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When you are looking for roofer business owners insurance, you may be thinking of separate liability and property policies. That approach to insurance works and has worked for many years. However, in their quest to produce practical insurance plans, many insurance companies have developed policies that combine the liability and property protections into one package.
A roofer business owner’s insurance policy (BOP) is an excellent way to go when you’re deciding on an insurance plan. This policy joins the coverages (and offers valuable add-on protections) of the liability and property policies into an affordable insurance program that is tailored for roofers.
Below are the major coverage protections you can receive in the BOP followed by a list of other available coverages.
As in stand-alone general liability, anyone who performs authorized work for your company is covered on this policy. In addition, all of the important liability coverages are included here such as medical payments, any damages you might cause to leased premises and any damages that happen after a roofing job has been completed. If any of these events occur and you get sued, the policy will pay out for any lawyer’s fees, negotiated settlements and other reasonable expenses to defend your case.
If the building your business is in catches fire which damages your business personal property, the buildings business personal property portion will cover any repairs/replacements that have to be made. The policy will list what type of property is not covered and which perils are covered. Covered items usually include furniture, clothing and appliances. Items not covered include cash, jewelry and firearms.
This is the property portion of your roofers business owners insurance. Much like a homeowner’s policy, this covers your business facility and other listed structures (like a detached garage or shop) against perils like fire, lightning, windstorm, hail, explosion, smoke, vehicles, and vandalism. The coverage is extended to any permanent improvements made to any structure.
If you have to close down temporarily because of a fire, how will you earn money while the facility is being repaired? This insurance coverage will not only pay your expenses but your normal profit while your business is not functioning. This coverage usually lasts up to a year.
If you have a fire and your valuable documents are waterlogged, this business owners insurance coverage will pay out to have the papers dried out and then reproduced up to the insurance limit (subtracting any deductible). If customers do not pay you because your records have been destroyed, accounts receivable coverage will cover all accounts due that you are unable to collect because of that damage.
If you are sued because of the destructive actions of an employee, any litigation and settlement expenses will be taken care of under this coverage.