Roofing Insurance in New Hampshire
What is Roofing Insurance?
Operating a roofing business can be quite profitable, but this type of business comes with substantial risk. From theft and property damage to common accidents and liability lawsuits, there are many risks roofers face. Getting the proper NH Roofing Insurance can help roofers protect the business they are working hard to build
Though there is not a specific roofing insurance policy, HPM Insurance can offer a commercial insurance package customized for the profession of roofing.
Most of these policies are package policies that can combine several coverages together. Roofers can usually adjust the coverages included in their policy to suit their particular situation and needs.
What Businesses in New Hampshire Need a Roofers Insurance Policy?
Any New Hampshire business that installs or repairs roofs needs insurance coverage for roofing. This includes full-time roofers for either residential and/or commercial properties. If you are a contractor that occasionally gets on a roof to do repairs, or the rare roof replacement, check with your insurance company. Roofing coverage may be excluded from your existing commercial insurance policy.
Any business that’s unsure whether they need a roofers insurance policy should consult with an insurance agent, like HPM Insurance, who specializes in this form of commercial insurance. HPM has the expertise necessary to make an informed recommendation based on a business’s particular situation and available policy options.
What Types of Insurance Do Roofers Need?
The exact combination of coverage that roofers policies offer can vary by company, but here are many protections that are often available:
General Liability Coverage, which may cover certain common accidents that cause third-party property damage or injury
Professional Liability Coverage, which may cover work-related and consulting errors that lead to damage or injury
Product Liability Coverage, which may cover sold products that cause damage or injury
Commercial Umbrella Coverage, which may cover especially expensive lawsuits with supplemental protection
Commercial Vehicle Coverage, which may cover company-owned vehicles and accidents caused while driving for work
Inland Marine Coverage, which may cover equipment and supplies while they’re in transit to and from job sites
Loss of Income Coverage, which may cover lost income due to certain covered losses
An insurance agent can explain these coverages in more detail and note any other coverages a business may want. There are many other coverages to consider, such as commercial property coverage, builders risk coverage, cyber liability, and employment practices, to name a few. Which ones make sense for a specific roofing business depends on that business’s risk exposure.
How Can Roofing Businesses Obtain Bonds?
Sometimes roofing businesses are required by municipalities or customers (usually commercial customers) to carry a bond. These are different from a traditional insurance policy, but rather provide an assurance that the roofer will perform the contracted work according to the terms of the contract.
Roofers that want or need a bond can usually purchase them from HPM Insurance as well.
Do Roofing Businesses Need Workers Compensation Coverage?
Roofing businesses that have employees on the payroll are required by law to have workers compensation coverage. Workers Compensation is an insurance that protects against job-related injuries, which is a significant risk for anyone working as a roofer.
A business may not need workers compensation coverage if they hire subcontractors, but be careful! Just because a sub is not on your payroll does not mean they are not considered an employee in the eyes of the NH Department of Labor. For more information on this topic, review the Difference Between a Subcontractor and an Employee blog.
Worker's compensation is not typically part of a package policy offered to roofers by a standard insurance company but can be purchased separately. As you can imagine, roofers have one of the most expensive rates for worker's compensation, so a solid safety protocol is critical in keeping the premium as affordable as possible.
How Can Roofing Businesses in New Hampshire Get Roofing Insurance?
For help finding roofing insurance that will protect your business, contact the independent insurance agents at HPM Insurance. We have been covering the roofers of New Hampshire and New England for generations. Our New Hampshire agents are able to show you policy quotes from multiple insurers in the state, and they have the expertise necessary to assist you with selecting the best available option.