A roofing business comes with a certain overhead. One of the most important is insurance.
There are a lot of things that can go wrong on a roof. Roofing also requires investing in expensive vehicles and equipment. Keep reading to learn about your coverage options.
General Liability
This is for if any damage occurs on the home or other property. It also covers is injuries that happen to a non-worker. Many states require a roofer to have this coverage. Clients also like to hear that a roofing contractor has it too.
Worker’s Compensation
You need worker’s compensation in case something happens to a worker. They could slip and fall off the roof.
Something could fall on a worker too. Some roofs are so weak that workers have fallen right through them.
Worker’s compensation will also pay all of their medical bills. It will include their rehabilitation or disability needs too. Your worker will also receive lost wages.
Lawsuits can reach into the millions if a worker were to fall and get seriously injured or killed. Worker’s compensation will protect your assets in case this happens.
It may seem paranoid, but the roofing death rate is ten times that of regular employment. The official fatal occupational injury stats can be found on the Bureau of Labor website.
Commercial Property Insurance
You should also consider getting commercial insurance. It will cover damage that can happen to work vehicles.
There is a lot of driving in-between job sites. This puts you at greater risk of getting in an accident.
Your personal auto policy will not protect your vehicle if it is being used on the job. The fact that you have your work logo on your vehicle can make the other party try to sue your business.
Commercial insurance also protects your office or garage in case an accident happens.
Tools and Equipment Floater
Roofers need a lot of different tools. Your lift, ladder hoist, and power tools are under the floater category.
This is because you move them between jobs. The tools and equipment floater protects them if something happens on the job site.
Business Owner Policies Can Help Smaller Roofers
A smaller roofer may feel overwhelmed by all the different policy choices. They can enroll in a business owner policy if they make less than $5 million a year. Bundling your general liability and commercial property policies will save you money.
What Insurance Do Roofing Contractors Need?
Roofing is a dangerous profession. Most states require Worker’s Comp and General Liability insurance. It is also wise to cover other parts of your property too.
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