Construction work is a high-risk profession. Additionally, in the modern construction landscape, roofing insurance tends to be quite complex and is different for each case. As a small construction contractor, you should opt for insurance coverage only after a thorough review of all the available options.
Roofers’ Risks
Roofing work is risky, and at times, can lead to accidents, such as falling from a ladder or straight from the roof. In fact, the Bureau of Labor Statistics records an increased rate of roofing injuries each year. On average, there are 96 out of 5250 work-related injuries. The average rate is of injuries each year is 3.5 for 100,000 permanent employees in all occupations. Surprisingly, the rate of roofer injuries is 51.5.
Coverage Range under Roofers Insurance for Small Construction Contractors
The coverage range of roofers’ insurance extends to you, partners, spouse, executives, and full-time employees. You can expect to get protection for these parties in the event of a liable suit related to your small construction business.
Roofer Liability Insurance Coverage
- Property Damage
Typically, if your small construction business damages someone else’s property, roofers insurance will cover the cost of loss, damages, or even the expense of lawsuits arising from third-party claims.
- Bodily Injury
It includes medical care costs to cover a third-party’s bodily injury. If you face a lawsuit and end up in court, roofers liability insurance will also cover court-related compensation.
- Advertising Injury
In a fast-paced and competitive market, it is easy to slander or libel a competitor without intention. If you violate the terms of privacy, copyright, or slogan of a company, the roofers’ insurance can cover the cost of claims.
- Medical Payments
You can also get medical payments to pay for minor injuries, but this coverage applies when you’re just liable and don’t have to face a liable suit.
- Damage to Rented Premises
Roofers insurance also pays for damage to the leased or rented space by your small construction business.
What Type of Roofers’ Insurance Can You Get?
A roofers insurance is a package of policies and each one covers for different risks. Here are the most important ones:
Workers’ Compensation
Some states require workers compensation insurance coverage to protect your employees in the event of an injury or accident. It is important to remember that even when you have zero employees but are hiring 1099’s, it is imperative they have workers compensation insurance of their own, otherwise, you will be held accountable for incidents arising from the performance of their job.
After all, roofing is one of the most dangerous jobs. You can exercise a lot of caution and implement safety practices, but there’s always a high risk that your workers may suffer from an on-site injury.
Commercial General Liability Insurance
Roofers liability insurance can also protect your small construction business when a third-party individual suffers from property damage, accidental personal injury, or a lawsuit.
Final Thoughts
Roofing is crucial yet a dangerous form of work. Most roofers are aware of the consequences of a misplaced foot and how it can lead to a major fall off a ladder or roof. It may come as a surprise, but there is an increasing number of roofing injury scams throughout the U.S.
Small construction contractors should ensure the financial and physical safety of their roofers. It means you should get one or more applicable insurance for roofers. So long as you get relevant insurance coverage, it will set your small construction business apart from non-professional and uninsured roofers in the market.