Roofing contractor insurance – is it up to date? Roofing company insurance is an important part of operating your business. Roofers are in demand. The predicted growth rate in employment over the next decade is 12%, This is higher than other occupations. therefore, when you invest in the correct roofing company insurance frees you up to grow your business with confidence.
Roofing Company Insurance Keeps You Going
Some roofing company insurance is mandatory when you operate a roofing business. It is necessary to have General Liability coverage as well as Workers Compensation. Other insurance like Builder’s Risk is optional but can be very beneficial for your business.
General Liability / Roofing Contractor Insurance
This insurance covers you in the event of a liability claim. At Contractor’s Liability we recommend you get coverage that is tailored for your trade, namely Roofing Contractor Insurance. This specialized liability insurance is accurate for your business. It protects you from the financial costs of the following damages:
- Bodily Injury. Even though you are very cautious on site, accidents can still happen. For example debris, tools or equipment can fall from the roof. This can cause serious injury if they strike a person below.
- Personal Injury. Something you do or say can harm the reputation of a third party, causing them financial loss.
- Advertising Injury. Your advertising or marketing could cause harm to another party. An example would be if you publish pictures of a completed project without getting explicit permission from the building owner.
- Damages to property. Your activities could cause damage to the property on which you are working. An example could be killing the lawn where you have left your materials.
Roofing Contractor Insurance does not protect your employees. This is covered by Workers Compensation, and is mandatory for your business. It assists with the medical care costs and loss of income if an employee is injured at work. There are a number of reasons why you need Workers Compensation:
- It is mandatory. If an employee receives an injury and you do not have it, you will face penalties.
- If you do not have it you will have to pay the medical care costs and loss of income of your employee. This can be very expensive.
- It demonstrates to your employees that you care for their well-being. This contributes to a happier workforce, and assists with productivity.
Builder’s Risk Insurance
This insurance is not mandatory but it covers some areas where you have exposure to risk. In essence it covers the cost of replacement of damaged,or destroyed property or stolen in the course of construction. This insurance is specialized and is available for the duration of the construction process. It is also highly customizable to cover the risks you are most likely to face.
What Roofing Company Insurance do you need?
Speak with us at Contractor’s Liability. We are experts in this type of insurance and can put together a tailored solution for your business, including only what you need. In this way you can benefit from any package discounts. Call Contractors Liability on 866-225-1950 for your insurance from A-class carriers at the lowest rates available.