What insurance is there for my roofing company? 

What are the kinds of protection and insurance that my roofing company need? 

Any contractor or builder, whether they are part of a business or self-employed, needs insurance. You can even get insurance cover for your tools, meaning that you don’t have to pay for replacements when they break or are stolen. However, they are many other kinds of insurance that are vital for your business. Lacking coverage in any area could be a massive setback for your business. There is cover and insurance for every part of your roofing company. Protections and insurance for roofers and specific parts of construction also exist.

Insurance is defined as a contract or a service provided by an insurance company. It provides an individual or an entity with protecting them against loss or damage. They usually give financial reimbursement so that you won’t lose money in the event of any type of loss. There are many kinds of insurance a roofing company would need. 

This article will explore the various types of protection and insurance needed for a roofing company. 

Roofer liability insurance 

If you have employed staff on or off your payroll, you will need employers’ liability insurance. This cover can protect your business against all kinds of claims from injuries to your employees. This can be especially useful when in dangerous environments, such as working on construction sites, as accidents can be likely to happen. Having this insurance will help a lot with dealing with these claims, which could have cost you thousands. As well as the security this provides, it is also a legal requirement for all roofing companies. If the injury happens on the job, they are automatically entitled to a payment as part of the roofer’s workers’ compensation. 

Sometimes, however, employees may sue for personal damages, in this case, having roofers’ insurance in place can be vital. Roofers insurance can cover court costs and settlements in case you lose the claim. This insurance covers you, your spouse, and your employees. Having this insurance in place can protect you as well as your business. 

Workers’ compensation 

Workers’ compensation is also required by law. While liability insurance can cover the fees of injury at work, workers’ compensation provides help for when a worker is out of the workplace due to injury. A policy generally protects a worker’s wages if they are unable to work, ensuring they remain paid while they are off work. Compensation even helps cover the cost of medical expenses. Travel protection is also included if the employee must travel long distances. 

General liability insurance 

Problems can appear unexpectedly, through no fault of your own. When they do, you need to have general liability insurance. This also covers customer liability insurance, such as injury to the public and property damage. Products and advertising issues are also included with this, as well as providing protection against natural disasters. 

A business owners policy (BOP) provides a range of support and protection, helping you choose what is relevant to you or not. It generally protects against equipment breakdown, meaning that you do not need to pay for a replacement. It also protects buildings and the contents inside, in case of a natural disaster or other damage. There is also protection in place for completed work, ensuring no issues will arise in the future. 

General liability insurance will help you rest comfortably knowing that your roofing company is in far less danger financial danger when a disaster occurs.  

Conclusion 

Moving forward without insurance is a dangerous strategy. In many cases, you legally must provide some coverage, but if you decide to ignore certain types of insurance, then your roofing company end up owing thousands.