy equipment, from all possible risks.
• Tool and equipment insurance: Unlike commercial property insurance, which is more for heavy, large equipment like cranes, this type of coverage insures your work tools, such as nail guns, tape measures, ladders, drills, and other tools builders use on-site every day. To protect your inventory from fire, theft, or other accidents, we recommend considering this type of coverage.
• Commercial auto insurance: Most roofing contractors have a work vehicle since any construction job involves transporting various materials or tools. If you use your personal vehicle for business purposes, your regular auto insurance won’t cover it. In this case, you still need commercial auto insurance as part of your roofing contractor insurance program.

What insurance coverage add-ons are recommended for roofing insurance?

To enhance your roofing insurance, consider the following add-ons:

• Professional liability insurance. If you’re working on complex roofing projects or hiring subcontractors, it’s a good idea to think about errors and omissions (E&O) insurance. This coverage will compensate you for any damages caused by negligence or improper work, and it also covers legal costs if a client sues your company.
• Business interruption insurance. This is especially important for small businesses. If an emergency forces you to temporarily close, this insurance helps cover ongoing expenses like rent and employee salaries. It helps your business get through tough times.
• Pollution liability insurance. Pollution insurance protects companies from claims related to pollution that can harm people or damage other people’s property. This coverage is a crucial part of your overall risk management program if you use hazardous materials in your work. For example, improper disposal or a spill of toxic chemicals can contaminate soil or water. To determine if you need this coverage, it’s best to consult with an insurance agent and explain the specifics of your work.

How much does roofing insurance cost in Canada?

For small roofing businesses, the average cost of basic roofing insurance in Canada is about $45 per month. The cost can vary a lot depending on the size of your business, any additional coverage, location, and claims history. To get personalized insurance plans and find out the exact cost, you need to contact an insurance agent and share your business details.

What factors determine the cost of roofing insurance rates?

Several factors can influence the cost of roofing insurance. Here are some key elements that insurers consider:

• Type of projects: The kind of roofing projects you take on (residential, commercial, industrial) can greatly affect your rates. More complex or hazardous projects typically result in higher premiums.
• Business size: The size of your business, including the number of employees and the scale of your operations, plays a role. Businesses that have more employees often face higher premiums due to increased risk.
• Experience and track record: Your years of experience in the roofing industry and your safety record are crucial. Companies with a long history and a good safety record may receive lower rates.
• Location: The geographical location of your business can affect insurance costs. Areas with higher risks of natural disasters or higher crime rates may lead to higher premiums.
• Equipment and tools: The type and value of the equipment you use are considered. Expensive or specialized equipment can increase your premiums due to the higher replacement costs.
• Revenue: Your annual and projected revenue can influence your insurance rates. Higher revenue often means higher premiums because of the increased risk exposure.
• Safety measures: Implementing and maintaining strong safety protocols can help lower your insurance costs. Insurers look favorably on businesses that prioritize safety training and procedures.
• Claims history: Your history of insurance claims is also a factor. A history of frequent or large claims can lead to higher premiums.
• Coverage limits and deductibles: The amount of coverage you choose and the deductible you are willing to pay can affect your rates. Higher coverage limits and lower deductibles generally result in higher premiums.
• Bundling policies: If you bundle multiple insurance policies (like general liability, and equipment insurance) with the same provider, you might receive discounts.

How does roofing insurance work?

Roofing insurance is meant to financially protect roofing contractors from potential risks. At the start, your insurance agent will explain the details of your policy, warn you about possible exclusions or risks, so you know exactly when the insurance covers you and when it doesn’t. Later, you’ll need to pay monthly premiums. If an incident happens, like a heavy tool accidentally falls off the roof and damages the homeowner’s outdoor furniture, you should report it to the insurance company right away. Usually, you’ll need to provide evidence, documents, and financial receipts related to the incident so the insurance company can review your claim. After reviewing and approving the claim, you’ll get the compensation specified in your policy. Whether you’re a self-employed contractor or own a roofing business, having a clear insurance plan will keep you safe.

How to get the cheapest roofing insurance quote

For roofing contractors, Rates.ca makes it easy to find the best insurance coverage. Our goal is to customize the coverage to fit your specific needs, so you only pay for what you need. Here are some tips to help you get started:

Years of experience: Highlight how long you’ve been in the roofing business. More experience can sometimes mean lower insurance premiums.

Revenue: Share your annual and projected revenue. Higher earnings can lead to higher premiums due to increased risk.

Safety measures: Show any safety training and procedures you have in place. Demonstrating a commitment to safety can help lower insurance costs.

Bundling policies: Consider getting multiple insurance policies from the same provider. This can often lead to discounts.