Roofing material supply stores can be found all over the country. Roofing contractors and DIY enthusiasts rely on these stores to get the materials they need to get the job done.
While some of these supply stores may only sell roofing materials like asphalt singles and cedar shakes, others may have an expanded product base that includes such things as materials used for siding, gutters, and skylights..
One thing all roofing material supply stores have in common is that they can benefit from having a comprehensive set of business insurance policies. A local independent insurance agent can help.
Why Do You Need Roofing Material Supply Store Insurance?
What if a product you sell is defective and results in significant property damage for which you are held partially liable? What if one of your workers is seriously injured while loading materials onto a truck? What if your warehouse catches on fire, destroying your entire inventory?
These are just a few of the potential risks faced by owners of roofing material supply stores. Fortunately, there are insurance products that are designed to cover against these and other hazards that can affect your bottom line.
Local independent insurance agents can help you identify your exposures so that you can be sure that you are properly covered against any of the damaging risks you are likely to face. This can help to ensure that your business remains profitable.
What Kinds of Property Insurance Do Roofing Material Supply Stores Need?
Your roofing supply business likely has a lot of expensive inventory in stock. You will want to be sure that you have coverage for the property your retail showroom as well as in your storeroom or warehouse.
There are two main types of property insurance you may want to discuss with your local independent agent. These include:
- Commercial property insurance: This is standard coverage in any business insurance policy. It includes coverage for damages to the structure of your retail and warehouse building if you own them and coverage for your other business assets such as inventory, computers, signs, and furnishings.
- Inland marine Insurance: If your roofing material supply store offers delivery services, this can cover your products while they are in transit to their final destination. It can also cover products when they are moving to and from your warehouse or storeroom.
An independent insurance agent can give you more information about each of these types of coverage and can recommend any other products like flood insurance, earthquake insurance, or hurricane insurance if they are appropriate for your particular business.
What Kinds of Liability Insurance Do Roofing Material Supply Stores Need?
Liability insurance is arguably one of the most important parts of any business insurance policy. Even if the courts rule in your favor, a liability lawsuit can be very expensive for your company unless you have the right insurance coverage in place.
Your insurance agent will probably talk to you about the following types of business liability coverage.
- Product liability insurance: This is designed to cover your business against lawsuits related to defects in the products you sell or promote.
- Premises liability insurance: This is designed to cover injuries or property damage sustained by customers or other visitors to your showroom if they are involved in an accident on your business premises.
- Commercial vehicle liability insurance: This is required by law if your business owns vehicles, such as those used for deliveries. It can cover property damage, injuries, and other costs associated with accidents for which your drivers may be responsible.
- Cyber liability insurance: This is designed to cover your company’s financial responsibilities if hackers break into your computer system and steal customer information such as credit card numbers.
- Employment practices liability insurance: This is designed to cover your business against accusations of illegal business practice such as discrimination, harassment, and wrongful termination.
- Umbrella insurance: This is an affordable way to significantly boost your liability coverage limits for all of your commercial liability products.
These are not the only commercial liability products available to you. A local independent insurance agent can review your business operations with you and recommend any other coverage that may be appropriate.
What Other Insurance Products Should You Consider for Your Roofing Supply Store?
There are additional business insurance products that you may want to learn more about. These include:
- Workers’ compensation insurance: This is required by law in many states. It is designed to cover the cost of medical treatments and lost wages if your employees are injured on the job. This is particularly important for employees working in your warehouse.
- Business interruption insurance: This is designed to provide your business with a continuation of income if you must remain closed for an extended time due to damages caused by a covered event such as a fire or tornado.
- Insurance for employee benefits: There are many options when it comes to including health insurance and life insurance in your employee benefits package.
Learn more about each of these insurance policies by setting up an appointment with an insurance agent near you.
How Much Does Roofing Supply Store Insurance Cost?
The cost of business insurance can vary from one roofing materials supply store to the next. Rates will be based on a number of factors including, but not limited to:
- The size of your business
- The types of materials you keep in stock
- The value of your inventory
- The number of employees you have
- The types of coverage you purchase and the amounts of your coverage limits
A local independent insurance agent can provide you with a variety of customized quotes so that you know how much this insurance will cost for your particular business.
Why Let an Independent Insurance Agent Help You Find and Compare Quotes?
Building a comprehensive business insurance plan can be complicated. Independent insurance agents make it easy. These agents can help identify the risks your particular business faces and can recommend appropriate insurance policies to cover against them.
Also, because they are not tied to a single insurance provider, independent insurance agents are free to shop around to help you find the best business insurance policies at the most competitive rates.
The Lowdown on Online Quotes
Sure, getting a quote for coverage online is easy. But how can you be sure that aren’t being sold business insurance products you don’t really need, and how can you be certain that you are not left with any intentional coverage gaps? The fact is, you can’t.
The only way to be sure that your roofing material supply store is properly covered and that you are getting your coverage at a great price is by working directly with an experienced insurance professional.
Local independent insurance agents understand the risks faced by business owners in your city and they can help you find the right insurance products to fully protect your roofing supply store. Schedule a one-on-one consultation with an insurance agent near you to learn more.