With at least 50 roofers dying on the job annually, roofing is one of the most dangerous jobs in the U.S. Apart from falls, roofers are also vulnerable to other occupational hazards, such as electrocution due to contact with naked electric wires, falling objects, harmful chemicals, and UV exposure. Take note that even visitors, clients, and other third parties can be injured at your construction site, putting your business finances and reputation in jeopardy. To protect yourself and your business from these risks, you should carry the right insurance coverage.
The following are the 6 ways in which insurance can benefit your roofing business.
- Protects Your Employees
Considering the high risk involved in roofing, you should protect your employees with the right insurance policies. For instance, unless you operate your business in Texas, the federal labor laws oblige you to carry workers’ compensation insurance provided you have at least one employee, per the U.S. Department of Labor. This policy will come in handy in case your roofers sustain work-related injuries. More specifically, it covers the lost wages, medical expenses, and death benefits in case of fatalities. - Protects Your Assets
Regardless of the risk mitigation measures in place, you can still lose your business property to perils such as theft, fire, vandalism, and natural disasters. In general, paying for such costs can harm your business finances even if you are established. For instance, if your warehouse gets destroyed in a storm, you will need a lot of money to rebuild it and repair or replace the damaged equipment. With this in mind, the right property insurance will shield your business finances from such losses. Additionally, general liability coverage will also protect your business from claims in case your operations cause damage to a third party’s property. - Builds Your Reputation
With the right roofing contractor’s insurance, you will be able to build your business’s reputation among prospective clients, potential employees, and even the industry at large. For instance, if you have workers’ comp, employees and other contractors will be likely to recommend your business to other people. Insurance policies will also lower the risk of lawsuits in your business, something which is much-needed for a good reputation. - Ensures Continuity of Operations
Because workers’ compensation insurance is mandatory in all U.S. states, except Texas, purchasing it is one way to comply with federal laws. As such, you will not lose your business license, pay fines, or incur financial penalties provided you comply with these laws. This will help keep your operations running smoothly by preventing financial losses and business interruptions. - Builds Trust among Homeowners
Clients are more likely to hire insured roofing contractors. This is because in case an uninsured roofing worker gets injured in a client’s home, the homeowner may be held liable. Competitors will also use this as their marketing message against your business, causing homeowners and other clients to shun your business. - Allows Access to Certified Contractor Programs
As a roofing contractor, you probably want to build your image to attract more clients to your business. One way to achieve this is to become a member of the Certified Contractor Program. Here, you will receive various GAF certifications, which will open your gateway towards getting new business deals and relationships. One of the requirements to access GAF training and become a member of the Certified Contractor Program is to have the right contractor insurance.
These are some of the benefits of roofing contractors insurance for roofing businesses. At Artisan Insurance Solutions, our experts will help you find a comprehensive insurance solution to suit your unique needs. For more details, contact us today.
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