Running a roofing business often means handling high-risk projects where a wide range of problems can arise. These problems may include workplace injuries, property and equipment damage, client lawsuits, and more.
As a property owner, you’ll have peace of mind knowing you’ve enlisted roofing services from a roofer with proper coverage. But what insurance should a roofing contractor have? This article explores the essential types of insurance a roofing company should have and why it’s important.
What Insurance Should a Roofing Contractor Have?
Since roofers handle considerably dangerous jobs, various types of policies cover a wide array of issues. The type of roofing business determines the insurance policies that a contractor purchases. However, there are two essential policies that every company should have – general liability and worker’s compensation insurance.
A general liability policy safeguards a roofing business in various scenarios. It covers the medical expenses incurred following third-party injuries when undertaking a project. If a person who isn’t an employee is injured at a work site, the policy covers the costs associated with any bodily injuries.
It also provides coverage for property damage in case falling debris or equipment damages a client’s property. This policy protects a roofing contractor from client claims that a project wasn’t completed correctly. General liability insurance is often bundled with commercial property and business interruption coverage in a business owner’s policy (BOP) for cost efficiency.
Workers’ compensation insurance is essential for a roofing contractor since the safety of workers is vital to any construction-related business. This type of coverage is required by law in some jurisdictions. A workers’ compensation policy pays for the medical bills of workers who sustain injuries while on the job.
This includes any rehabilitation needs, disability, or death benefits in case of fatal injuries. It also covers lost wages while an affected employee is recovering and, therefore, unable to work. Other types of policies that a professional roofer may purchase include professional liability, builder’s risk, and commercial auto insurance.
Why Roofing Insurance Matters
The primary reason for having proper insurance coverage is the inherent risk associated with the profession. Accidents can happen at any point, and roofers and workers must be protected. Certain states also require that contractors have at least general liability and workers’ compensation insurance.
In addition, clients today are more informed than ever and will only enlist the services of well-insured companies. Property owners understand the potential liabilities when accidents happen on-site with uninsured contractors. As such, having coverage fosters a positive perception for any roofing business.
Overall, any reputable and professional roofer should be aware of industry risks and have proper insurance coverage. Allstate Exteriors is a well-insured and trusted contractor offering unparalleled roofing services to thousands of satisfied homeowners in Central Ohio and Southwest Florida. Contact us today to schedule a free estimate or learn more about our services.