When your usual workspace is the roof of a building under construction, you face a lot of risk. As well as high liability and danger for employees, your work is exposed to the elements more than most. There are over 100,000 US roofing companies operating today. You need to stay competitive in your industry, and make sure losses are minimized.
Customizing your Builder’s Risk insurance is a great way to get value for money. Customized policies protect from the heightened risks you face as a roofer. Here are 4 Builder’s Risk extensions worth adding for any roofing businesses.
Customizing Your Building Under Construction Insurance
1. Pollutant Cleanup
Pollution can generate huge costs for roofers. Roofing workers handle containers of hot tar and adhesives. When met by fire or even storms, damage can cause toxins to leak into the soil or water around the property. Despite making up only 8% of non-liable incidents, in 2018, fires led to $300 million in construction losses due to the secondary damage they cause.
Lumber, too, is susceptible to mold. This can become toxic and even lead to Loss of Use for the building under construction. This could result in hundreds of thousands of dollars in removal fees. Even with the utmost care, these incidents happen. But a simple Builder’s Risk extension for pollution cleanup protects you from financial loss.
2. Extreme Weather
Roofs are highly exposed to all weather events. While you’re installing new shingles, the pipes and gutters around the roof can fill up with water and burst out at any time. This ruins your work and is expensive to put right. Similarly, ice, snow and sleet all pose unique threats to a half-finished roof. With annual rainfall up 90% since 1950, there’s no doubt that extreme weather patterns are getting worse.
Depending on which of these risks you face, you can add extensions to your Builder’s Risk coverage to protect your business from destructive weather common to your area.
3. Temporary Structures
For roofers, scaffolding and other safety structures are crucial to avoid anyone getting hurt.
Theft is the top third-party construction loss. 20% of all incidents and $1 billion lost per year, in fact. You may want to think twice about coverage that only protects the building under construction. $40,000 for a trailer load of scaffolding is a big hit if it’s stolen. But you can protect your temporary structures and equipment with another Builder’s Risk extension.
4. Property in Transit
As a roofer you’ll be driving from site-to-site more often than a general contractor. You frequently carry expensive equipment. With 16,438 car accidents a day in the US, your property is highly exposed every time you’re on the road.
This is another reason for roofers to extend their Builder’s Risk beyond the building under construction. An extension for property in transit means you can bring equipment and materials to the job without having to worry.
Customizing Builder’s Risk Insurance For Roofers
It’s clear that roofers’ risks are on another level – quite literally. You work outdoors, high up, with hazardous and expensive property. You require coverage for more than just the building under construction. Exactly what you do need depends on factors like location, scale and types of job. The easiest way to get the best customized Builder’s Risk coverage is to call us today. We’re Construction Insurance experts, so call Farmer Brown Insurance on (888) 973-0016 now.