Owning a roofing business can be a very profitable career. The key is knowing what you need to do to protect your business. One of the most important ways to ensure the financial stability of your company is to have the right type of insurance that will protect your assets if an accident occurs. The roofing industry involves specific types of risks that must be considered when underwriting a commercial insurance policy.
Commercial General Liability
A commercial general liability policy covers all miscellaneous claims involving personal injury or property damage that occurs within your work area or on your company’s property. This is usually the type of policy that would cover the injuries of someone who trips and falls over your equipment or on your company’s property. It will also cover any damages to their property.
Workers’ compensation is mandatory in most states. and will protect both you and your employee if they are injured while performing their duties. While you may be able to file for an exclusion, having a good workers’ compensation policy will help your employee regain their footing if they are injured on the job. It will protect your company from having to pay all of your employees’ medical expenses out of pocket.
Tool and Equipment Insurance
As a roofer, you often carry a lot of handheld or lightweight tools. Having tool and equipment insurance will compensate you if your tools and other pieces of equipment are ever stolen or damaged. Even though your tools and equipment are stored in a secure area, there may be times when they are vulnerable to various types of risk. This is especially true if you live in an area where natural disasters, such as hurricanes and earthquakes, are common.
Most roofers have trucks and trailers that they use to haul materials and equipment. Having company vehicles may require you to purchase fleet insurance to cover those vehicles while they are used for business operations. With fleet insurance, all of your company vehicles will have the same degree of coverage, and your company will be protected against financial loss if an accident occurs.
Umbrella insurance is a comprehensive policy that will pick up where your other policies leave off. Most commercial general liability policies have a cap that limits the amount of money paid out on each claim. Depending on the severity of the injuries sustained by the victim, the payout may not be enough to cover the cost of their medical expenses or lost wages. This is where an umbrella policy will come into play and pay the remaining amount owed on the claim.
Errors and Omissions
An errors and omissions policy is necessary if an error is made in the paperwork or in figuring the costs. It will cover the difference or any damages that such errors caused the client. Omissions can include any important information that was not disclosed to the client during the project. Having errors and omissions insurance will cover any damages that arise from such unfortunate mistakes.
A surety bond is used to guarantee your work. If for any reason, you make a promise that you are not able to keep, a surety bond will cover any damages incurred by your client. This includes increased operating expenses as a result of missing a deadline or defaulting on a project.
Owning a roofing company allows you to make a good living doing something you enjoy. At Artisan Insurance Solutions, we know how much pride you take in your work. This is why we offer commercial insurance you can count on to protect both you and your company during difficult times. Contact us and schedule a consultation with us today, and we will ensure you have the coverage you need.