Why Roofing Contractors Need Insurance
Homeowners and businesses look to roofing contractors to provide quality work and keep their building free of unwanted water. Without your services, many would be unable to repair or replace a damaged roof. As a roofing contractor, you work long hours year-round and demand for roofing services increases after severe storms and long winters. Roofing contractors insurance is vital to your business’s financial well-being. All it takes is one slip or minor oversight, and you can end up dealing with a lawsuit instead of creating an income.
Companies categorized under this industry work mainly on roof related jobs such as roof treatment, spraying, coating, painting, and skylight installation.
Risks Roofing Contractors Could Face
Roofers face numerous risks every day. Take a look at some of the most costly:
- Fall off the Roof: You work at great heights every day, and one misstep can send you or one of your employees falling to the ground. If you are injured and cannot complete the contract, the loss of income or costs to hire a subcontractor can be severe. If an employee injures themselves, you will need to pay their medical expenses.
- Project Error: Attention to detail is crucial to the safety of your customer and business success. If you forget to install flashing or don’t fit it properly and a leak causes electrical damage, rotting wood or other havoc, the customer can hold you responsible for the damages. If it is a business, they can also press charges for loss of business income if they can’t remain open.
- Injury: If a nonemployee visits your job site and trips over shingles on the ground breaking their ankle, your business is liable for the damages including medical expenses, lost income, and pain and anguish claims.
- Falling Objects: It is common the slide old shingles off the roof to the ground. If your aim is off or something else drops instead, you can break a window or damage a vehicle leaving you with a big bill to pay.
Types of Coverage Roofing Contractors Need
Roofing contractors can choose from a long list of insurance policies. To properly protect yourself and business you need general liability, professional liability, and commercial property insurance. If you have employees, you also need worker’s compensation.
- General Liability: Covers you when you accidentally damage a third party’s property or cause injury. It also includes coverage for libel and slander.
- Professional Liability: Protects you if you miss a vital step in the roofing process that causes damage to your customer’s property. It also covers if you offer advice to customers that cause harm or injury.
- Commercial Property: Pays to replace business property that is damaged by a covered circumstance or stolen from your place of business.
- Work Comp: This coverage is mandated in most states once you have three employees. It pays medical bills and lost wages if an employee injures themselves while working for you.
- Business Auto: Pays expenses that result from an accident you are held responsible for. If you use a personal auto, you still need non-owned and hired auto insurance to protect you when driving for business purposes.
How Much Does Roofing Contractor Insurance Cost?
Roofing insurance costs depend on the insurance carrier’s view of your services and risks. Most carriers ask for loss runs, experience, whether you have employees, and copies of any safety policies in place to calculate a premium. Request a roofing insurance quote today by completing our online quote form.