Insurance for Roofing Companies
Anybody who is familiar with the construction industry will agree that a roofer’s job descriptions entails some of the most hazardous activities in the overall construction process. Be it a residential or commercial building being built, or a new roof built or an existing one being repaired, there are a number of reasons why roofers can get injured, with some extreme cases also involving casualties. While a roofer’s life and overall well-being is of paramount importance to his employer, there are a few other factors that need to be taken into account before selecting the right type of insurance for a roofing company.
Insurance Considerations for Roofers
Insurance, as we all know, is a contract in which the insured agrees to pay a fixed sum periodically, known as premiums, in exchange for compensation from the insurer when the risks listed in a policy have occurred. It is up to the insured to decide which risks should be included in a policy, and which can be eliminated. This, after all, majorly decides how much premium needs to be paid by the insurer to the insured for a fixed amount of coverage. Some people consider the premiums paid by the insured as the considerations against which the insured agrees to cover them for risks which may come true in the future.
On the other hand, some people call the payments made by the insurance company to the insured when they file a claim ‘insurance considerations’. In either example, there is a commitment by both parties to upkeep a contract and receive a benefit; insurance companies get premiums and the insured receive protection in the event of any damage or loss.
What Risks Should Roofers Include in their Insurance Policies?
Needless to say, some of the risks are common across all establishments that undertake roofing establishments. You have sole proprietor establishments, where the owner of the organization is the only worker. Then there are small companies that employ just 2-3 workers who do only core roofing activities, the contractors who are not full-time employees in an organization but do get paid by the company they work occasionally for, and large companies that employ a large number of employees and undertake roofing as well as other construction activities too. According to Balsiger Insurance, “depending on the size of the organization and the kinds of work done by them, the factors would vary from one company to another.”
Insurance Policy Coverages:
Health and welfare of the employees – For the organizations that have more than 3-4 employees, the Workers Compensation Benefit policy covers injuries and losses suffered by a roofing company’s employees. Apart from medical bills, this policy also covers missed wages due to roofing injuries, and employee injury lawsuits in some cases.
Protecting non-employees – Roofing jobs can be hard on the people and assets who come close to the job area. A piece of concrete may fall on a random passer-by and cause a minor concussion, or a roofer may accidentally drop a heavy equipment on the floor and crack a few tiles. A general liability insurance takes care of such risks. Slip and fall accidents and libel or slander lawsuits are also usually covered by this policy in some cases.
Roofing Equipment Protection – Since roofing involves some heavy-duty efforts, there are a large number of equipment, some of it very heavy or expensive, that need to be protected from damage, natural wear & tear, depreciation, becoming outdated, and stolen. A roofing policy including tools and equipment coverage would be best suited for organizations that use a medium to large number of such equipment.
Company Vehicles – If you use a vehicle to transport workers and equipment from and to job sites, then it would best to cover them under a commercial vehicle or business auto insurance.
Punitive Damages – Sometimes, despite best efforts, roofers may advertise incorrect products or not do a job 100% accurately. This may lead to problems developing in the roof much after the job has actually completed, due to no fault of the building owner. In such cases, they have the right to sue the roofer who worked on their roof for repair charges or losses suffered due to a faulty roof. Most people require a warranty on the products they buy. Similarly, they want to be assured that should the roof not live up the standards advertised by the roofing company, then they will receive support from the workers they hired to do the job.
Bodily injury, personal injury, property damage, and work guarantee are the most common factors included in most roofer’s insurance policies, but there are a few additional covers, such as inland marine cover for those properties not included in typical property insurances, that can also be selected if required.