As a roofing contractor operating in Colorado, the business potential is massive and could unlock and accelerate your growth. Colorado’s real estate market is developing and growing steadily, providing opportunities for work in many areas. Yet, there are risks, ranging from natural events such as weather elements and uncertainties arising from losses, theft, vandalism, accidents, etc. Hence, the a need for roofing insurance. Roofing insurance doesn’t just protect your business from unexpected financial hits—it also gives your clients peace of mind. In this guide, we’ll explore the types of roofing insurance you need, its benefits, and how to find the best coverage for your business.

Types of Roofing Insurance

If you are a property owner or contractor in Colorado, one or more of these insurance applies to you:

1. General Liability Insurance
   Accidents happen, and general liability insurance is there to help when they do. This insurance protects your business from losses and damage to the client’s property, or bodily injuries on the job site. General liability coverage ensures you can keep your roofing operations going despite unexpected claims and avoid/mitigate financial losses due to lost hours.
2. Workers’ Compensation Insurance
   Roofing is physically demanding and carries significant risks of injuries despite safety precautions. If your workers get injured or suffer damage related to the job, they can file claims and get compensation. The workers’ compensation insurance covers employee medical bills, lost wages, and the cost of rehabilitation for injuries. Colorado laws require contractors to carry workers’ compensation insurance when working jobs.
3. Commercial Property Insurance
   Ensuring the right coverage is essential when running a business as a roofer. While repairing roofs for clients, having the proper insurance for not just the tools and equipment needed to do the job but also for the very critical office space where all your business decisions and interactions take place is paramount. Why? Because without that coverage, a theft could put you out of business. If a fire decimated a job site that you were working on, you might not be able to afford to keep paying the bills associated with the office if the job couldn’t pay you what you were owed in the time you actually needed it.
4. Business Owners Policy (BOP)
   A BOP merges two essential kinds of insurance—general liability and commercial property insurance—into a single, low-cost option. This makes it a very appealing choice for small businesses. Nevertheless, while the BOP presents a simple solution for many small companies, it does not work for all because of its inherent lack of modularity (i.e., it combines two key types of insurance).
5. Open Roof Coverage
   The whimsical weather in Colorado can put your client’s property right in the path of storm-related damage. And if you’re up on the roof working at the time, you’ll want to be sure to have coverage that applies when the roof is still open and you haven’t yet sealed it. Otherwise, you’re taking a significant financial risk, and by proxy, your client is as well. It’s an easy policy to overlook, especially in the clear and calm weather that sometimes follows a Colorado snowstorm. But if your work takes you anywhere near the Mile High City, it’s worth considering.

Benefits of Roofing Insurance

Roofing insurance offers financial security and peace of mind. It covers anything from accidents to lawsuits to property damage claims. Roofing insurance is what makes your business “legal” in Colorado; it helps you comply with the myriad laws that govern almost every aspect of your business. And the business insurance that covers your work in Colorado, where half the year can be snowy, assures almost any potential customer that you won’t skip town when the next blizzard hits.

How to Choose the Right Coverage

Ensuring that your roofing company and property have the proper insurance coverage lets you know that you’ll have the necessary financial resources available to you in the event of sudden, unexpected damage. Here’s how to select the best coverage for your situation:

• Understand Your Risks
  The distinct conditions and problems roofing businesses face necessitate a tailored approach to cover their unique risks. Reflect on the scale of your business and the nature of the work you do when considering what to look for in an insurance policy. Also, think about the kinds of potential hazards your work exposes you to. To get a better handle on precisely what sorts of coverage you should have, consult not only the agents of your insurance company but also those of different companies—that is, seek a variety of perspectives.
• Work with an Insurance Expert
  An expert who knows Colorado’s environment and business landscape assigns the insurance provider you select. The process can be pretty overwhelming—especially all that paperwork—but your representative is eager to help you through it. They can assist with understanding complicated terms, sorting difficult problems, and making decisions about coverages that are just right for you.
• Regularly Review Your Policies
  Policies are typically in the hands of the government, industry, and clients. Make sure to review your insurance policy often so that you can add coverages as your business grows. Insuring your company while it expands helps you avoid loss one step at a time.
• Look out for Subcontractor Warranties
  Subcontractor warranties vary from carrier to carrier but usually include three clauses: subcontractors are responsible for the contractor’s loss; subcontractors’ insurance will be recorded on insurance services office forms; and subcontractors will enlist the contractors as additional insured and absolve themselves of subrogation. Check with your insurance company if this warranty is included in your roof.
• Make Sure The Policy Will Include Drone Use.
  Discuss with your insurance agent if the policy covers the roof inspections using drones. This is critical as most insurance companies do not cover “unmanned aircraft” under their general liability policy. DRONE COVERAGE: Comprehensive coverage against lawsuits over privacy infringement, destruction, or injuries of downed drones.

Navigating Insurance Claims in Colorado

An insurance claim in Colorado is an easy thing to do but can get complicated if you aren’t told. The first is to make sure you know what your policy covers and doesn’t cover, as well as the effect of these upon your claims. Keeping records of work done and written notes of damages or problems is important. Communicating with your insurance company upfront is important so that the system is in place and no mishaps happen.
Work with a professional property inspector if you can find one, particularly ones recommended by your insurance company. Take advantage of the other things your insurance company does to get a cheaper rate and a better offer.

Why Choose Riverbend Insurance

Roofing insurance is essential to a successful business in Colorado, whether you’re a contractor or a customer. It insures your employees, it insures your customers, and it insures your company from loss. Investing in comprehensive roofing coverage tailored to your needs provides financial protection and coverage for long-term success. Our trusted Riverbend Insurance team provides dedicated and personalized services to recommend coverage that meets your needs. Ready to secure your business? Contact us today to learn about the insurance options for your business.