Roofing Contractor Insurance: What You Need to Know

Anyone who has ever worked in the roofing business knows how dangerous it can be for the workers. From the actual installation on tall buildings to handling the different materials and implements, injuries are a likely occurrence. Roofing insurance helps to mitigate such injuries and other issues that may arise.

Statistics indicate that there is a death rate of about 0.05 percent among full-time workers in the roofing industry. This figure does not include the dozens more that sustain serious or crippling injuries. Roofing insurance comes in handy for a lot of these victims.

Types of Insurance Coverage

The gist of insurance coverage in the roofing industry is to ensure that things like accidents don’t disrupt business operations. Similarly, legal claims filed against roofers can be detrimental, leading to legal battles that can be costly in terms of time and other resources. That’s why there are different types of insurance coverage available to roofers; these help them to deal with any claims, injuries, or deaths that may be attributed to them.

The type of insurance coverage you choose to purchase will greatly depend on your business needs.

The following are the common types of insurance for those in the roofing industry;

1)Liability Insurance

This can be general liability insurance or professional liability. General liability insurance helps to cover anything that could arise as a result of roofing work. For instance, someone filing a claim against your roofing company means you could need legal representation. This type of insurance helps cover it. Similarly, if you’re accused of misrepresenting your services or performing unacceptable roofing work, professional liability insurance can take care of it.

2) Worker’s Compensation Insurance

The manual workers in the roofing industry face several risks. In the worst cases, they may die as a direct result of their job. This type of insurance helps to take care of any claims related to a worker’s injuries or death. In addition to death and injury-related costs like medical bills, worker’s compensation insurance handles missed wages. In many jurisdictions, this type of insurance is mandatory for all roofing proprietors to have.

3) Property Damage Insurance

Roofers can sometimes inadvertently cause property damage in the process of doing their jobs. For example, a tool or some other roofing implement may smash a window and break its glass during roofing repairs. Property damage insurance will help to cover the costs associated with such a repair or replacement, including labor costs. Similarly, falling roofing debris can damage nearby things like parked cars. This is all covered by this type of insurance coverage.

Reasons to Invest in Roofing Contractor Insurance

The roofing business is very susceptible to lawsuits and other legal claims. Roofing proprietors have to protect themselves as much as possible. Roofing contractor insurance is the best way of mitigating most of the unforeseen events that can seriously affect a roofing contractor.

Many clients now insist on roofing contractors with insurance coverage whenever they need some roofing work done. To such clients, roofers with insurance coverage are a safer bet, providing guarantees of good workmanship, reliability, and professionalism. For the roofing contractor, having insurance coverage helps them have peace of mind.

The major reasons for purchasing such insurance include:

1)Protects You From Unexpected Costs

The roofing business is one with numerous costs. Accidents and lawsuits can quickly such up any cash reserves you might have. Roofing contractor insurance helps protect you against the possibility of severe financial losses due to unexpected costs. Things like wrongful death claims by the family members of a dead roofer can quickly become long, costly affairs that can deplete your financial resources if not handled swiftly.

2) Provides Financial Security

Roofing contractor insurance helps to avoid the mental anguish associated with the risk of losing your business and livelihood. All it takes is one claim of wrongful death, injury, or some other lawsuit to bring your roofing business to its knees. With the right type of roofing contractor insurance, you won’t have to worry about any such claims ruining your business completely; there is always a safety net.

3) Ensures the Safety of Employees

Your employees need a safe environment to enable them to do their jobs well. Of course, there are numerous ways in which such employees can suffer accidents while on the job despite your best efforts to create a safe working environment. While having roofing contractor insurance won’t prevent accidents on the job, it can help to promote safer workplace practices that reduce the chances of your employees getting injured. Such insurance coverage also assures employees that there is some form of financial recourse if things go wrong.

How to Choose the Right Roofing Contractor Insurance

Choosing the right roofing contractor insurance can be challenging. In addition to fully understanding your business needs, you’ll also need to consider some external factors that may be out of your control. For example, you may live where roofing accidents are common, whether due to local roofing practices or some other factors. In such cases, you’ll need to focus more on purchasing liability or worker’s compensation insurance. Similarly, if property damage is a likely occurrence with every roofing job that you undertake, you might be well advised to go for property damage insurance.

Keep the following things in mind;

1)Consider Your Budget

While this shouldn’t be the overriding factor when purchasing roofing contractor insurance, it should still weigh heavily in your decision-making. You don’t want to purchase a very expensive insurance policy that doesn’t provide a reasonable return on investment over the long term. It’s always advisable to weigh the risk against which you wish to acquire roofing contractor insurance versus how much money you’ve budgeted for such an endeavor. This helps you to choose one that addresses your business needs effectively.

2) Research Different Companies

Don’t simply sign up with the first insurance provider you come across. It doesn’t hurt to take your time and research different roofing contractor insurance providers. Compare their rates and how much coverage they offer for a particular risk. Ask about their reputation in the area. Look for past client testimonials and any complaints. This will give you a better picture of what kind of company you’re dealing with.

3) Read Insurance Policies Carefully

Avoid the tendency to skim over the terms and conditions of a particular roofing contractor’s insurance. This is especially true if you’re dealing with an insurance provider for the first time. While rare, you may discover some discrepancies between what they say and what’s in print. Reading the policies carefully ensures that you don’t sign up for coverage you’ll later regret. If necessary, have your lawyer review it for you.

Contact Farmer Brown to Learn More

Don’t let unfortunate events put a dent in your roofing business. Let our team at Farmer Brown set you up with the ideal general liability and workers’ compensation. We are here to assist you in keeping your business safe from known risks. Check here for more roofing insurance tips. With numerous roofers taking such things for granted, you want to ensure that you’re not caught out when one of your workers experiences an accident while on the job. Let us help you protect your business against damaging lawsuits and other legal claims that can end up being very costly. Contact us here https://farmerbrown.com/insurance/contractors/cheap-roofing-contractor-insurance/.