3 Best Benefits of Roofers Insurance
There are numerous benefits of Roofers Insurance for you and your company. For instance, did you know it can increase your company’s sales? In 2019, the US roofing contractors industry had a total revenue of $47 billion. Your business can earn a larger share of future revenue through referrals, social media, blogging, chatbots, photography, and insurance.
Yes, carrying insurance can help your company stand out from the other existing 103,142 roofing businesses and counting. But, what is Roofers Insurance?
What is Roofers Insurance?
Roofers Insurance refers to a group of policies that cover risks that roofing contractors typically face. This means that Roofing Insurance will include the coverage that your roofing business needs most.
The most common of these are general liability insurance (for protection against third party claims), Builder’s Risk (to protect against theft of your tools and materials) and Workers Compensation (to protect yourself and your employees should you be injured in the course of the job).
Let’s take a look at some more benefits of Roofers Insurance.
Benefits of Roofers Insurance
- Attracts new customers
A general liability policy protects your business against third party claims of physical injury or property damage resulting from your business operations. And since clients want to know you’ll take responsibility for your actions, many require roofing contractors to have a general liability policy before entering into a contract. And what better way to differentiate your business from the competition?
Think about it, if you had to choose between a company with roofing contractor insurance coverage and one that didn’t, which one would you hire? The one with insurance, right?
- Protects your business, property and assets
Ensuring business continuity during and an unforeseen circumstance, such as fire or vandalism, is also one of the benefits of Roofers Insurance. Adding Builder’s Risk insurance covers damage from fire, theft, explosion, vandalism, hail, lightning, and other risks. The policy provides coverage for buildings and structures under construction or renovation as well as:
- Materials used for construction
- Material or equipment kept offsite
- Property in transit
- Labor costs
- Debris removal
Events such as earthquake, flood, and wind are usually not included in the coverage in coastal areas, so ensure to read your policy beforehand to be aware of its exclusions. Nonetheless, you can get extended insurance coverage for specific causes of loss and enjoy more benefits of Roofers Insurance by paying an additional premium.
- Improves your business reputation
Workers Compensation provides medical benefits and lost wages to employees injured while on the job. It also ensures an employee’s dependents get death benefits in the unfortunate event they are killed in an accident while working. Workers compensation insurance is especially crucial for roofers since roofing is among the most dangerous jobs in America, with 38.7 deaths per 100,000 workers.
Not to mention, it ensures your business complies with legal requirements since workers compensation insurance is required for companies with employees under most state laws. Moreover, if you have no roofing contractor insurance coverage, insurance adjusters and other contractors are less likely to recommend your business to their customers. And this could potentially be damaging to your reputation.
Get Roofers Insurance benefits for your business
Roofers Insurance can help grow your business quickly. And we’d like to help your company get there. Contact us today for the most cost-effective and ideal insurance bundle for your specific needs. Call us on (866) 225-1950 Let’s go!