Roofing is among the most dangerous jobs in the US, having reported fatalities among workers. Aside from the risk of falling from the roof, roofers also face various hazards from burns, electrocution, heat-related issues, wounds, and accidents. Roofing-related injuries take a toll on workers and employers; hence, good roofing insurance is necessary.
This works as small business insurance that meets the risks that come with roofing. The following are the types of insurance for a roofing insurance policy to cover all potential problems. Business owners’ policy is a bundle that includes the essential coverage and is cheaper than buying separate coverage.
1. General Liability Insurance
This covers damage to property and injuries to others, which exclude your worker. For example, if a client gets hurt from your equipment, the general liability insurance will pay for the medical and legal defense expenses, settlements, and court judgments.
2. Commercial Property Insurance
This covers your business’s physical site and equipment during damage to problems such as fire, regardless if the property is owned or leased. It also includes tools, business documents, inventory, office appliances, and furniture.
3. Business Interruption Insurance
Your roofing insurance should also have a business interruption policy to replace financial loss due to a problem covered by your policy. Examples include theft or fire.
4. Workers Compensation Insurance
This type of small business insurance covers medical bills, lost wages, and disability benefits of workers if they get ill or injured while performing their job.
5. Commercial Auto Insurance
Your car insurance does not cover business use, so you need commercial auto insurance. For example, if you use your vehicle to transport shingles, deliver materials, haul equipment, or transport passengers for business purposes, it means it is for business use. Other auto insurance coverage types include bodily injury, property damage, and collision insurance.
6. Errors And Omissions Insurance
Also called professional liability insurance, this policy covers the expense of a lawsuit if a customer sues you because of shoddy or incomplete work, even if it has no merit. In addition, it would pay for attorney’s fees, settlement, and judgment.
7. Contractor’s Tools And Equipment Insurance
Since you rely on your tools to complete your projects, you need an insurance policy that covers costs in case of loss or damage. However, this may have limitations, such as coverage for small tools only or mobile equipment and newer devices. You can also get equipment breakdown insurance covering certain types of machinery, such as an air compressor for repair and replacement, not due to normal wear and tear.
There are specific exclusions commonly not covered by roofing insurance, including earthquakes, floods, war, infectious diseases, government seizures, and fraudulent acts. However, you can buy a separate policy that will cover them if you want to.
To save on insurance costs, get a bundle commonly offered by companies. This will already include the essentials such as general liability, commercial auto, tools and equipment, and commercial property. The costs will vary based on the types of projects, your projects’ locations, and the types of vehicles you use.