Protect Your Roofing Business with General Liability Insurance in Colorado
Part of our guide to roofers insurance in Colorado.
You need General Liability Insurance to protect your roofing business from third-party bodily injury, property damage, and advertising injury claims. General Liability is the foundational policy nearly every small business needs, covering claims that can devastate your business. In Colorado, General Liability is often required by general contractors and commercial property owners before allowing you on a project. With some of the most damaging hailstorms in the country, particularly along the Front Range, and heavy winter snowfall causing roof collapses and slip-and-fall exposure, General Liability is crucial for your business. You cannot afford to go without it, as the consequences of not having it can be severe, including financial ruin and damage to your reputation.
General Liability cost for roofers in Colorado
Illustrative monthly general liability estimate for a small roofer operation in Colorado. Actual pricing depends on revenue, payroll, coverage limits, claims history, and carrier. Get a personalized quote to see your real price.
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What General Liability Covers for Roofers in Colorado
General Liability Insurance for roofers in Colorado covers third-party bodily injury, property damage, and advertising injury claims. This includes slips, trips, and falls on your job site, damage to client property, and reputational harm from advertising. For example, if a client falls off a ladder on your job site, General Liability Insurance would cover their medical expenses and any resulting lawsuits. Similarly, if you accidentally damage a client's roof or property, General Liability Insurance would cover the cost of repairs or replacement. However, General Liability Insurance does not cover employee injuries, which are covered by Workers' Compensation Insurance, or damage to your own business property, which is covered by Commercial Property Insurance. You need to understand what General Liability Insurance covers and what it does not to ensure you have the right protection for your business.
Do Roofers in Colorado Need General Liability?
General Liability Insurance is not legally required for roofers in Colorado, but it is often contractually required by general contractors and commercial property owners. These clients typically demand that you have General Liability Insurance with limits matching the project scope before allowing you on a project. Without General Liability Insurance, you may not be able to secure contracts or work with large clients, which can limit your business growth and revenue. Furthermore, if you are found liable for a third-party claim, you could be financially devastated, which could lead to business closure. In Colorado, the risk of third-party claims is high due to the state's unpredictable weather, including hailstorms and heavy snowfall, making General Liability Insurance a necessary investment for your business. You should weigh the costs and benefits of General Liability Insurance and consider your business risks to determine if it is necessary for your business.
A Real General Liability Claim a Roofer Could Face
It was a routine job in Denver when a roofer's employee accidentally dropped a tool, hitting a passerby and causing a head injury. The passerby sued the roofer for $100,000 in medical expenses and lost wages. The roofer's General Liability Insurance covered the claim, paying $90,000 in damages and $10,000 in legal fees. Without General Liability Insurance, the roofer would have been financially devastated, potentially leading to business closure. In this case, the roofer's General Liability Insurance protected their business from financial ruin, allowing them to continue operating and serving their clients. The roofer was able to focus on their business, rather than worrying about the financial consequences of a third-party claim.
What General Liability Costs for Roofers in Colorado
The cost of General Liability Insurance for roofers in Colorado varies based on several factors, including revenue, payroll, coverage limits, deductible, and claims history. The estimated premium is $40-$110/month, but this can increase or decrease depending on your business size and risk factors. For example, a small roofer with a low revenue and few employees may pay $40/month, while a large roofer with a high revenue and many employees may pay $110/month. You can lower your premium by maintaining a good claims history, increasing your deductible, and bundling your policies with one insurer. Additionally, you should consider the cost of not having General Liability Insurance, including the potential for financial ruin and damage to your reputation, when determining your budget for this essential coverage. You should also consider working with an insurance agent who can help you navigate the complex insurance market and find the best policy for your business.
How to Get General Liability in Colorado
To get General Liability Insurance in Colorado, you should gather your business information, including revenue, payroll, and coverage limits, and contact an insurance agent who specializes in commercial insurance. They can help you navigate the complex insurance market and find the best policy for your business. You should also consider the requirements of your clients and contractors, including the need for a certificate of insurance (COI) with specific limits. In Colorado Springs, for example, you may need to provide a COI with $1 million in liability limits to work with a large contractor. You should be prepared to provide detailed information about your business and your insurance needs to ensure you get the right coverage. Once you have gathered all the necessary information, you can compare General Liability quotes from different insurers to find the best policy for your business.
Frequently asked questions
Will my General Liability premium jump after one claim?＋
Yes, it may. A claim can increase your premium by 10-20% or more, depending on the severity of the claim and your claims history. However, some insurers offer claim-free discounts or forgiveness programs, which can help mitigate the impact of a claim on your premium. You should discuss your options with your insurance agent to determine the best course of action for your business.
Can I get a COI same-day for a client?＋
Yes, you can. Many insurers offer same-day COI issuance, which can help you meet the requirements of your clients and contractors quickly. However, you should check with your insurer to confirm their COI issuance process and timeline. You should also ensure that your COI meets the specific requirements of your client or contractor, including the correct limits and coverage. Your insurance agent can help you navigate the COI process and ensure you have the necessary documentation to meet your business needs.
Does a sole proprietor need General Liability?＋
Yes, they do. As a sole proprietor, you are personally liable for any business-related claims, which can put your personal assets at risk. General Liability Insurance can protect your personal assets and provide financial protection in the event of a claim. You should consider your business risks and determine if General Liability Insurance is necessary for your business, regardless of your business structure. Your insurance agent can help you assess your risks and find the right coverage for your business.
What's not covered by General Liability?＋
General Liability Insurance does not cover employee injuries, which are covered by Workers' Compensation Insurance, or damage to your own business property, which is covered by Commercial Property Insurance. You should understand what is not covered by General Liability Insurance to ensure you have the right protection for your business. Your insurance agent can help you navigate the complex insurance market and find the necessary coverage to protect your business.
Can I cancel my General Liability policy at any time?＋
Yes, you can. However, you should review your policy terms and conditions to understand any potential penalties or fees associated with cancellation. You should also consider the potential consequences of not having General Liability Insurance, including the risk of financial ruin and damage to your reputation. Your insurance agent can help you understand your policy terms and conditions and determine the best course of action for your business.
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Other coverages roofers in Colorado should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Colorado change over time and vary by business. Verify current rules with the Colorado Department of Insurance and a licensed agent before purchasing a policy.