What Types of Insurance Should Roofers Have and Why?
There are certain costs that roofers must take on to maintain a successful business. While materials costs and, perhaps, marketing costs are fairly common, there’s an additional cost that’s essential. If you are serious about being a successful roofing contractor, roofing insurance needs to be a part of your yearly costs.
Why Roofing Insurance is So Important?
There are a number of reasons why it is so critical to be insured when taking on any job, including:
Certain states require it: Depending on where you work, you may be required to have at least general liability insurance. Check with the requirements for your work state.
Clients may not hire you without insurance: Smart consumers understand the potential liability they face if a negative event occurs on-site with an uninsured contractor. The financial loss this can cause and the negative perception of uninsured contractors may cost you business.
It’s a dangerous profession: Unfortunately, accidents can happen in the roofing industry. You need to be protected. According to Data from the Census of Fatal Occupational Injuries, U.S. Bureau of Labor Statistics, there are 29.9 deaths in the roofing industry per 100,000 full-time workers.
What Types of Insurance Should Roofers Have?
There are two primary types of roofing insurance that all roofing contractors should have, general liability and workers’ compensation.
General Liability: General liability insurance provides coverage if the actions of you or your employees lead to property damage on a client’s site or injury to a non-worker.
Workers’ Compensation: Workers’ compensation covers your employees should they become sick or injured while on the job and are unable to return to work.
Other insurance types to consider are:
- Commercial vehicle insurance
- Tool and equipment floater. This insurance can be added on to general liability insurance and provides protection for your tools.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.