Roofing operations are a high-hazard business and accidents are likely to occur. Third-party injuries, property damage, and claims for professional negligence are common. Also, fatal injuries occur frequently in the roofing trades.
According to the US Bureau of Labor Statistics, roofing was among the riskiest occupations from 2019 to 2020, with a fatal work injury rate of 47 per 100,000 full-time equivalent workers.
Roofing contractor insurance protects your roofing business from financial loss by covering property damage, third-party injury, and legal expenses.
Roofing contractor insurance is commercial liability coverage that protects your roofing business against claims related to third-party injury and property damage.
Despite the risks associated with roofing work, your clients demand quality work. Dealing with client demands and worrying about financial consequences from accidents can cause an enormous strain. Roofing contractor insurance can respond to potential claims and alleviate the financial burdens. Shifting these costs to the insurer reduces the chances of going out of business.
Claims of bodily injury, property damage, and negligence against a contractor can drain your business's capital. To prevent substantial financial losses, roofing professionals must embrace insurance. Also, some clients may require guarantees against financial loss, so having roofing contractor insurance may help you win more projects. Finally, workers' compensation insurance is also mandatory in most states.
Insurance can help roofing professionals with the following risks:
Your roofing contracting business needs various forms of insurance to cover various operational risks. Here are some policies to consider for your business needs.
Since roofing is a high-risk profession, general liability insurance can cover third-party injuries and property damage. A tool might injure a third party or a customer, and general liability insurance may pay for medical expenses and legal costs. This insurance policy also covers repairs and restorations needed to remedy damaged property.
Professional negligence through misrepresentation, inaccurate advice, or failure to deliver a service may lead to financial losses for a client. Professional liability coverage may compensate for legal costs and settlement for claims of professional negligence.
Roofers may fall off roofs or ladders, injuring themselves. It would help if you had workers' compensation insurance to pay for treatment costs, injury lawsuits, missed wages, and compensation to dependents in case of injury or death caused by work accidents.
This coverage is essential for contractors that use computers to store customer information and process transactions, as it can pay for costs related to computer hacks and breaches. If the roofing contractor has a website and utilizes email, cyber liability coverage can prove to be very handy.
The following exclusions apply in most roofers insurance packages:
Due to higher roofing contractor risks, insurance costs are generally higher than in other professions. Usually, as your business grows, so does the number of projects you undertake and the number of employees, hence higher insurance premiums. The following factors influence your premiums.
Typically, most roofing contractor insurance policies allow for a single third-party claim of up to $1M per one occurrence and a $2M limit for total (or Aggregate) claims in a year.
A certificate of insurance is a physical or electronic document that proves that your roofing insurance business has sufficient coverage for various business risks.
Your insurance agent issues the certificate of insurance after you’ve completed your insurance paperwork. To access your certificate, request it from your insurance agent.
Roofing contractor insurance covers roofers against property damage, accidents, and third-party injuries. Contact your licensed insurance agent and ask them to get you a Pathpoint quote today.