Roofing is one of the riskiest contracting businesses. According to the U.S. Bureau of Labor Statistics, the 5,333 fatal occupational injuries in 2019 represents the largest annual number since 2007. A worker died every 99 minutes from a work-related injury in 2019.
Protecting yourself and your employees with a tailored roofers insurance is non-negotiable in running a successful roofing business.
There are 3 types of roofers’ insurance that we suggest you invest in:
General Liability Insurance
General liability insurance is a standard contractor insurance that typically covers basic roofing risks like customers injured by a falling shingle. An affordable roofers insurance can offer protection for injuries, accidents, and some other very limited circumstances. Having roofing liability insurance can be crucial in allowing your contracting business to survive an unexpected setback. If you don’t have this insurance, it could even run you completely out of business.
Insurance policies can vary, so it’s important to talk to your insurance company about the particular general liability insurance you need.
General Liability Insurance Typically Covers:
- Bodily harm to a third-party person or property. A third-party is someone who is neither you nor your employee. They can be your client or someone who just passed by. If a third-party gets injured while you’re performing on the jobsite or at your office, claims arising from the incident can be covered. An example of this could be someone who is harmed from falling debris or shingles when walking by the jobsite.
- Completed Products Claims. General Liability Insurance protects you if a completed project caused harm to the homeowner or customer after you’ve completed a project.
- Advertising mistakes.
- Damage to premises rented to you.
Workers Compensation Insurance
Mistakes happen on the job. Even the most studious of contractors run into injuries, it’s just the nature of the business. This is exacerbated in the roofing industry. A typical Workers Compensation can cover medical costs, and loss of wages due to disability or during a recovery period.
Tip: There is an option for owners to be included in the coverage, the premium difference is not very high so it is wise to get yourself included in the workers compensation policy as the inclusions of coverage weigh higher than its cost.
If you have employees but don’t have workers compensation insurance, you run the risk of needing to defend yourself in a lawsuit. Lawyer fees can be astronomical and are often too expensive for small business owners to pay out of pocket. What could be devastating is if they win the lawsuit, you’re responsible for paying that as well. It could very well cripple a healthy business, so workers compensation is a must when operating as an electrician.
Investing in a good workers compensation policy can also attract good employees. Workers are incentivized when they know they are protected under this insurance. Employees are hired exclusively by a company, either part time or full time. Independent contractors do not count as employees.
Workers compensation insurance typically covers:
- All injuries to an employee that are work-related. They must be work-related injuries.
- Injuries of prolonged exposure to chemicals on the job.
Commercial Auto Insurance Coverage
Roofing contractors use big cars and trucks to haul their supplies to and from a jobsite. If you did the work of obtaining general liability and workers compensation insurance, but not commercial auto coverage, the first two may be moot. Commercial auto insurance is needed to cover the costs of all your businesses vehicles and the drivers who use them.
Whether your business has one sedan or a whole fleet of trucks, you need to have commercial auto insurance to protect yourself from liability that is not covered by your personal auto insurance. And yes, there is a difference between personal auto insurance and commercial.
Any vehicle that is used for income producing activities are not covered under your regular personal auto insurance. So even if you’re driving your personal vehicle to the jobsite, you should have commercial auto insurance. Plain and simple.
Commercial auto insurance typically covers:
- Liability, collision, comprehensive and personal injury protection
- Bodily injury liability
- Property damage liability
- All of the workers who drive your commercial vehicles
Again, all insurance policies can vary. Have it tailored based on your business needs.
An affordable roofers liability insurance can cover only the states that you work in, but depending on the size of your operations, some providers can cover all states. Compare affordable roofers liability insurance before potentially paying unnecessary costs with coverages you don’t really need.
Insurance prices vary based on the size of your business, where you’re located, and what jobs you have. There are a lot of variables that go into insurance premiums, so understanding them is the first step in ensuring your business is secure and protected from unplanned accidents and costly events.