Roofing Contractor Insurance Ontario

Roofing Contractor Insurance Ontario

Roofing is a very practical profession. Without roofs, everyone would be in trouble whenever there was precipitation or even a strong wind. Having shelter is even called 'having a roof over your head,' which should speak volumes as to the importance of the job of a roofer.

However, being a roofing contractor does have some risks. Being a business owner may free you from the confines of having to work for someone else, but you rid yourself of the safety of a stable job and add a bunch of paperwork to your job. Even worse, you open your finances to plenty of risk, as you are now responsible for paying for any damage you cause. Luckily, roofing contractor insurance is here to protect you.

What Is Roofing Contractor Insurance?

Roofing contractors insurance is a form of business insurance coverage that protects people in the roofing industry from financial hardship caused by the wide range of risks involved in the roofing industry. For example, the material you are using at a job is blown off the roof by extreme wind, causing damage to a neighbour’s pool, for which they hold you responsible. It's also possible that you accidentally cause property damage to your clients' homes, and you are held responsible. Perhaps your company vehicle gets damaged in a collision, and you can't afford to replace or repair it yourself. Roofing contractor insurance gives you peace of mind that even if an incident like this were to happen, you can continue serving your customers without it financially crippling you.

Who Needs Roofing Contractor Insurance In Ontario?

Anyone who owns their own independent roofing business in Ontario will benefit from the coverage provided by roofing contractor insurance. If you work for a roofing company, you are protected under their roofing contractor insurance. Independent roofers will need their own insurance to protect themselves from the wide range of risk exposures that roofers are exposed to. This includes the risks of roofing itself and the dangers that any business owner may face.

What Types Of Coverage Are Available For Roofing Contractor Insurance?

There is a wide range of coverage available for roofing contractor insurance, depending on your specific needs. Common coverages include liability, commercial property, commercial automobile, business interruption, repair or replacement of tools and equipment, and more. To ensure you and your business are properly protected, speak to a Morison Insurance broker who will get you a roofing contractor insurance quote that has the necessary coverages.

Commercial General Liability Insurance

Commercial general liability insurance is a liability policy that protects against third-party claims caused by your services or your premises. This is one of the broadest forms of coverage, as it covers various situations, such as covering legal defence costs and paying for third-party property damage for which you are held responsible. For example, if you have an office where clients can speak with you during certain hours, and someone enters and injures themselves in a slip and fall and holds you responsible, you will be protected if you have a commercial general liability policy. 

Commercial Property Insurance

Commercial property insurance protects any property you may own for business purposes. Whether you have an office or large, specialized equipment, commercial property insurance can protect it. If, for example, you own an office and it gets burned down in a fire, if you have commercial property insurance, you will be able to repair or rebuild your office and replace your contents..

Commercial Automobile Insurance

If you travel to and from job sites with various roofing materials and tools, your vehicle is used for commercial purposes.  Commercial vehicles are a great way to bring everything you need to a job without using your personal vehicle, potentially giving your business a chance to advertise itself. However, it is essential to note that a personal car insurance policy won't cover a vehicle you use for commercial purposes. For that, you will need commercial auto insurance as part of your commercial contractor insurance program. 

Business Interruption Insurance

For a small business, a temporary shutdown can have long-lasting impacts. A loss of income while still having ongoing expenses can set a business back several months or possibly even lead to a permanent closing. This is especially true for smaller businesses, which often include independent contractors like yourself. Operating on razor-thin margins means that you often don't have the savings needed to make it through a period of time during which you can't operate. Luckily, business interruption insurance can cover you if your closure is due to an insured peril.

Commercial Umbrella Liability Insurance

Plenty of types of insurance will protect you against massive losses. However, especially in the case of liability insurance, there is the possibility that your primary liability limit will not be enough. This could leave you in a very scary situation where you will need to pay a large amount of money out of pocket. In this case, commercial umbrella liability insurance can provide you with the added protection you need. This type of insurance protects you when your primary liability limit isn't quite enough. Commercial umbrella liability can provide extra limits over your commercial general liability and your automobile policy’s third party liability.

Tools, Equipment And Inventory Insurance

It's not just a bunch of heavy, complex or specialized equipment you have as a roofing contractor. You also have a bunch of simple tools. You probably have tools like nail guns, measuring tape, drills and other standard tools. While you might use more expensive versions of these than people ordinarily use at home, they're still relatively small, making them vulnerable to theft. While you should be doing everything you possibly can to prevent the theft of your tools, materials and equipment, it's possible someone could still swipe it from you. While a single tool might not seem like something worth making a claim on, a bunch of them very well could be. Best you protect yourself with tools, equipment and inventory insurance to be on the safe side.

Cyber Insurance For Roofing Contractors

Roofing isn't an industry that would spring to mind when discussing companies that would be vulnerable to cyberattacks, given that you likely don't bring large supercomputers to you on roofing projects. However, you would be wrong to think that this makes them immune. While you might not seem like a tempting target for cybercriminals, you have some risk if someone picks you out of a crowd. This is because you still likely have much information on your customers. You would likely have the financial information of anyone who's paid you electronically, leaving you in a precarious position. Commercial cyber insurance can protect you.

How Much Does Roofing Contractor Insurance Cost In Ontario?

It is understandable to worry about the insurance cost needed to protect your roofing business. However, you must know that roofing contractor insurance doesn't have a set cost. Many variables are involved; each insurance company will prioritize different factors in determining your roofing contractor insurance quote. However, there is a list of factors that can help determine your cost. These include the following:

• Claims history
• If there are any subcontractors involved
• The physical location of any property insurance
• Age and make of vehicles
• The tools and equipment used by the contractor
• Level of coverage desired
• Experience of the roofer 

Please note that this is not a complete list of factors that could impact your roofing contractor insurance quote. If you would like to know more ways to save, it is recommended that you speak with your Morison Insurance Broker to find out more.

How Can I Save On Roofing Contractor Insurance?

With all of the factors that could possibly impact your roofing contractor insurance quote, one would start to wonder if there is anything under your control and if your decisions can lower your insurance rates. It turns out there are. For those who would like to lower their roofing contractor insurance quote, there are several options available:

• Increase your deductible
• Be extra careful, and keep safety in mind
• Avoid making claims on small losses to keep your claims history clean
• Maintain your tools and equipment
• Take steps to avoid having your stuff stolen or damaged

Please note that there are even more things you can do to lower your roofing contractor insurance quote without cutting back on coverage. If you would like to know more, you can always ask your Morison Insurance Broker, who will be happy to tell you more ways to save.

Where Can I Get A Roofing Contractor Insurance Quote?

You can get a roofing contractor insurance quote at Morison Insurance. Morison Insurance is a family-run brokerage that has been serving people in Ontario for over a century. Treating our clients like an extension of our family has helped us maintain a 5-star ranking as a brokerage. Call us at 1-800-463-8074 or fill out the online application below to get started.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.