Liability Insurance Roofing

It is imperative that these contractors in the roofing industry carry sufficient coverage to protect themselves, their business, and their clients from harm.

So, we know roofers face higher risks than other contractors, but what policies do they need to protect their business from damage? In the eyes of an insurance agency, standard contractors’ policies do not provide enough security for roofing projects. Roofing Insurance can provide the coverage limits you need.

What is Roofing Insurance?

Roofing insurance is a specifically tailored set of insurance policies for roofing contractors. These policies have coverage and term limits customized for your roofing business. Typically, roofing contractors’ liability insurance is a specialized form of liability insurance intended to prevent financial damage to a business in the event of an accident; however, it can include additional coverages and limits as well.

There are many types of policies a roofing contractor may be required to present to a client before starting a job, including liability insurance, builder’s risk insurance, umbrella policies, and more.

What Does Roofing Insurance Cover?

Depending on your policy, roofing insurance can cover medical bills, legal fees, loss of business income, wages for injured employees, and more should an accident happen. Without the correct coverage, your roofing company will be required to pay out of pocket and suffer extreme financial repercussions.

Why Are Roofer’s Coverages Important?

• To Protect Your Business

  You are probably in love with your work as a roofer. If this is the case, you will therefore not want anything that could drive you out of business to happen. Accidents often occur in the roofing occupation. These accidents could lead to bodily injury to third parties or damage to your client’s property. You could be sued in these instances if you do not take appropriate steps to nip this in the bud. The reality, however, is that you may find it hard to handle medical expenses and costs of property repairs out of pocket, making the likelihood of you being sued more feasible. That’s why you will need to carry general liability insurance to help guard against the possibility of lawsuits against your business.

• Consider Your Employees’ Wellbeing

  Employees are often the primary victims when accidents occur during roofing work. That makes it essential for you to ensure they have coverage in the event of these accidents. Workers’ compensation insurance helps in this regard. In many states, roofers must have this coverage to get projects, and if by any chance it is possible to bid for jobs in your state without this policy, you will still be putting your business at risk. You could have lawsuits filed against you by employees if they happen to sustain an injury while working for you. Things could prove messy this way. But, having the right insurance can save you from this problem.

• Think about work stoppages

  Certain occurrences could make it impossible for you to work. For example, you may be impeded from working for some time if a piece of expensive equipment or tool gets stolen or damaged. A stoppage could be avoided by having a policy that protects your tools and equipment. In addition, a commercial auto insurance policy could help ensure that your operations are not delayed due to the involvement of vehicles used for your business in an accident.

• Consider Ease of Getting Jobs

  You could boost your chances of landing lucrative jobs if you have the right insurance. Informed clients will not blink twice before throwing out your bid if it doesn’t have proper coverage. We advise you to get a roofer’s bond to improve your proposal in the sight of clients. Roofers’ bonds serve as a sort of assurance to clients that you would complete their projects to their requirements and on time.

How Much does Roofing Insurance Cost?

The cost of a roofing contractor insurance policy varies based on the coverage and term limits needed. In the eyes of an insurance carrier, roofers face higher risks than other contractors due to the nature of the work and the dangers presented. For this reason, insurance for roofing companies and projects is typically more expensive than other construction work.

However, a higher premium should not make the decision to purchase additional insurance harder. Roofing businesses are working in a dangerous industry, and injury does happen; without insurance, you may suffer severe financial consequences much greater than the cost of an insurance policy.