Coronavirus and Roofers Insurance - Farmer Brown Insurance Agency - Contractor Talk

Coronavirus and Roofers Insurance

 
Thread Tools Search this Thread Display Modes
Old 06-27-2020, 09:56 AM   #1
Service Provider
 
FarmerBrown's Avatar
 
Join Date: Aug 2016
Posts: 30
Default

Coronavirus and Roofers Insurance


Coronavirus and Roofers Insurance

We all know that the construction industry is under severe threat. The impact of the COVID-19 pandemic is likely to result in lasting effects on the whole construction industry. As a Roofing contractor, your business is one of the many that are finding their projects and prospects affected by disruptions caused by the Coronavirus.

Jeopardy

Quarantine, shut down of construction sites and projects, a disrupted supply chain, and delays in the start and completion of projects have all had a serious impact on roofing businesses. In fact, market volatility as a result of the Coronavirus may jeopardize the future of many projects.

Some economic experts are suggesting that business owners take no action yet. They are correct to say that the true devastation of the Coronavirus cannot yet be measured. They may not be right to suggest that contractor business owners should sit on their hands. It could end up being so much worse if you don’t take action.

The price of prevention

There is very little control that roofing contractors have over the actions of others in response to the Coronavirus. These actions have – and will continue to have – a negative impact on your roofing projects. Here are 2 examples:
1. The impact of government decisions

For health and safety reasons many construction sites have been closed by government officials. The reasoning is to prevent or reduce the spread of coronavirus through social distancing measures.

However, the financial impact of these closures is huge. Many contractors are asking whether these measures worth the cost to the economy in general and your business in particular.

There is another potential financial loss you may not have considered. You could find yourself facing third party claims of health and safety negligence resulting in bodily injury. This would fall under your General Liability protection.
2. The impact of stakeholder decisions

Lenders are assessing their position. The viability of many projects has declined, and may well continue to decline. Finance for construction projects is being withheld or withdrawn. New projects may not get started; projects under construction may not be completed.

Where does this leave your roofing business? You could be incurring costs as a result of the project delay. If you have Builder’s Risk coverage, you could be covered for direct costs such as:
  • Site security costs to prevent theft and vandalism
  • Costs relating to procurement and supply chain disruptions
  • Project financing costs
Next steps

The pandemic has revealed that many roofing contractors across the country are underinsured, or incorrectly insured, or not insured at all. This is a good time to evaluate the roofing contractor coverage that you do have. Besides the obvious question about whether your roofing business is covered for the impact of coronavirus, two of the questions to ask your insurance agent are:
  • Is your current insurance program out dated and how will this impact any claims?
  • Can insurance assist you to future proof your roofing business?
For assistance with any roofing insurance questions, speak with our agents at Farmer Brown Insurance. Call (888) 973-0016

Advertisement


Last edited by roofermann; 06-27-2020 at 12:16 PM.
FarmerBrown is offline  
Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. RoofingTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!



Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Join Now... It's Fast and FREE!

Privacy Badge
I am a professional contractor
I am a DIY Homeowner
ContractorTalk.com is for
PROFESSIONAL CONTRACTORS ONLY!

At ContractorTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?

 

Content Relevant URLs by vBSEO 3.6.1