There are inherent dangers that go with operating a business in the construction industry. However, roofing contractors are faced with a unique set of challenges that make it more prone to property damage, workers’ injuries, and even fatalities.
The U.S. Bureau of Labor Statistics recently reported that in 2018, roofing contractors had a work fatality rate more than 10 times the average rate of work fatalities per year. Roofing fatalities accounted for 96 of the 5,250 work-related fatal injuries that occurred in 2018.
While there are preventive measures implemented in the practice, wouldn’t it be wise in all sense to prepare for the worst considering a roofer’s job is among the riskiest career in the world? Wait not for accidents to happen only to wish for an active insurance in place by the time you deal with costly claims settlement. Here’s a list that cannot be missed:
Roofers General Liability – is not only a must-have for every business but also the topmost required policy especially for roofing contractors. It protects you from financial or legal obligations in the event that a third party, typically a customer, suffers from bodily injury or if the work delivered resulted in property damage. This policy can cover medical costs, attorney fees, and property damage costs arising from third-party claims which could result into a huge business loss if covered out of pocket.
Tip: Disclose and include coverage for all the states that you perform services at and ask your agent if the policy includes an Additional Insured Endorsement for a more future-proof policy.
Workers Compensation – Roofing work has one of the highest fatal injury rates in the US. Obtaining workers compensation insurance for your roofing business, along with the observance of safe working practices, can significantly reduce medical expenses or loss of income due to work-related injury or accidents. This covers for employees injured while doing the job and reimburses loss of wages. For some owner-only businesses, it’s important to know that this policy also allows for owners to be included in the policy upon their own discretion. Lastly, severe incidents can result in death and this policy can provide death benefits for the beneficiary of the covered employee.
Inland Marine Insurance – this type of business insurance covers for your products, tools, and equipment. Roofers use specialized tools and equipment within the job location as well as procure materials necessary for the project. The most common concern is Theft as these materials are made from high resale value and are also prone to being lost while performing the job. Truth be told that the cost of replacing these tools and equipment is far more expensive than obtaining an Inland Marine Insurance.
Surety Bond – Surety bond is a type of business insurance that will pay the customer in the event that you failed to complete the job you are hired to do. As soon as you accept a job from a customer, you are legally obligated to complete that. If not, your customer can file a claim to recoup their expenses. Large commercial clients mostly require surety bond to be actively in place before the contractor can start working on the projects. This can be obtained either through a bank or your trusted insurance provider handling your business insurance.
Commercial Auto Liability Insurance – Roofing work requires transport of tools and equipment back and forth, to and from the onsite job. With commercial auto insurance coverage, you get a much higher limit as compared to a standard or personal auto insurance policy. Not only does it have higher limits but also cover complicated claims since the policy is crafted for commercial use.
The most competitive in the construction industry prepare for all potentially devastating risks and arm their business with sustainable and affordable roofing insurance. Many successful roofers have reported that their first encounter with potential clients can be very critical, proving them that you take projects seriously with complete insurance coverage prior to commencement of work can earn their trust easily. Simply invest in a good package of policies and you’re off to a great start!
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