How To Save On Your Roofing Insurance 2020 - Farmer Brown Insurance Agency - Contractor Talk

How To Save On Your Roofing Insurance 2020

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Old 09-13-2020, 10:17 AM   #1
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How To Save On Your Roofing Insurance 2020

How To Save On Your Roofing Insurance 2020

Insurance is essential for any roofer. But how do you get the best deal on your roofing coverage? Here are a 3 tips:

1. Compare rates

Shop around to compare rates. But this can take a lot of time, and no roofing contractor has time to waste! Many insurance companies will find and compare quotes for you. The service is available at the click of a button.
Pro tip:
Be sure that you are comparing apples with apples. Check the following:
Is the insured amount the same? Generally premiums are lower for a smaller insured amount.

Do they all include the coverage that you need? It pays to have a clear idea of the risks your roofing business faces. This will inform which coverage is essential, and which you can do without (even if only in the short-term). So then, when comparing policies from different insurers, check what you are paying for.
This leads directly to the next point: donít pay for what you donít need.

2. Evaluate risks

The whole point of having roofing insurance is to pass your financial risk onto another party (your insurer). Only when you have a clear understanding of the financial risks and how they can be mitigated by insurance are you in a position to choose a policy that offers optimum protection.

However, this also means that you will not be paying for coverage that you do not need.

Pro advice:

It is important to remember that different states have different legal requirements when it comes to construction company licensing. This also applies to insurance. So, when you are evaluating your roofing businessí insurance requirements, include these requirements along with your safety and financial risks.

3. Package deals

Insurance often costs less when you buy a package of policies at the same time. For instance, your insurer could bundle the individual policies that you need under a Roofing Contractor Insurance umbrella.

Insurance is not one-size-fits-all. No two roofing businesses face exactly the same risks. You may work in different parts of the country, or even parts of the state. You may have fewer workers, work on higher-value contracts, or own more assets. A good insurance consultant will customize your policies so that they fit your business risks best. This includes taking pricing into consideration.

Insider advice:

Choose an insurance provider that specializes in roofing insurance. Risks differ from industry to industry and even within it. For instance, a rooferís risks are the highest in the construction industry.

A roofing insurance specialist understands roofer risks. It is also important that the company you choose has a good reputation. Read online reviews to find out if others trust them.

So many ways to save!

Other ways to cut your insurance spending include:
Increase your deductible: The higher your deductible, the lower your annual or monthly premium rates.

Ask about discounts: You may qualify but you may never know if you donít ask

Increase on-site safety: The less likely you are to claim, the lower your premium will be.
The bottom line: For the best saving, insure your roofing business for valid risks and not imagined ones through a roofing insurance specialist.

For more information about roofing insurance in 2020, contact Farmer Brown Insurance on 888 973 0016
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