How Much Does Insurance Cost for Roofing Contractors in Colorado?
Estimating the insurance costs for roofing contractors in Colorado involves several factors, including the size of the business, its location, the number of employees, and the specific types of projects undertaken. Here are hypothetical examples to illustrate potential insurance costs, keeping in mind these are broad estimates and actual prices may vary:
Small Roofing Business in a Suburban Area
- Employees: 5
- Coverage Needs: General Liability, Workers’ Compensation, Commercial Auto, Tools and Equipment
- Estimated Annual Premiums:
- General Liability Insurance: $2,500 – $5,000
- Workers’ Compensation: Based on payroll, approximately $8,000 – $15,000
- Commercial Auto Insurance: $1,200 – $2,400 per vehicle (2 vehicles)
- Tools and Equipment Insurance: $500 – $1,000
- Total Estimated Annual Cost: $13,400 – $25,800
Mid-Sized Roofing Contractor in Denver
- Employees: 15
- Coverage Needs: Adds Professional Liability and Commercial Umbrella to the Small Business package
- Estimated Annual Premiums:
- General Liability Insurance: $5,000 – $10,000
- Workers’ Compensation: $24,000 – $45,000
- Commercial Auto Insurance: $3,600 – $7,200 (3 vehicles)
- Tools and Equipment Insurance: $1,000 – $2,000
- Professional Liability Insurance: $2,000 – $4,000
- Commercial Umbrella Insurance: $1,000 – $3,000
- Total Estimated Annual Cost: $36,600 – $71,200
Large Roofing Company Operating Statewide
- Employees: 50+
- Coverage Needs: All of the above, with increased limits and additional policies for specific risks
- Estimated Annual Premiums:
- General Liability Insurance: $10,000 – $20,000
- Workers’ Compensation: $80,000 – $150,000
- Commercial Auto Insurance: $10,000 – $20,000 (10 vehicles)
- Tools and Equipment Insurance: $2,000 – $4,000
- Professional Liability Insurance: $3,000 – $6,000
- Commercial Umbrella Insurance: $2,000 – $5,000
- Total Estimated Annual Cost: $107,000 – $205,000
These scenarios underscore the variability in insurance costs based on the business size and specific needs. Factors like the company’s claims history, the exact services provided, and even the geographic areas served within Colorado (with differing local regulations and weather patterns) can significantly influence premiums.
Get A Commercial Roofing Insurance Quote
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