What Types of California Roofers Insurance Coverage Do You Need?
If you’ve ever experienced a lawsuit from a client, medical costs for an injured worker, or damage to an expensive tool, you know that unexpected costs can wreak financial havoc on a company. Fortunately, if you have insurance, the impact of that cost can be dramatically lessened.
Getting California roofing contractors insurance is a great way to protect your company, but what types of insurance do you need?
Types of California Roofers Insurance Coverage
If you’re new to the world of commercial and residential roofing insurance in California, the sheer number of policy types can seem overwhelming. Here’s a quick breakdown of some of the main types and what they do:
- General Liability Insurance: Covers risk to third parties (like customers injured on your job site)
- Professional Liability Insurance: Also called errors and omissions insurance; covers faulty or incomplete work
- Workers’ Compensation Insurance: Covers employee injuries sustained on the job
- Tools and Equipment Insurance: Covers damage or loss of work tools
- Business Owner’s Policy: A cost-effective option combining commercial property and general liability insurance
- Commercial Auto Insurance: Covers damage to your work vehicles as well as damage caused by work vehicles
Depending on the size and type of your business, you may need only some of these policies. If you aren’t sure which types you need, Affordable Contractors Insurance can help you decide.
Isn’t Comprehensive Coverage Expensive?
When you’re getting commercial roofing insurance in California, you’ll need to decide your budget and how much risk you’re comfortable taking on. Higher-coverage policies can give you priceless peace of mind, but they can also cost more.
With that being said, there are several other things that can determine the price of your policy:
- Whether it’s a residential or commercial policy
- How large your business is
- Your revenue
- Your deductible
- Your policy limits
When you’re choosing a policy, make sure you consider more than just the monthly premium: your deductible also plays a significant role in how much you pay over the long term.
Your deductible is the amount you pay out of pocket before your insurance company issues a payout. For example, let’s say you’re facing a lawsuit and your deductible is $1,000. You would need to pay the first $1,000 toward attorney fees or damages, but after that, your insurance would cover the rest of the cost.
In general, policies with higher deductibles have lower premiums. That’s because with a high-deductible plan, you end up paying more in the event of a lawsuit or claim. With a low-deductible plan, your premium will probably be higher, but your insurance will cover more of your costs if something goes wrong.
Not Sure What Policy to Get?
Finding the right insurance is critical for safeguarding your business. But unfortunately, figuring out what types of insurance to get can be extremely confusing for business owners.
Fortunately, our insurance experts insure only contractors, so they know the ins and outs of the roofing business. We can help you find a great, high-coverage policy for an affordable price with as little as 20% down. Contact us today to get started!
