On the first episode of the Rocket Roof Show, we’re jumping right into ways to help equip and educate commercial roofing contractors. This week, our focus is on insurance, something every contractor needs! We sat down with Louis Rodriguez is the owner of Third Coast insurance Agency, which is an Independent Insurance Agency that specializes in commercial insurance. He provided his insight into the insurance industry, but it is important to remember that he is licensed only in Michigan, so other states may have varying requirements.
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For those who are getting started in the commercial roofing industry, it is important that you differentiate the different types of people who you employ. Start out by determining who will be a subcontractor and who will be a traditional employee. But be sure that you work with a tax professional as well as an insurance professional to have the exact definitions of what is required in your state. When you work with subcontractors, like many in the industry do, you can be opening your company up to risk. Be sure to ask the appropriate questions and have a policy to check their insurance documents before hiring them and on a yearly basis.
When you are applying for the various types of insurance (General Liability, Workers Compensation, Auto, Umbrella), you will usually have regular audits to make sure you’re being charged the right premium. Being open and honest about your type of work, payroll costs, subcontractors, and sales figures can help you avoid surprises. However, you should also be aware that your insurance company might have exclusions, refusing to cover things that were performed by a subcontractor, among others. In order to avoid surprises, work with a trusted insurance advisor.
Like many different industries, it is always best to trust the professional and ask as many questions as possible to make sure you’re properly insured. Reach out to your insurance advisor to make ensure you are fully covered, understand the exclusions, and keep on top of any business changes. This is the easiest way to avoid unpleasant surprises.
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Special thanks to our sponsor Top Roof Marketing, a full-service marketing group that specializes in the commercial roofing industry.
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