Roofing contractors have an incredibly tough job. Not only do they have to provide a quality service to their customers, but they also have to take care of their firm’s marketing strategy, operational costs, employee salaries and benefits, and the safety of everyone involved. Another vital consideration that many people outside of the roofing industry won’t even have thought of is roofing insurance. This is vital for all roofing firms and contractors as it helps to protect both them and their customers from any unfortunate incidents. While some roofing professionals opt for a general liability insurance plan, the unique nature of roofing means that it is more beneficial to choose a plan which is tailored for roofers specifically.
To help everyone understand just how crucial proper coverage is, here is why roofing insurance is so important.
1. To Cover Roofers for Personal Injuries
Roofing can be a very dangerous job due to the nature of being high up on a structure that needs construction or repair. As roof damage is often caused by adverse weather conditions, roofers will often find themselves working on rainy, windy days with slippery roofs and scaffolding. There are so many different accidents that can occur when completing a roofing job and that could lead to serious injury to the roofers themselves, the inhabitants of the property, or unfortunate neighbors walking by. There is more insurance information available online about what is covered, but in general, insurance will cover the medical bills, pain and suffering, loss of income, and any other damages which are accrued as a result of the accident. It will also enable the roofing company to settle out of court without having to have their reputation dragged through the mud during costly legal proceedings. There are some states where roofing insurance is compulsory and any accident which occurs during a job of an uninsured company can land them in seriously hot water legally.
2. To Protect Roofers From Lawsuits
There are various lawsuits that can be brought against a roofing company, both fairly and unfairly. If an accident occurs like those discussed above, the company can be sued by the victim. As well as injuries, damage caused to the roof or other parts of the property as a result of the actions or inactions of the roofers could also be grounds for a lawsuit, as could advice given which ends up causing future issues. For example, if a roofing professional recommends a certain type of rim and then they later come apart and the roof falls through, the roofer who made the recommendation could be liable for the cost of repair. While this is likely a design fault rather than bad advice, a customer may still decide to sue so insurance is vital.
3. To Protect Roofers’ Income
The importance of roofing insurance has never been clearer than in the last year when the Covid-19 Pandemic has caused massive disruptions to the roofing and construction industries. While some countries have determined roofing and construction in general to be vital industries, many have shut down all operations as part of national lockdown policies to slow the spread of the virus. Even in the countries where roofing services are still permitted, many people don’t have the money at the moment to get any work done. Roofing companies without insurance have taken a huge financial hit, while those with insurance have been protected from the worst of it. With an uncertain future still ahead, it is vital that all roofing companies make sure that they are fully covered against every eventuality.
4. To Cover Equipment
Performing roofing services requires a lot of expensive equipment, all of which need insurance to protect companies from costly repairs or replacements. Theft of construction equipment is very common these days, and without insurance, companies can be left footing the entire cost. Roofing equipment includes all of the tools needed for the job, the vehicles, and also in many cases, the employees. Any damaged equipment or equipment which has been lost or stolen can be covered by a specialized insurance plan so that the roofing company isn’t hit with a potentially business-crippling bill. It is vital that roofing companies update their insurance company every time they purchase a new piece of expensive equipment as their rates may be affected.
5. To Facilitate a Surety Bond
There are various surety bonds used in the construction industry, and they are very important for roofing companies. In order to facilitate the application of these surety bonds, roofing companies need to have quality insurance policies. There are surety bonds that guarantee performance, maintenance, and payment, and protect both the roofing company and their customers. Many customers want a guarantee that the work will be completed by a certain date and will have this written into their performance bond. If the roofing company misses this date, they will then be liable to pay the customer for every day the work is overdue. In this instance, the insurance company will cover this payment on the roofing company’s behalf. Many sureties will not even guarantee a bond if the roofing company doesn’t have insurance so it can be impossible to secure a contract.
6. To Guarantee Quality to Customers
Many customers will only hire a roofing company if they know that they are covered by insurance. The insurance will guarantee customers that the standard of the job will be up to scratch, that their property is not damaged during the job, and that nothing is stolen from their home. If anything untoward does occur, the customer may end up suing the roofing company in which case insurance is very important to pay for legal fees and any potential compensation which is due to the dissatisfied customer.
Roofing contractors have a very difficult, dangerous job, and so roofing insurance is absolutely crucial for everyone who works in the industry. From providing roofers with compensation after an accident to showing customers that they are guaranteed a quality job, specialized roofing insurance offers a lot of protection. With various options available, all roofing professionals should shop around to ensure that they get the most comprehensive coverage.
