When people think of the risks most prevalent in the roofing industry, they often visualize falls, exposure to fires caused by torch use and property damage involving water intrusion during roofing operations. But owning and operating commercial vehicles is a significant and growing operational risk for roofing contractors. The increase in the number of commercial vehicle lawsuits and escalating dollar amounts of jury verdicts related to automobile accidents involving commercial vehicles increases the risk of financial loss for roofing contractors.
A severe automobile claim has the potential to actually exceed your insurance coverage policy limits. Whether your company has a few trucks or 250, there is potential for a multimillion dollar lawsuit the moment a truck leaves your shop.
A related area of financial risk exists when an employee or independent contractor is operating his or her own vehicle in a work-related capacity. My company has seen an increase in the number of roofing contractors who offer automobile reimbursements to employees who drive personal vehicles in lieu of corporate-owned vehicles.