As roofers are on the tops of buildings for most of their working day, it is a very dangerous job. Even the smallest accident could result in very serious or even fatal injuries. With this in mind it is therefore important that roofing companies and independent roofers get an appropriate level of roofer’s insurance coverage, in order to protect themselves in the event of unexpected accidents while on the job.
The Different Types of Roofer’s Insurance Coverage
An experienced and reputable roofing insurance provider will be able to help a specific roofing business or roofer choose the appropriate coverage that meets their requirements. There are five standard types of roofing insurance products available that all roofers should understand properly and consider including Roofer’s Bonds, Tools and Equipment, Business Auto, Worker’s Compensation and General Liability.
To help give you information before you even speak to prospective insurance companies, we have listed descriptions of each of these policies and why they are so important.
Roofer’s Bonds is a type of insurance that the majority of roofers and roofing companies choose to purchase. It is a kind of bond that is negotiated and signed between the client and the roofer or roofing company and includes a series of conditions that are reasonable to both parties such as performance bond, payment bond, bid bond and license bond.
Business Auto Insurance and Tools and Equipment Insurance
Business Auto and Tools and Equipment insurance is a policy that provides a roofer or roofing company with the coverage for any losses sustained due any accidents that occur while work is being carried out. . As stated at the outset of this article, roofing is a dangerous job and therefore this is one of the most essential forms of coverage a roofer or roofing contractor can get to protect themselves financially.
Worker’s Compensation Insurance
A Worker’s Compensation Insurance Policy is coverage that enables employees to get compensation for medical expenses and/or wages lost due to an injury that occurs on the job and affects their ability to carry on working. This type of coverage is can benefit a roofing company greatly as it could save the company a lot of money. In many situations and circumstances, depending on the number of employees and type of business a company has, it may even be a legal requirement.
General Liability Insurance
All roofers and roofing companies should consider purchasing a General Liability Insurance policy as this can protect individuals and businesses against various things including claims of property damage, advertisement damage, body injuries, personal injuries and so much more. This is the type of coverage that is necessary in case of any accidents as the insurance company will pay all liabilities related to any damages caused.
Whether you run a roofing company or are a self-employed one-man-band roofer, you need to ensure that you have the appropriate insurance coverage for you and workers you employ. If you are not sure what type of insurance you need you should speak to an experienced insurance broker or insurance company who will be happy to direct you towards the best policy for your business.