Can your Roofing Business Beat a Property Damage Claim? - Farmer Brown Insurance Agency - Contractor Talk

Can your Roofing Business Beat a Property Damage Claim?

 
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Old 10-04-2020, 04:58 AM   #1
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Can your Roofing Business Beat a Property Damage Claim?


Can your Roofing Business Beat a Property Damage Claim?


Most roofing contractor businesses were started by guys who swung hammers for a living, and then decided they would rather work for themselves. I completely agree with the, ďIf John can do it, why canít I?Ē way of thinking. In a nation of pioneers and entrepreneurs, thatís the way forward.

What most people don't realize, is that owning a business and delivering the product or service the business sells, is not the same thing. Building a roof and managing a roofing company is about as similar as grilling a steak versus raising cattle.

Owning a business means the buck stops with you.

7 Roofing business challenges

As if building a roof isnít challenging enough, try building a roof while managing a roofing company. Running crews, ordering materials, managing sites and negotiating contracts. And, before I forget, keeping an eye out for all the various risks that are conspiring to bankrupt you.

So, what risks are roofing companies worried about?
  1. Increased Government and Statutory Requirements
  2. Increased Competition
  3. Rising Material Costs
  4. Internal Theft
  5. Competent and Skilled Labor
  6. Motivating Sales Teams
  7. Liability Claims
Third-Party liability claims

40% of contracting businesses do not survive financially after disaster strikes. One of the causes of significant financial loss are liability claims.

The principle by which liabilities can lead back to you is quite simple. If you break it, you pay. If you break it by accident, you pay. If your employee, while performing his duty, breaks it, you pay. If your employee drives the company truck to fetch burgers and fries, then causes an accident, you pay.

Health and safety policies could keep you from being criminally accountable, but financially, your business will have to foot the bill. Considering that 75% of businesses are underinsured, this could easily mean that the amount claimed after a property damage incident could exceed what your insurer is bound to pay.

How to beat expensive property damage claims

Hereís another problem that comes with liability: you may believe that the property damage was not caused by your company, but you can still be held liable. So, even the most careful Roofing Contractor can find themselves facing a property damage claim.

To beat a property damage claim, you need Roofing Contractors Liability Insurance with coverage exceeding the amount of the claim.

So, back to the question posed above: Can your roofing business beat a property damage claim? What do you say?

I think so?
Maybe?
Depends...
Definitely.

With these arrangements in place, you will have one less thing to worry about! So, remember to have your insurance agent assess your Roofing Liability policy annually to be sure that you have enough coverage.

This article is written by John Brown. Contact me at Farmer Brown Insurance Company for assistance with your Roofing Liability Insurance. Call 1 888 862 8781
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