Insurance is a critical risk-management tool for any business. It’s even more vital in the roofing industry, considering roofing is among the most dangerous professions.
It’s essential to ensure your roofing business has the proper insurance. From worker’s compensation to general liability, roofers need multiple forms of insurance to keep their business safe.
Insurance protects your business financially. It also gives you peace of mind. In this blog post, we’ll delve into commercial auto insurance and why you need it.
What Is Commercial Auto Insurance?
Commercial auto insurance is a type of insurance that provides coverage for vehicles used for business purposes. For example, if any work trucks experience an accident, commercial auto insurance would cover them.
The Difference Between Personal Insurance and Business Insurance
Your personal insurance and business insurance aren’t the same thing. Personal insurance covers vehicles for personal use, while commercial auto insurance covers vehicles used for business purposes.
Why Roofers Need Commercial Auto Insurance
Insurance is like a safety net for your business. It offers a structured way to manage risks and protect your assets. This ensures that your business can weather unforeseen challenges without severe financial setbacks.
Without commercial auto insurance, your business could face severe financial consequences if any employees get into a car accident in a work vehicle. In the U.S., there are more than 7 million car accidents annually. That means there are about 14 car crashes every minute. You never know when it could be you or your workers.
If your employee gets into a car accident in a work vehicle, commercial auto insurance covers medical expenses, repairs, and liability.
Commercial Auto Insurance Providers
There are multiple providers available for commercial auto insurance. We’ve listed a few insurance providers here.
Factors Roofers Should Consider for Commercial Auto Insurance
As you shop for the right commercial auto insurance, consider the following factors.
Price
Premiums vary widely based on several factors. Vehicle type, usage, and driving records can all impact the price of a commercial auto insurance policy. Insurance providers offer different discounts that can also affect costs.
Coverage Options
Getting the coverage you need to protect your business assets is important. Look for policies that cover a range of scenarios, including collision, comprehensive, liability, and uninsured motorist coverage.
Deductibles
A deductible is the out-of-pocket amount before your insurance covers the rest. While a higher deductible may mean a lower premium price, don’t choose a deductible you can’t afford. While you may never need to file a claim, you want to ensure you won’t surpass your budget if the time comes.
Provider Details
When choosing a provider, it’s essential to evaluate their coverage options. Do your due diligence before deciding which one is right for you. Compare quotes to find the best fit for your business needs.
State Requirements
Most states require commercial auto insurance for business-owned vehicles. Check the business insurance requirements for your state before buying a work vehicle. Businesses are required to cover compensation for an at-fault accident in all 50 states.
How to Lower Insurance Costs
Commercial auto insurance can be costly, but there are strategies you can use to stay within your budget. Here are some key tips to reduce the cost of insurance without sacrificing the coverage you need.
Bundle Insurance Policies
Most insurance companies offer bundle packages that allow you to bundle multiple types of insurance for a discounted price. Bundling your insurance could lead to significant savings over time.
Take Advantage of Discounts
In addition to bundle deals, several insurance providers offer various discounts to help you save on rates. For example, Progressive Insurance offers a 15% discount for paying your policy premium upfront instead of monthly.
Compare Rates
Lastly, one of the best ways to cut insurance costs is to do your research and shop around. Don’t just accept the first quote you get. Compare rates between several different plans and find the deal that works best for your company.
Safeguard Your Roofing Business
Insurance is there to protect your business when the unthinkable happens. It’s a necessary risk management tool to secure your business assets and keep operations running smoothly.
In a similar vein, roofing software can also help protect your business. Roofing software makes it easy to build effective processes that prevent mistakes before they happen.
Roofing software helps you scale your business effectively by streamlining operations and managing customer relationships. Just as insurance safeguards your business from financial loss, roofing software enables you to build a successful future.
Start a free 14-day trial of JobNimbus today and learn how roofing software can elevate your business.
