Roofing Insurance
Considering the circumstances under which they work, roofing contractors face several risks every day varying from installation failures to third party injuries.
Roofing contractors put themselves in potentially dangerous situations every day on the Jobsite, many of which result in claims that are not covered under standard contracting insurance policies.
So, we know that roofers face higher risks than other contractors, but what insurance coverages do they need to protect their business from harm? In the eyes of an insurance agency, standard contractor’s policies do not provide enough security for roofing projects. Roofing Insurance can provide the coverage limits you need.
What is Roofing Insurance?
There are many types of policies a roofing contractor may be required to present to a client to start a job including liability insurance, builder’s risk insurance, umbrella policies, and more.
Who Needs Roofing Insurance?
All contractors involved in a roofing project should carry roofing contractor’s insurance. Your client may or may not mandate that you carry specific insurance policies, however, regardless of their requirements, it is highly recommended that roofing contractors carry enough insurance coverage for many types of projects they might be working on. Additionally, the state you are working in may require roofing contractors to carry additional coverages and term limits on their policies.
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 business will be required to pay out of pocket and suffer extreme financial repercussions.
Medical Bills
Legal Fees
Loss of Business Income
Wages for Injured Employees
Accidents
Roofer’s Insurance vs General Liability Insurance
It is typically recommended that all contractors carry a general liability insurance policy, including roofers. For some contractors, this may be ample coverage for their business; however, the work conducted by roofers poses more risks than other contractors and therefore requires more coverage.
General liability insurance is one of many policies recommended for roofing contractors as it covers third party injuries, either to property or non-employee individuals, which is a common concern for roofing projects. This is an extremely important coverage for all roofers to have, but nonetheless not the sole roofing insurance policy needed to safely work on a roofing jobsite.
Recommended Roofing Insurance Policies:
| Policy: | Coverage: |
|---|---|
| General Liability |
|
| Worker’s Compensation |
|
| Professional Liability |
|
| Umbrella Policy |
|
| Commercial Auto |
|
| Bonds |
|
How Much does Roofing Insurance Cost?
The cost of a roofing 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 projects is typically more expensive than other construction work.
However, a higher premium should not make the decision to purchase additional insurance harder to make. Roofers are working in a dangerous industry and injury does happen; without insurance coverage you may suffer severe financial consequences much greater than the cost of an insurance policy.
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