Roofing contractors are constantly on the go, and that means their equipment is constantly at work. The equipment is being moved from site to site, that same equipment faces wear and risk of damage, and you and your clients need to be prepared for loss or theft. Whether they are an independent roofing contractor or they own a small roofing repair and construction business, talking to your clients about adequately insuring equipment and physical assets is one of the best steps you can take in making sure your client’s business will stay financially stable in the event of stolen equipment or wear and tear.
What types of property related insurance should a roofing business have to protect its equipment and assets?
- Inland Marine Insurance: Because this type of business requires workers to travel from site to site, equipment can be at risk of loss or damage while it’s on the road. Your clients’ commercial insurance policies should include inland marine coverage so they don’t pay out-of-pocket for repairs and replacements.
- Commercial Auto Insurance: Don’t just cover have your client cover roofing equipment as they transport it to their next job; circumstances that cause damage or loss of those assets, like collisions, can set back a company if the vehicle is totaled or needs repairs. If your clients regularly use one vehicle for your contracting work, or they own a truck through the business, then that car should also be covered in the event of expensive damages.
- Business Owners Insurance: If your clients’ equipment is stolen or something prevents typical business operations, business owners insurance can protect them from loss of income and business interruption, often for up to twelve months. This makes for a longer-lasting client, and retaining a client is much for effective than losing and replacing a client.
Roof repair and construction relies on both technical know-how and keeping equipment available and running well. Use a well-constructed excess insurance policy to help your client keep their equipment operating and business running; if you’d like to learn more about the specific insurance policies roofing contractors need to help business stay strong, please contact Prime Insurance Company.