Roofing companies need a variety of insurance coverages to protect themselves, their employees, and their customers. Some of the most important types of insurance for roofers include:
General liability insurance: This type of insurance covers third-party bodily injury and property damage that occurs as a result of the roofer's negligence. For example, if a roofer's negligence causes a customer's roof to leak, general liability insurance would cover the cost of repairing the leak.
Workers' compensation insurance: This type of insurance covers medical expenses, lost wages, and death benefits for employees who are injured or killed on the job. Workers' compensation is required in most states, and it is important for roofers to have this coverage to protect their employees and their businesses.
Commercial auto insurance: If roofers use vehicles for business purposes, they need to have commercial auto insurance. This type of insurance covers damage to other vehicles, property, and people that occurs as a result of an auto accident.
Builders risk insurance: This type of insurance covers damage to materials and equipment that is being used to build or repair a roof. Builders risk insurance is important for roofers because it can protect them from financial losses if their materials or equipment are damaged during a storm or other event.
Professional liability insurance: This type of insurance covers claims of errors and omissions made by roofers in the course of their work. For example, if a roofer makes a mistake that causes a customer's roof to leak, professional liability insurance would cover the cost of repairing the leak.
In addition to these common types of insurance, roofers may also need to consider other types of coverage, such as inland marine insurance and surety bonds. The specific types of insurance that a roofer needs will vary depending on the size and scope of their business, as well as the state in which they operate.
Here is an example of how insurance can protect a roofing company and their customers:
Let's say that you own a roofing company, and you are hired to replace the roof on a customer's home. You and your crew arrive at the customer's home on a cold winter day, and you start working on the roof.
While you are working, a sudden gust of wind blows a ladder off the roof. The ladder falls and hits a neighbor's car, causing significant damage. The neighbor sues you for damages.
If you do not have general liability insurance, you will be personally responsible for paying the neighbor's damages. This could be a very costly expense, and it could even put your business at risk.
However, if you have general liability insurance, your insurance company will defend you in court and pay for any damages that the neighbor is awarded. This will protect you from financial losses, and it will allow you to focus on your business.
Insurance is an important part of any business, but it is especially important for roofing companies. Roofing companies are exposed to a variety of risks, and having the right insurance coverage can help to protect them from financial losses. If you are a roofing company, you should talk to our team to discuss your specific needs.